-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NbA4/jsT8QAIlDYf7nw4Q6br7z0XdKcvlXLlL7r5Uv2ox8CyQO2Q8Oi3+XGPJlaN
 rRSxsZq6tOtIDAHA2mVqCA==

<SEC-DOCUMENT>0000950103-03-001649.txt : 20030811
<SEC-HEADER>0000950103-03-001649.hdr.sgml : 20030811
<ACCEPTANCE-DATETIME>20030811152145
ACCESSION NUMBER:		0000950103-03-001649
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20030811
FILED AS OF DATE:		20030811

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:		03834393

	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>aug0803_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>ULTRAPAR 6-K</TITLE>
</HEAD>
<body leftmargin="50p" marginwidth="50p">
<hr align="left" width=100% size=3 color="#000000">
<P align="center"> <B><FONT size=3 face="Times New Roman, Times, serif">Form
  6-K</FONT></B> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>SECURITIES
  AND EXCHANGE COMMISSION<br>
  </B></font><font size="3" face="Times New Roman, Times, serif"><B>Washington,
  D.C. 20549 </B> </font></P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>Report
  Of Foreign Private Issuer<br>
  Pursuant To Rule 13a-16 Or 15d-16 Of<br>
  The Securities Exchange Act Of 1934 </B></font><font size="2" face="Times New Roman, Times, serif">
  </font></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">For
  the month of August, 2003 </FONT> </P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">Commission
  File Number: 001-14950</FONT><FONT size="3" face="Times New Roman, Times, serif">
  </FONT> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>ULTRAPAR
  HOLDINGS INC.<br>
  </B></font><FONT size=1 face="Times New Roman, Times, serif">(Translation
  of Registrant&#146;s Name into English)</FONT><FONT size=2 face="Times New Roman, Times, serif"><B>
  </B> </FONT></P>
<hr align="left" width=100% size=1 noshade color="#000000">
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>Avenida
  Brigadeiro Luis Antonio, 1343, 9&ordm;</B> <B>Andar<br>
  S&atilde;o
  Paulo, SP, Brazil 01317-910<br>
  </B></font><FONT size=1 face="Times New Roman, Times, serif">(Address
  of Principal Executive Offices) </FONT> </P>
<hr align="left" width=100% size=1 noshade color="#000000">
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark whether the registrant files or will file annual
      reports under cover of Form 20-F or Form 40-F: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <table border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="200" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
        20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font>
      <td width="200" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
        40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(1):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <table border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="150" valign="top"><font size="2" face="Times New Roman, Times, serif">Yes
        <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </font>
      <td width="150" valign="top"><font size="2" face="Times New Roman, Times, serif">No
        <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(7):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <table border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="150" valign="top"><font size="2" face="Times New Roman, Times, serif">Yes
        <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </font>
      <td width="150" valign="top"><font size="2" face="Times New Roman, Times, serif">No
        <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark whether by furnishing the information contained
      in this Form, the Registrant is also thereby furnishing the information
      to the Commission pursuant to Rule 12g3-2(b) under the Securities
      Exchange Act of 1934: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <table border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="150" valign="top"><font size="2" face="Times New Roman, Times, serif">Yes
        <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </font>
      <td width="150" valign="top"><font size="2" face="Times New Roman, Times, serif">No
        <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></tr>
  </table>
</div>

<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">If &#147;Yes&#148;
      is marked, indicate below the file number assigned to the registrant
      in connection with Rule 12g3-2(b): <U>N/A</U><B> </B></FONT></p>
  </blockquote>
</blockquote>
<hr align="left" width=100% size=3 color="#000000">
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>ULTRAPAR
  HOLDINGS INC.</B> </font></P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>TABLE
  OF CONTENTS </B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif"><B>ITEM</B></font></TD>
    </TR>
    <TR>
      <TD colspan="2" align="left"><hr align="left" width=100% size=1 noshade color="#000000">
      </TD>
    </TR>
    <TR align="left">
      <TD width="5%"><font size="2" face="Times New Roman, Times, serif">1.</font></TD>
      <TD width="95%"><font size="2" face="Times New Roman, Times, serif">Press
        Release dated August 06, 2003</font></TD>
    </TR>
    <TR align="left">
      <TD width="5%">&nbsp;</TD>
      <TD width="95%">&nbsp;</TD>
    </TR>
    <TR align="left">
      <TD width="5%"><font size="2" face="Times New Roman, Times, serif">2.</font></TD>
      <TD width="95%"><font size="2" face="Times New Roman, Times, serif">Independent
        Accountants&#146; Review Report for the quarter and six months
        ended June 30, 2003</font></TD>
    </TR>
    <TR align="left">
      <TD width="5%">&nbsp;</TD>
      <TD width="95%">&nbsp;</TD>
    </TR>
    <TR align="left">
      <TD width="5%"><font size="2" face="Times New Roman, Times, serif">3.</font></TD>
      <TD width="95%"><font size="2" face="Times New Roman, Times, serif">Notice
        to Shareholders, Distribution of Dividends</font></TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<blockquote>
  <p align="right"> <font size="2" face="Times New Roman, Times, serif"><B>ITEM
    1</B></font></p>
</blockquote>
<P><img src="aug0803_logo.jpg"></P>
<P align="center"><B><I><FONT color="#000066" size=3 face="Arial, Helvetica, sans-serif">ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></I></B> </P>
<P align="center"> <FONT color="#000066" size=2 face="Arial, Helvetica, sans-serif">(NYSE:
  UGP/ BOVESPA:UGPA4) </FONT></P>
<P align="center">&nbsp; </P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">INFORMATION
  AND RESULTS FOR THE SECOND QUARTER 2003<br>
  </font></B></font><FONT color="#000066" size=2 face="Arial, Helvetica, sans-serif">(S&atilde;o
  Paulo, Brazil, August 6, 2003)</FONT></P>
<P align="center">&nbsp;</P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">38%
  GROWTH IN NET REVENUE IN 2Q03 COMPARED TO 2Q02<br>
  15% GROWTH IN OPERATING PROFIT<br>
  </font></B></font><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>EBITDA
  INCREASED 13% IN 2Q03 COMPARED TO 2Q02<br>
  29% HIGHER EBITDA IN 1H03 COMPARED TO 1H02</B></font></P>
<P align="center">&nbsp;</P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><I>&#147;With
  a great satisfaction we announced in July the signature of a protocol
  of understanding to the acquisition of Canamex, which will mean the
  first stage in Ultrapar&#146;s globalization process. We work focused
  on the consistency of our results and on the expansion of our businesses,
  always having in mind the value creation to our shareholders.&#148;</I>
  </font></P>
<P align="right"> <FONT size=2 face="Arial, Helvetica, sans-serif">Paulo
  G. A. Cunha - <I>CEO</I></FONT></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultrapar
  Participa&ccedil;&otilde;es S.A.<br>
  </font></B></font><FONT color="#000066" size=2 face="Arial, Helvetica, sans-serif">UGPA4
  = R$ 26.50 / 1,000 shares<br>
  UGP = US$ 9.22 / ADR<br>
  (06/30/03)<B> </B></FONT><FONT size=2 face="Arial, Helvetica, sans-serif">
  </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>2nd
  Quarter 2003 - Overview </B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, 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 second
  quarter 2003: </FONT> </P>
<TABLE width="100%" border=1 cellpadding=3 cellspacing=0 bordercolor="#000066" frame="box" rules="none">
  <TR valign="top" bgcolor="#000066">
    <TD width="28%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">Financial
      Performance</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">2Q03</font></strong></TD>
    <TD width="3%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">2Q02</font></strong></TD>
    <TD width="3%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>&#916;
      (%)</I></font></strong></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">1H03</font></strong></TD>
    <TD width="3%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">1H02</font></strong></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>&#916;
      (%)</I></font></strong></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#000066">
    <TD width="28%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">Ultrapar
      Consolidated</font></strong></TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>2Q03x2Q02</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>1H03x1H02</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
      Sales Revenue</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT color="#000000" size=2 face="Arial, Helvetica, sans-serif">933</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">674</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">38%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">1,867</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,254</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">49%</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Gross
      Profit</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT color="#000000" size=2 face="Arial, Helvetica, sans-serif">188</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">161</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">380</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">294</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">29%</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Operating
      Profit</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT color="#000000" size=2 face="Arial, Helvetica, sans-serif">85</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">74</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">175</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">128</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">37%</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>EBITDA</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT color="#000000" size=2 face="Arial, Helvetica, sans-serif">119</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">105</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">241</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">187</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">29%</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
      Income</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT color="#000000" size=2 face="Arial, Helvetica, sans-serif">52</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">43</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">21%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">112</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">67</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">67%</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Earnings
      per 1,000 shares</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT color="#000000" size=2 face="Arial, Helvetica, sans-serif">0.74</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.81</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(9%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">1.60</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.26</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">27%</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">In
      millions of R$ (except EPS)</FONT></TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</table>
<br>
<br>
<TABLE width="100%" border=1 cellpadding=3 cellspacing=0 bordercolor="#000066" frame="box" rules="none">
  <TR valign="top" bgcolor="#000066">
    <TD width="28%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">Operating
      Performance </font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">2Q03</font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">2Q02</font></strong></TD>
    <TD width="3%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>&#916;
      (%)</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">1H03</font></strong></TD>
    <TD width="3%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">1H02</font></strong></TD>
    <TD width="3%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>&#916;
      (%)</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR bgcolor="#000066">
    <TD width="28%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">Ultragaz</font></strong></TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>2Q03x2Q02</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>1H03x1H02</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Sales
      Volume (thousand ton)</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><B>310.4</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>326.6</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>(5%)</B></font></TD>
    <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><B>600.2</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>633.7</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>(5%)</B></font></TD>
    <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Bottled</FONT></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">198.9</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">194.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">2%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">378.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">380.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Bulk</FONT></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">111.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">132.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(16%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">222.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">253.7</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(12%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" bgcolor="#FFFFFF">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" bgcolor="#FFFFFF">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</table>
<br>
<br>
<TABLE width="100%" border=1 cellpadding=3 cellspacing=0 bordercolor="#000066" frame="box" rules="none">
  <TR valign="top" bgcolor="#000066">
    <TD width="28%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">Operating
      Performance </font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">2Q03</font></strong></TD>
    <TD width="3%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">2Q02</font></strong></TD>
    <TD width="3%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>&#916;
      (%)</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">1H03</font></strong></TD>
    <TD width="3%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></strong></TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">1H02</font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>&#916;
      (%)</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR valign="top" bgcolor="#000066">
    <TD width="28%"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif">Oxiteno</font></strong></TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>2Q03x2Q02</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center"><strong><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><I>1H03x1H02</I></font></strong></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Sales
      Volume (thousand ton)</B></font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><B>110.6</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>87.9</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>26%</B></font></TD>
    <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><B>228.5</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>193.8</B></font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>18%</B></font></TD>
    <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Domestic</FONT></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">61.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">69.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(11%)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">131.6</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">125.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Exports</FONT></TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">49.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">18.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">167%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="center" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">96.9</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">68.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">42%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" bgcolor="#FFFFFF">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" bgcolor="#FFFFFF">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><b>Highlights:</b>
      </font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></td>
    <td width="95%"><FONT size=2 face="Arial, Helvetica, sans-serif">The
      signature of a preliminary agreement to acquire the chemical
      division of the Berci Group (CANAMEX) is the first stage in Ultrapar&#146;s
      globalization process. The acquisition is designed to establish
      a more active presence in the Mexican market of specialty chemicals
      and to create a production and distribution platform to the United
      States.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></td>
    <td><FONT size=2 face="Arial, Helvetica, sans-serif">On August
      6, 2003, Ultrapar&#146;s Board of Directors approved a dividend
      distribution in the amount of R$ 0.508195 per 1,000 preferred
      shares and R$ 0.461996 per 1,000 common shares, corresponding
      to an advance on year-end 2003 earnings, to be paid on August
      29, 2003.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></td>
    <td><FONT size=2 face="Arial, Helvetica, sans-serif">During April,
      May and July, Ultrapar, through Oxiteno, raised US$70 million
      in pre-export facilities with an average 3 year term and an average
      cost equivalent to 91.3% of the Interbank Deposit Certificate
      &#150; CDI on the funding contract date.</FONT></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><B>Ultrapar
      and the macroeconomic environment</B></font></td>
  </tr>
</table>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">A strong wage
  of optimism in the financial markets in the first half 2003 resulted
  in the strengthening of the <I>Real
  </I>and the reduction in the country risk premium.
  In the real economy, the high interests and inflation rates and the
  lack of a trigger to the e xports due to the currency appreciation,
  resulted in lower industrial production, lower investments and a
  decline in workers&#146; real wages.</FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Internationally,
  the post conflict scenario in Middle East drove down in 9% the average
  oil price in dollar (Brent) this quarter, compared to the average
  price practiced in the first quarter 2003. Following this trend,
  the average NWE benchmark price for naphtha decreased 27% between
  2Q03 and 1Q03. However, when compared to the 2Q02, oil and nafta
  average prices increased 3% and 5%, respectively.</FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">In Brazil, due
  to the delay to pass through the international prices and the currency
  variation to nafta prices, nafta average price remained, in <I>reais,</I>
  at the same levels when compared to the 1Q03, and presented a 83%
  average increase when compared to the 2Q02, impacting petrochemicals
  margins. The drop in oil related prices should reflect in Ultrapar&#146;s
  costs only in the third quarter 2003.</FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Despite the scenario
  of low industrial production and high oil related prices, once again
  Ultrapar achieved significant improvements in its results in this
  quarter. Oxiteno achieved a favorable result compared to the second
  quarter 2002, when it suffered from a shortage of raw materials and
  an unfavorable price environment. Ultragaz was able to show a similar
  performance when compared to the 2Q02, even though the successive
  increases in the ex-refinery prices occurred during 2002, the demand
  retraction, and the client losses to natural gas, that impacted its
  results.</FONT> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><b>Operating
      Performance </b></font> </td>
  </tr>
</table>
<P><font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultragaz</font>
  - </B>In 2Q03, the Brazilian LPG market was negatively impacted by
  the successive increases in Petrobras LPG prices, by demand retraction
  and by client losses due to competition from natural gas. As a result,
  the LPG market reported a year over year decline in sales volume
  of 5.2%. Ultragaz posted 2Q03 sales volume of 310.4 thousand tons,
  5.0% lower when compared with the second quarter 2002. In the first
  half of 2003, Ultragaz recorded a sales volume of 600.2 thousand
  ton, 5.3% lower when compared with the first half of 2002, while
  the Brazilian LPG market as a whole was down 7.6% in the same period.
  </font> </P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>Sales
  Volume &#150; Ultragaz (in thousand ton)</B> </font></P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><IMG src="aug0803_6kx7x1.jpg" border=0>
  </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Sales volume in
  the bottled segment, served mainly by 13 Kg cylinders, increased
  2% over 2Q02, a consequence of the geographic expansion mainly to
  the states of Minas Gerais and Rio de Janeiro. In the bulk segment,
  comprising mainly industrial and commercial consumers, 2Q03 sales
  volume dropped 20.7 thousand tons compared to 2Q02, mainly the result
  of industrial companies located along the Brazil-Bolivia gas pipeline
  that converted their energy source to natural gas. This situation
  was in line with company&#146;s expectations.</FONT> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Oxiteno</font></B>
  - Oxiteno is a producer of Ethylene Oxide and its main derivatives,
  as well as a large producer of specialty chemicals. Oxiteno&#146;s
  products are used throughout many industrial sectors, including PET
  packaging, paints, cosmetics and detergents. </font> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno&#146;s
  2Q03 sales volume was 110.6 thousand tons, a 26% increase in relation
  to the second quarter 2002. This increase is a reflection of the
  greater supply of raw material this quarter in relation to 2Q02 when
  Braskem, ethylene supplier in Cama&ccedil;ari, interrupted operations
  as part of its program to expand production capacity, restricting
  Oxiteno&#146;s ethylene supply in 22% in that quarter, impacting
  sales volume, particularly exports.</FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Sales volume to
  the domestic market was 61.5 thousand tons, a decline of 11% in relation
  to the second quarter 2002, a reflection of the drop in sales in
  the polyester and hydraulic fluid segments due to weaker economic
  activity of these segments this year. Exports were 49.1 thousand
  tons, a 167% growth compared to the preceding year, when exports
  were damaged by the ethylene restriction in Cama&ccedil;ari. In the
  first half of 2003, Oxiteno&#146;s sales volume was 228.5 tons, a
  18% increase compared to the first half of 2002. </FONT> </P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>Sales
  Volume &#150; Oxiteno (in thousand ton) </B> </font></P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><IMG src="aug0803_6kx7x2.jpg" border=0>
  </font></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Ultracargo.</FONT></U>
  </B>Through its subsidiaries Transultra and Tequimar,
  Ultracargo is one of the leaders in logistics for the chemical, petrochemicals
  and LPG sectors in Brazil. Among the solutions, Transultra offers
  integrated multi-modal transportation and operations of reception
  and expedition of goods at its customers&#146; installations. Transultra
  operates through its own and third-party fleets. Tequimar maintains
  and operates storage installations at port terminals and rail junctions
  for the movement of chemical and petrochemical products. Tequimar
  operates terminals i n Aratu, Cama&ccedil;ari, Macei&oacute;, Paul&iacute;nia,
  Santos and Suape. The company&#146;s considerable storage capacity
  and the strategic location of its assets, facilitates product movement
  along its multi-modal logistics system. Besides storage services,
  Tequimar offers ship loading and unloading services, the operation
  of pipelines, logistics programming and installation engineering.</font>
</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Transultra increased
  its fleet mileage by 39% in 2Q03, a consequence of winning new and
  important clients during 2002 and of investing in new trucks. At
  Tequimar, the effective storage capacity increased by 9% between
  second quarters, due to the 20 thousand cubic meters expansion in
  the Aratu terminal, occurred in June, and to the increase in the
  occupancy rate of Tequimar&#146;s tanks. In 2Q03 it reached 94.3%,
  versus 91.2% in 2Q02.</FONT> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><b>Financial
      Performance </b></font> </td>
  </tr>
</table>
<P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Net
  Sales Revenue</FONT></U> -</B> Consolidated net sales revenue totaled
  R$ 932.7 million in 2Q03, an increase of 38% when compared to 2Q02.
  In the first half of 2003, consolidated net sales revenue totaled
  R$ 1,866.9 million, 49% higher than in the first half of 2002. </font>
</P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><IMG src="aug0803_6kx8x1.jpg" border=0>
  </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultragaz
  &#150;</font></B> Net sales revenue at Ultragaz totaled R$ 616.7
  million in 2Q03 a 31% increase over 2Q02. The increase reflects the
  increase in LPG costs during 2002. In the first half of 2003, net
  sales revenue totaled R$ 1,185.6 million, a 37% increase over 1H02.</font>
</P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Oxiteno
  &#150;</font></B> Net sales revenue totaled R$ 282.2 million in 2Q03,
  56% higher than in the 2Q02. The real depreciation and the recovery
  of glycol prices in the international market, resulted in a 24% improvement
  in average sales prices, comparing the two second quarters. In the
  first half of 2003, net sales revenue increased by 76% over 1H02.</font>
</P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultracargo
  &#150;</font> </B>Net sales revenue in 2Q03 was R$ 43.1 million,
  43% higher than in 2Q02. This increase is a result of new clients
  at Transultra and the increase of storage volume at Tequimar.</font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Cost
  of Goods Sold.</FONT></U> </B>Cost
  of goods sold at Ultrapar in 2Q03 totaled R$ 744.8 million, 45% higher
  than in the 2Q02. In the first half of 2003, cost of goods sold was
  55% higher compared to the same period in 2003.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultragaz:</font></B>
  The cost of goods sold in 2Q03 increased 37% over 2Q02, driven by
  LPG cost corrections, reflecting foreign exchange rate variation
  and LPG price levels practiced on the international market. Year
  over year, average LPG prices charged to the distributors increased
  57%. Comparing the first six-month periods of 2003 and 2002, cost
  of goods sold at Ultragaz increased 47%.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Oxiteno:</font></B>
  Cost of goods sold in 2Q03 increased 66% over 2Q02, reflecting increased
  sales volume together with an increase in variable unit costs, especially
  those of ethylene which year over year rose 61% per unit. Cost of
  goods sold increased 74% in the first half 2003 compared to the 1H02.
  </font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultracargo</font></B>
  &#150; Cost of services rendered increased 50% in the 2Q03 compared
  to the same period last year, reflecting increases in the volume
  of operations and increases in the cost of its main raw materials.
  Fuel costs and third-party freight costs increased at Transultra
  and, at Tequimar, the increase was in the cost of nitrogen, used
  to clean the tanks.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Selling
  General and Administrative Expenses </FONT></U>&#150;
  </B>Ultrapar&#146;s SG&amp;A expenses totaled
  R$ 104.0 million in 2Q03, 17% higher than the R$ 88.7 million in
  2Q02. In the first half of 2003, SG&amp;A expenses were R$ 207.6
  million, 23% higher than in the same period in 2002.</font>
</P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultragaz</font></B>
  &#150; General, administrative and selling expenses at Ultragaz were
  R$56.9 million in the quarter, R$3.8 million higher than in 2Q02,
  mainly due to the increase in depreciation expenses that were R$20.9
  million in 2Q03, R$1.2 million higher than in the 2Q02, and to the
  increase in personnel expenses, a consequence of collective wage
  agreements negotiated in September 2002. Ultragaz&#146;s operating
  expenses totaled R$ 111.4 million in 1H03, 13% higher than the in
  1H02. </font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Oxiteno</font>
  &#150; </B>General, administrative and selling expenses were R$39.1
  million, an increase of R$8.8 million compared to the 2Q02, due to
  the R$8.5 million increase in selling expenses quarter over quarter,
  largely due to increased freight export expenses, compatible with
  growth in exports. In the first half of 2003, SG&amp;A expenses at
  Oxiteno totaled R$ 80.8 million, R$ 22.3 million higher compared
  to the first half of 2002.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultracargo</font>
  &#150; </B>General, administrative and selling expenses were R$9.2
  million, an increase of R$1.9 million compared to the 2Q02, due to
  the increase in administrative expenses, a consequence of the need
  of hiring new employees after the celebration of new clients&#146;
  contracts and of collective wage agreements negotiated in the second
  half of 2002. </font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">EBITDA</FONT></U></B>
  &#150; Consolidated cash generation (EBITDA) totaled R$ 118.8 million
  in 2Q03, 13% higher than the same period last year. In the first
  half of 2003 EBITDA totaled R$ 240.9 million, 29% higher than in
  the first half of 2002, of R$ 187.4 million.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultragaz
  </font>&#150;</B> EBITDA at Ultragaz totaled R$ 61.6 million, at
  similar levels to the 2Q02.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Oxiteno</font>
  &#150;</B> EBITDA at Oxiteno was R$ 45.5 million, 29% higher than
  in 2Q02.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><font color="#000066">Ultracargo</font>
  &#150;</B> Ultracargo&#146;s EBITDA totaled R$ 10.1 million, 46%
  higher than in the same period last year.</font> </P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"><img src="aug0803_6kx10x1.jpg"></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><font color="#000066">Financial
  Result</font></U> &#150;</B> Ultrapar recorded a net financial expense
  of R$19.0 million in 2Q03 against financial income of R$14.8 million
  in 2Q02. During the second quarter 2003, Ultrapar&#146;s net cash
  position remained close to zero. The effect of the Real appreciation
  on our overseas financial investments (therefore in dollar) impacted
  negatively our financial result in this quarter. Ultrapar's hedge
  policy is to protect all of the company&#146;s dollar-denominated
  liabilities against currency fluctuations. Ultrapar&#146;s financial
  income of R$14.8 million reported in 2Q02 is a consequence of Ultrapar&#146;s
  net cash position of R$ 268.7 million in that period, and the impact
  of the Real devaluation in the 2Q02 on our overseas financial investments.</font>
</P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Net
  Profit</FONT></U> &#150;</B> Consolidated second quarter 2003 net
  income was R$51.6 million, a 21% growth compared to the 2Q02. The
  improvement was the result of better operating profit and of the
  elimination of the minority participation in Oxiteno and Ultragaz,
  at the end of the corporate restructuring in the second half of 2002.
  In the first half of 2003, net income totaled R$111.6 million, a
  67% growth compared to the first half of 2002.</font> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000080">CAPEX</FONT></U>
  &#150; </B>Capital expenditures totaled R$ 53.8
  million in 2Q03, allocated as following:</font> </P>
<UL>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">At Ultragaz,
    primarily to the expansion in the bulk segment (UltraSystem), gas
    bottles and installing the ERP system;<BR>
    <br>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">At Oxiteno,
    capex focused on the modernization of the industrial facilities,
    installation of ERP system and development of new products;<BR>
    <br>
    </FONT></LI>
  <LI><FONT size=2 face="Arial, Helvetica, sans-serif">At Ultracargo,
    investments in the expansion of the Aratu terminal and fleet expansion.</FONT></LI>
</UL>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD colspan="5">&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>Consolidated
        Investments,<br>
        including the acquisition of shareholding stakes</B><br>
        </font><font size="2" face="Arial, Helvetica, sans-serif"><B>(R$
        MM) </B></font> </TD>
    </TR>
    <TR>
      <TD colspan="5"><hr align="left" width=100% size=2 noshade color="#000000">
      </TD>
      <TD width="65%" rowspan="8" align="center"><img src="aug0803_6kx10x2.jpg" width="268" height="161"></TD>
    </TR>
    <TR>
      <TD width="15%"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>CAPEX
        2Q03</I></B></font></TD>
      <TD colspan="2" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>R$</I></B></font></TD>
      <TD colspan=2 align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>
        % of</I></B></font></TD>
    </TR>
    <TR>
      <TD width="15%">&nbsp;</TD>
      <TD colspan="2" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>MM</I></B></font></TD>
      <TD colspan="2" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>Total</I></B></font></TD>
    </TR>
    <TR>
      <TD><hr align="left" width=100% size=1 noshade color="#000000"></TD>
      <TD colspan="4"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    </TR>
    <TR>
      <TD width="15%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultragaz</FONT></TD>
      <TD width="7%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><I>36.6</I></font></TD>
      <TD width="3%" align="right" bgcolor="#CCCCCC">&nbsp;</TD>
      <TD align="right" width="7%"><font size="2" face="Arial, Helvetica, sans-serif"><I>68</I></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><I>%</I></font></TD>
    </TR>
    <TR>
      <TD width="15%"><FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno</FONT></TD>
      <TD width="7%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><I>11.0</I></font></TD>
      <TD width="3%" align="right" bgcolor="#CCCCCC">&nbsp;</TD>
      <TD align="right" width="7%"><font size="2" face="Arial, Helvetica, sans-serif"><I>20</I></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><I>%</I></font></TD>
    </TR>
    <TR>
      <TD width="15%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultracargo</FONT></TD>
      <TD width="7%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><I>6.2</I></font></TD>
      <TD width="3%" align="right" bgcolor="#CCCCCC">&nbsp;</TD>
      <TD align="right" width="7%"><font size="2" face="Arial, Helvetica, sans-serif"><I>12</I></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><I>%</I></font></TD>
    </TR>
    <TR>
      <TD width="15%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Ultrapar</B></font></TD>
      <TD width="7%" align="right" bgcolor="#CCCCCC"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>53.8</I></B></font></TD>
      <TD width="3%" align="right" bgcolor="#CCCCCC">&nbsp;</TD>
      <TD align="right" width="7%"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>100</I></B></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><B><I>%</I></B></font></TD>
    </TR>
    <TR>
      <TD colspan="5"><hr align="left" width=100% size=2 noshade color="#000000"></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><B>Ultrapar
      in the Capital Markets</B></font></td>
  </tr>
</table>
<P><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar&#146;s
  shares showed a 14% growth in the 2Q03 while the Ibovespa index showed
  a 15% growth in the same period.</FONT> </P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><IMG src="aug0803_6kx11x1.jpg" border=0>
  </font></P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Share
  Repurchase Program</FONT></U> &#150; </B>During
  the second quarter 2003, Ultrapar purchased a total of 63,600,000
  shares.</font> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><b>Outlook</b></font></td>
  </tr>
</table>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">The signature
  of the preliminary agreement to the acquisition of Canamex reinforces
  Ultrapar&#146;s intent and disposal to continue to look for growth
  opportunities, through solid and disciplined movements 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. </FONT> </P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno will continue
  to seek the development of new products and technologies as well
  as to conquer new markets through investments or through acquisitions,
  in Brazil or overseas. Ultragaz will keep its strategy of growth
  in UltraSystem but will also quest the expansion of its activities
  through acquisitions in the LPG sector in Brazil and abroad, mainly
  in Latin America. Ultracargo should strongly invest in its business
  expansion, exploring new opportunities that are arising from the
  large demand for logistics infrastructure in Brazil, the deregulation
  of the oil and oil derivatives market and from the strong growth
  in the international trade of vegetable oils and sugarcane alcohol.
  </FONT> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><b>Forthcoming
      Events </b></font> </td>
  </tr>
</table>
<P><font size="2" face="Arial, Helvetica, sans-serif"><B><U><FONT color="#000066">Results
  Release:</FONT></U> </B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">On August 07,
  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> <font size="2" face="Arial, Helvetica, sans-serif"><B>Conference
  Call in Portuguese:</B> <B>11:00 a.m. (Brasilia time)<br>
  </B></font><FONT size=2 face="Arial, Helvetica, sans-serif">Dial-in
  to pre-registering: <B>55 11 4613-0512<br>
  </B></FONT><FONT size=2 face="Arial, Helvetica, sans-serif">Website
  to pre-register: www.ccall.com.br/thomson<br>
  </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">Password
  for participants: <B>129</B>+ registration number to be provided
  at pre-registration (PIN) </FONT> </P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Please call 5
  minutes prior to the conference call time on <B>55
  11 4613-0500</B> with your password. </FONT>
</P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B>Conference
  Call in English: 11:00 a.m. (New York time) / 12:00 a.m. (Brasilia
  time)<br>
  </B></font><FONT size=2 face="Arial, Helvetica, sans-serif">Dial-in
  to pre-register:<br>
  </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">Calling from
  Brazil: <B>11 4613-0512<br>
  </B>Calling from abroad: <B>55 11 4613-0513<br>
  </B></FONT><FONT size=2 face="Arial, Helvetica, sans-serif">Website:
  <B>www.ccall.com.br/thomson</B> (Click on version in English)<br>
  Participant Password:<B> 458<br>
  </B></FONT><font size="2" face="Arial, Helvetica, sans-serif"><B>Connecting
  Telephones:<br>
  </B></font><FONT size=2 face="Arial, Helvetica, sans-serif">Calling
  from Brazil: <B>11 4613-0503<br>
  </B></FONT><FONT size=2 face="Arial, Helvetica, sans-serif">Calling
  from the USA: <B>1-703-788-1236</B> or <B>1-866-812-0442</B> <B>(toll
  free)<br>
  </B></FONT><FONT size=2 face="Arial, Helvetica, sans-serif">Participant
  Password:<B> 458 </B>+ Personal Identification Number (PIN)</FONT>
</P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">Following the
  conference calls, replays will be made available until August 15,
  2003 at the following numbers:</FONT> </P>
<P> <font size="2" face="Arial, Helvetica, sans-serif"><B>Conference
  Call in Portuguese:<br>
  </B></font><FONT size=2 face="Arial, Helvetica, sans-serif">Telephone:
  <B>55 11 4613-0501</B> (Password 129)</FONT> </P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B><I>Conference
  Call in English </I></B> </font></P>
<P> <FONT size=2 face="Arial, Helvetica, sans-serif">For participants
  calling from Brazil: <B>11 4613-0502</B> (password 458)<br>
  </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">For participants
  calling from the USA: <B>1-703-788-1236</B> or <B>1-866-812-0442</B>
  (Password 458)</FONT> </P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"> <font color="#FFFFFF" size="2" face="Arial, Helvetica, sans-serif"><b>Operational
      and Financial Summary</b></font> </td>
  </tr>
</table><br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD width="28%" align="left" valign="bottom"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>Financial
      Focus</B></font></TD>
    <TD align="center" width="20%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q03</B></font></TD>
    <TD align="right" width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q02</B></font></TD>
    <TD align="right" width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H03</B></font></TD>
    <TD align="right" width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H02</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar
      EBITDA Margin</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">13%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">13%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar
      Net Margin</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">6%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">6%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD width="28%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>Productivity</B></font></TD>
    <TD width="20%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q03</B></font></TD>
    <TD width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q02</B></font></TD>
    <TD width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H03</B></font></TD>
    <TD width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H02</B></font></TD>
    <TD width="3%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA
      R$/ton Ultragaz (million)</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">199</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">186</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">199</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">172</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA
      R$/ton Oxiteno (million)</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">412</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">403</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">525</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">316</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD colspan=2><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>Human
      Resources Focus</B></font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q03</B></font></TD>
    <TD width="3%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q02</B></font></TD>
    <TD width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H03</B></font></TD>
    <TD width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H02</B></font></TD>
    <TD width="3%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD colspan="2"><FONT size=2 face="Arial, Helvetica, sans-serif">Employees
      </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">- Ultrapar</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">5,917</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5,814</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">5,917</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5,814</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2"><FONT size=2 face="Arial, Helvetica, sans-serif">Employees
      </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">- Ultragaz</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">4,026</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4,064</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">4,026</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4,064</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2"><FONT size=2 face="Arial, Helvetica, sans-serif">Employees
      </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">- Oxiteno</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">923</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">906</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">923</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">906</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2"><FONT size=2 face="Arial, Helvetica, sans-serif">Employees
      </FONT><FONT size=2 face="Arial, Helvetica, sans-serif">- Ultracargo</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">784</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">669</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">784</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">669</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD width="28%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>Capital
      Market Focus</B></font></TD>
    <TD width="20%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q03</B></font></TD>
    <TD width="3%"><font color="#000066">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>2Q02</B></font></TD>
    <TD width="3%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H03</B></font></TD>
    <TD width="3%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD align="right" width="9%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif"><B>1H02</B></font></TD>
    <TD width="3%"><font color="#000066" size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Total
      Shares (million)</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">69,691</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">53,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">69,691</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">53,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=2 face="Arial, Helvetica, sans-serif">Market
      Value &#150; R$ million</FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">1,847</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,107</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">1,847</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,107</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom" bgcolor="#CCCCCC"> <hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom" bgcolor="#CCCCCC"> <hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% 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 colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">BOVESPA
      Average Daily Volume &#150; thousand shares</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">45,073</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">28,241</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">32,335</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">29,757</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">BOVESPA
      Average Daily Volume &#150; R$000</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><font size=2 face="Arial, Helvetica, sans-serif">1,076,565</font></TD>
    <TD align="right" width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">597,196</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">770,185</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">618,961</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">BOVESPA
      Average Price of the period &#150; R$/000 shares</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">23,89</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">21,15</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">23,82</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20,80</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom" bgcolor="#CCCCCC"> <hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom" bgcolor="#CCCCCC"> <hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% 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 colspan="2"><FONT size=2 face="Arial, Helvetica, sans-serif">Total
      ADRs<SUP>1 </SUP>at NYSE (000 ADRs)<SUP> </SUP></FONT><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">4,272</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4,345</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">4,272</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4,345</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">ADRs
      Average Daily Volume</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">16,248</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">27,911</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">13,571</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">23,342</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="9%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" bgcolor="#CCCCCC">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">ADRs
      Average Daily Volume &#150; US$000</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">130,673</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">238,055</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">102,843</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">198,816</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">ADR
      Average price in the period (US$)</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">8.04</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.53</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">7.58</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.52</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom" bgcolor="#CCCCCC"> <hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom" bgcolor="#CCCCCC"> <hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD align="left" valign="bottom"><hr align="left" width=100% 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 colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">TOTAL<SUP>2
      </SUP>Average Daily Volume &#150; thousand shares</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">61,321</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">54,854</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">45,354</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">51,376</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="Arial, Helvetica, sans-serif">TOTAL<SUP>2
      </SUP>Average Daily Volume &#150; R$000</FONT></TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">1,471,336</FONT></TD>
    <TD align="right" width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,162,214</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%" align="right" bgcolor="#CCCCCC"><FONT size=2 face="Arial, Helvetica, sans-serif">1,084,002</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,070,856</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=10 align="left" valign="bottom"><hr align="left" width=100% size=1 noshade color="#000000">
    </TD>
  </TR>
  <TR>
    <TD colspan=2><font size="2" face="Arial, Helvetica, sans-serif"><SUP>1</SUP><I>
      1 ADR = 1,000 preferred shares</I></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2> <font size="2" face="Arial, Helvetica, sans-serif"><SUP>2</SUP><I>
      Total = BOVESPA + NYSE </I> </font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td bgcolor="#000066">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#FFFFFF"> <font size=1 face="Arial, Helvetica, 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 17 where they were converted into U.S.
      dollars, based on the average commercial exchange rate for the
      corresponding periods.</font> </td>
  </tr>
</table>
<P><FONT size=1 face="Arial, Helvetica, sans-serif">This document may
  contain forecasts as to future events. Such forecasts reflect merely
  expectations on the part of the Company&#146;s management. Words
  such as &#147;believe&#148;, &#147;expect&#148;, &#147;plan&#148;,
  &#147;strategy&#148;, &#147;prospect&#148;, &#147;forecast&#148;,
  &#147;estimate&#148;, &#147;project&#148;, &#147;anticipate&#148;,
  &#147;can&#148; and other words with a similar meaning, are to be
  understood as preliminary declarations as to future expectations
  and projections. Such declarations are subject to risks and uncertainties
  forecasted or otherwise by the Company and may make the effective
  results significantly different from those that have been projected.
  For this reason, the reader should not base his/her decisions solely
  on these estimates.</FONT> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"> <font size="2" face="Arial, Helvetica, sans-serif"><b>For
      further information please contact:<br>
      </b></font><font size=2 face="Arial, Helvetica, sans-serif">Investor
      Relations Department<br>
      Ultrapar Participa&ccedil;&otilde;es S.A<br>
      (55 11) 3177-6513<br>
      invest@ultra.com.br<br>
      <u><font color="#0000ff">www.ultra.com.br</font></u> </font>
    </td>
    <td width="50%" align="right" valign="top"><font size="2" face="Arial, Helvetica, sans-serif"><img src="aug0803_6kx13x1.jpg" border=0></font></td>
  </tr>
</table>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A<br>
  CONSOLIDATED BALANCE SHEET<br>
  In millions of reais - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD align="center" colspan=5 width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD colspan=5><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD align="center" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%">&nbsp;</TD>
      <TD align="center" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>ASSETS</B></font></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 align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cash
        and marketable securities</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">676.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">688.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">621.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Trade
        accounts receivable</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">277.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">214.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">321.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Inventories</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">140.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">92.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">123.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">177.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">109.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">160.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Current Assets</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,272.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,105.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,227.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Investments</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">33.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">89.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">32.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Property,
        plant and equipment</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">807.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">720.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">791.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Deferred
        charges</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">85.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">74.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">83.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        long term assets</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">53.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">54.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">52.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Long Term Assets</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">980.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">939.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">959.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        ASSETS</B></font></TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2,252.6</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2,045.0</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2,187.2</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>LIABILITIES
        AND STOCKHOLDERS' EQUITY</B></font></TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Loans</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">201.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">103.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">291.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Suppliers</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">88.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">89.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">102.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Salaries
        and related contributions</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">52.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">44.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">46.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Taxes</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">12.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">27.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">14.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        accounts payable</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">22.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">23.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">22.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Current Liabilities</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">377.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">288.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">478.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Loans</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">470.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">316.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">350.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Deferred
        income tax</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">30.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">29.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">35.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        long term liabilities</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">40.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">71.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">40.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Long Term Liabilities</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">541.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">417.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">426.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        LIABILITIES</B></font></TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>919.0</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>705.8</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>905.1</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>STOCKHOLDERS'
        EQUITY</B></font></TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Capital</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">664.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">433.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">664.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Revalution
        reserve</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">25.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">24.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">25.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Revenue
        reserves</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">499.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">339.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">501.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Retained
        earnings</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">112.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">67.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">60.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
        Stockholders' Equity</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,301.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">866.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,251.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority
        Interests</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">32.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">472.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">31.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        STOCKHOLDERS' EQUITY &amp; M.I.</B></font></TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>1,333.6</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>1,339.2</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>1,282.1</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        LIAB. AND STOCKHOLDERS' EQUITY</B></font></TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2,252.6</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2,045.0</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2,187.2</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cash</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">676.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">688.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">621.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Debt</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">671.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">419.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">642.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="55%">&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 width="55%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        cash (debt)</font></TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">268.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="12%"><FONT size=2 face="Arial, Helvetica, sans-serif">(20.3</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A<br>
  CONSOLIDATED STATEMENT OF INCOME<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>In
  millions of reais (except per share data) - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD colspan=5><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD align="center" colspan=5 width="26%"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" colspan=3 width="21%"><font size="2" face="Arial, Helvetica, sans-serif"><B>ACCUMULATED</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD colspan=5><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">
        <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">
        <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">
        <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">
        <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Net
        sales</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">932.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">674.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">934.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,866.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,253.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cost
        of goods sold</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(744.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(512.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(741.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1,486.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(959.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Gross
        profit</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">187.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">161.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">192.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">380.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">294.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
        expenses</font></TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(38.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(27.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(36.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(75.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(52.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
        and administrative</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(43.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(40.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(45.1</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(88.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(75.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(22.3</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(21.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(21.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(44.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(40.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        operating results</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Income
        before equity and financial</FONT></TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;results</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">85.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">74.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">89.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">174.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">128.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Financial
        results</font></TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
        income</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(70.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">81.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(67.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">103.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
        expenses</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">59.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(58.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(6.1</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">53.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(72.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes
        on financial activities</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(8.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(16.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(15.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD colspan="2"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Equity
        in earnings (losses) of affiliates</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates</font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit
        of tax holidays</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">11.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">7.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">12.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">24.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">13.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Non-operating
        income (expense)</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.1</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Income
        before taxes</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">77.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">96.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">88.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">166.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">157.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Social
        contribution and income tax</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(23.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(22.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(28.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(52.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(45.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Income
        before minority interest</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">53.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">73.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">60.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">113.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">111.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Minority
        interest</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(30.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(44.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Net
        Income</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">51.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">42.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">60.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">111.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">67.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">
        <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">
        <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">118.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">104.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">122.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">240.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">187.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Depreciation
        and amortization</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">33.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">30.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">32.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">66.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">59.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Investments</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">56.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">57.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">48.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">104.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">86.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">RATIOS</FONT></TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><FONT size=2 face="Arial, Helvetica, sans-serif">Earnings
        / 1,000 shares</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.74</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.81</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.86</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.60</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.26</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        debt / Stockholders' equity</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">Na</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">Na</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.02</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        debt / LTM EBITDA</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">Na</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">Na</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.04</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        interest expense / EBITDA</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.16</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">Na</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.10</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.13</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="8%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">Na</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
        margin</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">11</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">10</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">10</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="45%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;EBITDA
        margin</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">16</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A<br>
  CONSOLIDATED CASH FLOW STATEMENT<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>In
  millions of reais - corporate law</B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD colspan="3" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD colspan="3"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Cash
        Flows from operating activities</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>28.1</B></font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>197.5</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Net
        income</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">111.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">67.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Minority
        interest</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">44.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">66.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">59.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Working
        capital</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(72.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(22.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Financial
        expenses (A)</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(71.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">48.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Cash
        Flows from investing activities</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>(103.1</B></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><B>)</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>(84.6</B></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Additions
        to property, plant, equipment and deferred charges</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(102.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(81.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Disposals
        of permanent assets</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Acquisition
        of minority interests (including treasury shares)</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(2.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(4.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Dividends
        received from affiliates</font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(2.1</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Cash
        Flows from financing activities</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>113.4</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>(80.3</B></font></TD>
      <TD width="3%"><font size="2" face="Arial, Helvetica, sans-serif"><B>)</B></font></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Short
        term debt, net</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">44.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(25.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Issuances</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">190.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">27.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Debt
        payments</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(71.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(46.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Related
        companies</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Dividends
        paid (B)</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(47.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(35.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(2.3</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
        increase (decrease) in cash and cash equivalents</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>38.4</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>32.6</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Cash
        and cash equivalents at the beginning of the period</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>637.9</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>656.0</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Cash
        and cash equivalents at the end of the period</B></font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>676.3</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif"><B>688.6</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Supplemental
        disclosure of cash flow information</B></font></TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cash
        paid for interest (C)</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">26.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">18.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cash
        paid for taxes on income (C)</font></TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">14.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">13.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="78%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Supplier
        financing of acquisition of property, plant and equipment</font></TD>
      <TD align="right" width="8%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="8%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<div align="center"><br>
  <TABLE width="90%" border="0" cellpadding="0" cellspacing="0">
    <TR>
      <TD valign="top" width="5%"><FONT size=2 face="Arial, Helvetica, sans-serif">(A)</FONT></TD>
      <TD width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">Not
        including financial income. Comprised basically of financial
        expenses, in particular, exchange variations.</FONT></TD>
    </TR>
    <TR>
      <TD valign="top" width="5%"><FONT size=2 face="Arial, Helvetica, sans-serif">(B)</FONT></TD>
      <TD width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">Including
        dividends paid by Ultrapar and its subsidiaries.</FONT></TD>
    </TR>
    <TR>
      <TD valign="top" width="5%"><FONT size=2 face="Arial, Helvetica, sans-serif">(C)</FONT></TD>
      <TD width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">Included
        in cash flow from operating activities.</FONT></TD>
    </TR>
    <TR>
      <TD valign="top" width="5%"><FONT size=2 face="Arial, Helvetica, sans-serif">(D)</FONT></TD>
      <td width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">Included
        ICMS on the Property, plant and equipment according to Law
        Complemental no. 102/2000.</FONT></td>
    </tr>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>ULTRAGAZ
  PARTICIPA&Ccedil;&Otilde;ES LTDA.<br>
  CONSOLIDATED BALANCE SHEET<br>
  In millions of reais - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&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 width="58%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&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 width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>OPERATING
        ASSETS</B></font></TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Trade
        accounts receivable</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">143.9</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">122.8</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">155.6</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Inventories</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">23.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">25.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">86.7</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">38.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">75.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Property,
        plant &amp; equipment</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">379.7</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">339.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">365.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Deferred
        charges</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">76.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">72.4</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">76.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        OPERATING ASSETS</B></font></TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>709.7</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>590.1</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>698.0</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>OPERATING
        LIABILITIES</B></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Suppliers</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">41.2</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">56.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">26.6</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Salaries
        and related contributions</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">27.0</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">23.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">23.7</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Taxes</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.7</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        accounts payable</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.2</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.0</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        OPERATING LIABILITIES</B></font></TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>72.7</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>83.7</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>55.3</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ULTRAGAZ
  PARTICIPA&Ccedil;&Otilde;ES LTDA.<br>
  CONSOLIDATED STATEMENT OF INCOME<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>In
  millions of reais - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>ACCUMULATED</B></font></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Net
        sales</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">616.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">471.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">568.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1,185.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">862.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cost
        of goods sold</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(520.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(378.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(499.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1,019.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(693.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Gross
        profit</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">96.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">93.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">69.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">166.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">169.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
        expenses</font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(19.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(17.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(17.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(37.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(31.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
        and administrative</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(16.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(16.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(16.8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(33.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(30.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(20.9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(19.7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(20.3</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(41.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(37.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
        operating results</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">EBIT</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">40.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">41.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">56.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">71.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">61.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">60.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">36.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">97.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">109.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Depreciation
        and amortization</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">19.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">41.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">37.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>RATIOS</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
        margin</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">3</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;EBITDA
        margin</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>OXITENO
  S/A - IND&Uacute;STRIA E COM&Eacute;RCIO<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>CONSOLIDATED
  BALANCE SHEET<br>
  In millions of reais - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&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 width="58%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&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 width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>OPERATING
        ASSETS</B></font></TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Trade
        accounts receivable</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">116.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">81.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">148.0</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Inventories</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">116.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">74.2</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">96.7</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">37.2</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">15.6</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">22.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Property,
        plant &amp; equipment</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">323.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">304.5</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">323.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Deferred
        charges</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">10.0</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.2</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        OPERATING ASSETS</B></font></TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>602.9</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>479.7</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>598.1</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>OPERATING
        LIABILITIES</B></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Suppliers</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">43.6</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">29.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">68.0</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Salaries
        and related contributions</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">20.1</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.2</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.4</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Taxes</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.8</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.6</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">6.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        accounts payable</font></TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">18.0</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">19.3</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">15.8</FONT></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&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 width="58%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        OPERATING LIABILITIES</B></font></TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>86.5</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>69.2</B></font></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>107.5</B></font></TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="58%">&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=2></TD>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>OXITENO
  S/A - IND&Uacute;STRIA E COM&Eacute;RCIO<br>
  CONSOLIDATED STATEMENT OF INCOME</B><br>
  </font><font size="2" face="Arial, Helvetica, sans-serif"><B>In millions
  of reais - Corporate law</B> </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align="center"><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
      ENDED IN</B></font></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>ACCUMULATED</B></font></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align="center"><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%"> <HR noshade size=1></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Net
      sales</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">282.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">181.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">333.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">615.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">350.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
      of goods sold</font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(179.7</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(101.1</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(197.2</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(376.9</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(199.3</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(18.8</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(16.0</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(21.2</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(40.0</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(34.5</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.7</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.3</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.6</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(15.3</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(14.4</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Gross
      profit</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">76.0</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">56.9</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">107.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">183.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">102.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
      expenses</font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(18.6</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(10.1</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(19.4</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(38.0</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(20.6</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
      and administrative</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(19.5</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(19.3</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(21.4</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(40.9</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(36.3</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.0</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.9</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.9</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.9</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(1.6</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      operating results</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.1</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.7</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">EBIT</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">36.8</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">27.3</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">66.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">102.9</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">45.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">45.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">35.4</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">74.6</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">120.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">61.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Depreciation
      and amortization</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.7</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.1</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.5</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.2</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16.0</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>RATIOS</B></font></TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
      margin</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
  </TR>
  <TR>
    <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;EBITDA
      margin</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">22</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17</FONT></TD>
    <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>ULTRACARGO
  PARTICIPA&Ccedil;&Otilde;ES LTDA.<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>CONSOLIDATED
  BALANCE SHEET<br>
  In millions of reais - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif"><B>OPERATING
        ASSETS</B></font></TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Trade
        accounts receivable</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">16.9</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">12.0</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">19.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Inventories</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">1.7</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">1.4</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">2.1</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">2.0</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Property,
        plant &amp; equipment</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">91.2</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">62.7</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">89.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Deferred
        charges</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">1.6</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">0.4</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        OPERATING ASSETS</B></font></TD>
      <TD width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><B>113.5</B></font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><B>78.5</B></font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>113.0</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%" align="right"> <HR noshade size=2></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"> <HR noshade size=2></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif"><B>OPERATING
        LIABILITIES</B></font></TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Suppliers</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">5.2</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">4.3</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">9.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Salaries
        and related contributions</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">5.5</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">3.8</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">5.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Taxes</font></TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">3.1</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><FONT size=2 face="Arial, Helvetica, sans-serif">2.9</FONT></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        accounts payable</font></TD>
      <TD width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%"><font size="2" face="Arial, Helvetica, sans-serif"><B>TOTAL
        OPERATING LIABILITIES</B></font></TD>
      <TD width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><B>13.8</B></font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"><font size="2" face="Arial, Helvetica, sans-serif"><B>11.0</B></font></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD align="right" width="10%"><font size="2" face="Arial, Helvetica, sans-serif"><B>19.1</B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%" align="right"> <HR noshade size=2></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"> <HR noshade size=2></TD>
      <TD width="3%" align="right">&nbsp;</TD>
      <TD width="10%" align="right"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>ULTRACARGO
  PARTICIPA&Ccedil;&Otilde;ES LTDA.<br>
  CONSOLIDATED STATEMENT OF INCOME<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>In
  millions of reais - Corporate law</B> </font></P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>ACCUMULATED</B></font></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="5" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="9%"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">Net
          sales</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">43.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">30.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">41.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">84.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">57.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Cost
          of sales</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(28.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(18.6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(26.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(54.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(35.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">Gross
          profit</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">11.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">30.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">22.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Operating
        expenses</font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
      <TD align="right" width="9%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><font size="2" face="Arial, Helvetica, sans-serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
        and administrative</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(9.0</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(7.1</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(8.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(17.5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(13.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.2</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">(0.4</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;Other
        operating results</font></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">EBIT</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">12.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">Depreciation
          and amortization</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">7.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <font size="2" face="Arial, Helvetica, sans-serif"><B>RATIOS</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp; </TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">Operating
          margin</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"> <FONT size=2 face="Arial, Helvetica, sans-serif">EBTIDA
          margin</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">23</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">23</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
  </TABLE>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A<br>
  CONSOLIDATED INCOME STATEMENT<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>In
  millions of US dollars (except per share data) - Corporate law</B>
  </font></P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&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>&nbsp;</TD>
      <TD colspan="5" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>QUARTERS
        ENDED IN</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>ACCUMULATED</B></font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&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>&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD>&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD>&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>MAR</B></font></TD>
      <TD>&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD>&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>JUN</B></font></TD>
      <TD>&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>
      <TD><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>(US$
        millions)</B></font></TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>2003</B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>2002</B></font></TD>
      <TD>&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>
      <TD><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
      <TD><HR noshade size=1></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
        sales</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">312.4</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">269.2</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">267.5</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">576.4</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">513.2</FONT></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultragaz</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">206.5</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">188.3</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">162.9</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">366.0</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">353.0</FONT></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">94.5</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">72.4</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">95.4</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">190.0</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">143.5</FONT></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultracargo</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14.4</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">12.0</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">11.9</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">26.1</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">23.7</FONT></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>EBIT</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">28.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">29.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">25.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">53.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">52.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultragaz</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">29.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">12.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">18.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">31.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">18.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultracargo</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Operating
        margin</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">11</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultragaz</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">7</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">9</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">3</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultracargo</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>EBITDA</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">39.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">41.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">35.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">74.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">76.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultragaz</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20.6</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">30.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">44.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">14.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">21.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">37.1</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">25.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultracargo</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.9</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">5.7</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>EBITDA
        margin</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">15</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultragaz</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">10</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">6</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">8</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">13</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Oxiteno</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">16</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">19</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">22</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">20</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultracargo</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">23</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">23</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">24</FONT></TD>
      <TD width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">%</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><font size="2" face="Arial, Helvetica, sans-serif"><B>Net
        income</B></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Ultrapar</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.3</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.0</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">17.2</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">34.5</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">27.4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=2 face="Arial, Helvetica, sans-serif">Net
        income/ 1000 shares (US$)</FONT></TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.25</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.32</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.25</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.49</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="9%"><FONT size=2 face="Arial, Helvetica, sans-serif">0.52</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S/A<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>LOANS,
  CASH AND MARKETABLE SECURITIES<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>In
  millions of reais - Corporate law</B> </font></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR align="center" valign="bottom">
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;<B>Loans</B></font></TD>
    <TD colspan="6"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif"><B>Balance
      in June/2003</B></font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Index/</B></font></TD>
    <TD colspan=3><font size="1" face="Arial, Helvetica, sans-serif"><B>Interest
      Rate %</B></font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Maturity
      and</B></font></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD colspan="6"> <hr align="center" width=98% size=1 noshade color="#000000"></TD>
    <TD width="8%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Currency
      (*)</B></font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Minimum</B></font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Maximum</B></font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Amortization
      Schedule</B></font></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultragaz</B></font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Oxiteno</B></font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultracargo</B></font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultrapar<br>
      Holding</B></font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Other</B></font></TD>
    <TD width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultrapar<br>
      Consolidated</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Foreign
      Currency</B></font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="8%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="1%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="1%"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=1 face="Arial, Helvetica, sans-serif">International
      Finance Corporation - IFC</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">7.2</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">7.2</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">US$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">9.4</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">9.4</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Semi-annually
      until 2003</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif">Syndicated
      loan</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">172.7</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">172.7</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">US$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">7.2</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">7.2</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Semi-annually
      until 2004</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="28%" nowrap><FONT size=1 face="Arial, Helvetica, sans-serif">Financings
      of Inventories and Property<br>
      &nbsp;&nbsp; Plant &amp; Equipment</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">11.2</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">11.2</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">US$</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">7.3</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">9.7</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Semi-annually
      and Anually until 2004</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Monthly,
      Semi-annually and Anually</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="28%" nowrap><FONT size=1 face="Arial, Helvetica, sans-serif">Export
      prepayment, net of linked<br>
      &nbsp;&nbsp;operations</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">173.0</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">173.0</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">US$</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">4.1</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">16.3</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">until
      2006</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif">National
      Bank for Economic</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;and
      Social Development - BNDES</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">18.8</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">4.9</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">1.3</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">25.0</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">UMBNDES</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">10.4</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">12.3</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Monthly
      until 2008</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><FONT size=1 face="Arial, Helvetica, sans-serif">Advances
      on Foreign Exchange Contracts</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">77.6</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">77.6</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">US$</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">1.6</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">10.5</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Maximum
      of 175 days</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Subtotal</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>191.5</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>273.9</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>1.3</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>466.7</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Local
      Currency</B></font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif">National
      Bank for Economic</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="top">
    <TD width="28%"><FONT size=1 face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;and
      Social Development - BNDES</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">108.0</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">59.5</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">7.7</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">175.2</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">TJLP
      or IGP-M</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">1.5</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">6.5</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Monthly
      and semi-annually until 2008</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="28%" nowrap> <FONT size=1 face="Arial, Helvetica, sans-serif">Agency
      for Financing Machinery and<br>
      &nbsp;&nbsp;Equipment (FINAME)</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">3.6</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">2.8</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">20.6</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">27.0</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">TJLP</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">1.8</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">3.9</FONT></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Monthly
      until 2008</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;Onlendings</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">2.5</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">2.5</FONT></TD>
    <TD width="8%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">TJLP</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">(2.0</FONT></TD>
    <TD width="1%"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">(2.0</FONT></TD>
    <TD width="1%"><FONT size=1 face="Arial, Helvetica, sans-serif">)</FONT></TD>
    <TD width="26%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Monthly
      until 2009</FONT></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Subtotal</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>111.6</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>64.8</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>28.3</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>204.7</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Total</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>303.1</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>338.7</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>29.6</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>671.4</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Composition
      per Annum</B></font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Up
      to 1 Year</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">47.6</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">146.0</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">7.5</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">201.1</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">From
      1 to 2 Years</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">211.1</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">111.8</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">7.8</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">330.7</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">From
      2 to 3 Years</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">26.8</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">62.2</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">6.5</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">95.5</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">From
      3 to 4 Years</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">15.8</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">11.7</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">5.6</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">33.1</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">From
      4 to 5 Years</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">1.8</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">6.2</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">2.2</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">10.2</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">From
      5 to 6 Years</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">0.6</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">0.6</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">From
      6 to 7 Years</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">0.2</FONT></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">0.2</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Total</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>303.1</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>338.7</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif"><B>29.6</B></font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD width="6%" align="right"><font size="1" face="Arial, Helvetica, sans-serif">-</font></TD>
    <TD align="right" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>671.4</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="13"><FONT size=1 face="Arial, Helvetica, sans-serif">(*)
      TJLP - Long Term Interest Rate/</FONT><FONT size=1 face="Arial, Helvetica, sans-serif">IGPM
      - Market General Price Index</FONT><FONT size=1 face="Arial, Helvetica, sans-serif">/UMBNDES
      - BNDES Basket of Currencies</FONT><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="13"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD colspan="6" align="center"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1" face="Arial, Helvetica, sans-serif"><B>Balance
      in June/ 2003</B></font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%">&nbsp;</TD>
    <TD colspan="6" align="center"><hr align="left" width=100% size=1 noshade color="#000000"></TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="center"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultrapar</B></font></TD>
    <TD width="6%" align="center"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultrapar</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD align="center" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultragaz</B></font></TD>
    <TD width="6%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Oxiteno</B></font></TD>
    <TD width="6%" align="center"><font size="1" face="Arial, Helvetica, sans-serif"><B>Ultracargo</B></font></TD>
    <TD align="center" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Holding</B></font></TD>
    <TD align="center" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Other</B></font></TD>
    <TD align="center" width="6%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Consolidated</B></font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="28%"><font size="1" face="Arial, Helvetica, sans-serif"><B>Cash
      and marketable securities</B></font></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">52.7</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">489.3</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">28.4</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">71.0</FONT></TD>
    <TD width="6%" align="right"><FONT size=1 face="Arial, Helvetica, sans-serif">34.9</FONT></TD>
    <TD align="right" width="6%"><FONT size=1 face="Arial, Helvetica, sans-serif">676.3</FONT></TD>
    <TD width="8%" align="center"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="6%" align="right"><font size="1">&nbsp;</font></TD>
    <TD width="1%"><font size="1">&nbsp;</font></TD>
    <TD width="26%"><font size="1">&nbsp;</font></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="right"> <B><FONT size=2 face="Times New Roman, Times, serif">ITEM
  2</FONT></B> </P>
<P align="left"> <FONT size=2 face="Times New Roman, Times, serif">(Convenience
  Translation into English from the Original Previously Issued in Portuguese)</FONT>
</P>
<div align="center">
  <table width="50%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td> <font face="Times New Roman, Times, serif"><b><i><font size=6>Ultrapar
        Participa&ccedil;&otilde;es S.A. </font></i></b> </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td> <font face="Times New Roman, Times, serif"><i><font size=2 face="Arial, Helvetica, sans-serif">Quarterly
        Financial Information<br>
        for the Quarter and Six Months<br>
        Ended June 30, 2003 <br>
        and Independent Accountants&#146; Review Report </font></i> </font></td>
    </tr>
  </table>
</div>
<P align="center">&nbsp;</P>
<P align="center"><FONT size=1 face="Arial, Helvetica, sans-serif">Deloitte
  Touche Tohmatsu Auditores Independentes</FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">1</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese)<br>
  </FONT><font face="Times New Roman, Times, serif"><U><FONT size=2>INDEPENDENT
  ACCOUNTANTS&#146; REVIEW REPORT</FONT></U> </font></P>
<P> <FONT size=2 face="Times New Roman, Times, serif">To the Shareholders
  and Management of<br>
  Ultrapar Participa&ccedil;&otilde;es S.A.<br>
  </FONT><font face="Times New Roman, Times, serif"><U><FONT size=2>S&atilde;o
  Paulo - SP</FONT></U><FONT size=2> </FONT></font> </P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD valign="top" width="5%"><FONT size=2 face="Arial, Helvetica, sans-serif">1.</FONT></TD>
    <td width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">We
      have reviewed the accompanying quarterly financial information o f
      Ultrapar Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148;)
      and subsidiaries as of and for the three and six-month periods ended
      June 30, 2003 and 2002, prepared under the responsibility of management
      and in conformity with Brazilian accounting practices, consisting
      of the balance sheets (Company and consolidated), the statements of
      income and the performance report, all expressed in Brazilian reais.</FONT></td>
  </tr>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="95%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top" width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">2.</FONT></td>
    <td width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">We
      conducted our reviews in accordance with specific standards established
      by the IBRACON - Brazilian Institute of Independent Auditors, 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>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="95%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top" width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">3.</FONT></td>
    <td width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">Based
      on our reviews, 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>
  <tr>
    <td valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="95%" valign="top"><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top" width="3%"><FONT size=2 face="Arial, Helvetica, sans-serif">4.</FONT></td>
    <td width="95%" valign="top"><FONT size=2 face="Arial, Helvetica, sans-serif">The
      accompanying quarterly financial information has been translated into
      English for the convenience of readers outside Brazil.</FONT></td>
  </tr>
</TABLE>
<P> <FONT size=2 face="Times New Roman, Times, serif">S&atilde;o Paulo,
  July 25, 2003</FONT> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">DELOITTE
      TOUCHE TOHMATSU</FONT></TD>
    <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Altair
      Tadeu Rossato</FONT></TD>
  </TR>
  <TR>
    <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Auditores
      Independentes</FONT></TD>
    <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Engagement
      Partner</FONT></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="Times New Roman, Times, serif">The original of this
  report has been delivered to the Company, duly signed, accompanied by
  the quarterly financial information (ITR) sheets, initialed only for identification
  purposes. </FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">2</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD align="left" width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="1" cellspacing="0" cellpadding="2">
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>REGISTRATION
      WITH CVM DOES NOT IMPLY ANY ANALYSIS OF THE COMPANY. COMPANY MANAGEMENT
      IS RESPONSIBLE FOR THE ACCURACY OF THE INFORMATION PRO VIDED.</FONT><FONT size=2>
      </FONT></B> </font></td>
  </tr>
</table>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.01 &#150;
  IDENTIFICATION </FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; CVM CODE</FONT></TD>
    <TD width="45%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="45%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="45%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="45%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=3><FONT size=1 face="Times New Roman, Times, serif">4 &#150;
      State Registration Number &#150; NIRE<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>35.300.109.724</FONT></B></font><FONT size=1 face="Times New Roman, Times, serif">&nbsp;
      </FONT></TD>
  </TR>
</TABLE>
<p><font face="Times New Roman, Times, serif"><B><FONT size=1>01.02 &#150;
  HEAD OFFICE</FONT></B></font></p>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD colspan="2"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; FULL ADDRESS<br>
      <br>
      Av. Brigadeiro Luiz Antonio, 1343 - 9&ordm; </FONT></TD>
    <TD colspan="3"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; DISTRICT<br>
      <br>
      Bela Vista </FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan="2"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; POSTAL CODE<br>
      <br>
      01317 -910 </FONT></TD>
    <TD colspan="2"><FONT size=1 face="Times New Roman, Times, serif">4
      &#150; MUNICIPALITY<br>
      <br>
      S&atilde;o Paulo </FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">5
      &#150; STATE<br>
      <br>
      SP </FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">6
      &#150; AREA CODE<br>
      <br>
      11 </FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">7
      &#150; TELEPHONE<br>
      <br>
      3177-6513 </FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">8
      &#150; TELEPHONE<br>
      <br>
      3177-6764 </FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">9
      &#150; TELEPHONE<br>
      <br>
      3177-6590 </FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">10
      &#150; TELEX</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">11
      &#150; AREA CODE<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">11</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">12
      &#150; FAX</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      3177-6107</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">13
      &#150; FAX</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      3177-6246</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">14
      &#150; FAX</FONT></TD>
    <TD width="20%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=5><FONT color="#000000" size=1 face="Times New Roman, Times, serif">15
      &#150; E-MAIL</FONT><FONT color="#0000ff" size=1 face="Times New Roman, Times, serif"><br>
      <br>
      </FONT><FONT color="#0000ff" size=2 face="Times New Roman, Times, serif"><u>invest@ultra.com.br</u></FONT></TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.03 &#150;
  INVESTOR RELATIONS DIRECTOR (Company Mail Address) </FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD colspan="2"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; NAME</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      Fabio Schvartsman</FONT></TD>
    <TD colspan="3"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; FULL ADDRESS</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      Av. Brigadeiro Luiz Antonio, 1343 &#150; 9&ordm;</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; DISTRICT</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      Bela Vista</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">4
      &#150; POSTAL CODE<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">01317-910</FONT></TD>
    <TD colspan="3"><FONT size=1 face="Times New Roman, Times, serif">5
      &#150; MUNICIPALITY<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">S&atilde;o
      Paulo</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="20%" height="49"><FONT size=1 face="Times New Roman, Times, serif">6
      &#150; STATE<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">SP</FONT></TD>
    <TD width="20%" height="49"><FONT size=1 face="Times New Roman, Times, serif">7
      &#150; AREA CODE<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">11</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">8
      &#150; TELEPHONE<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">3177-6482</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">9
      &#150; TELEPHONE</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      3177-6513</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">10
      &#150; TELEPHONE</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      3177-6475</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">11
      &#150; TELEX</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">12
      &#150; AREA CODE<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">11</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">13
      &#150; FAX<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">3287-1931</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">14
      &#150; FAX</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      3177-6246</FONT></TD>
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">15
      &#150; FAX</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      <br>
      3177-6107</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">16
      &#150; E-MAIL<br>
      <br>
      </FONT><FONT color="#0000ff" size=2 face="Times New Roman, Times, serif"><u>fabiosch@ultra.com.br</u></FONT></TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.04 &#150;
  REFERENCE/ AUDITOR</FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD colspan="2"><FONT size=1 face="Times New Roman, Times, serif">CURRENT
      YEAR</FONT></TD>
    <TD colspan=3><FONT size=1 face="Times New Roman, Times, serif">CURRENT
      QUARTER</FONT></TD>
    <TD colspan=3><FONT size=1 face="Times New Roman, Times, serif">PRIOR
      QUARTER</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="13%"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; BEGINNING</FONT></TD>
    <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; END</FONT></TD>
    <TD width="13%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; QUARTER</FONT></TD>
    <TD width="13%"><FONT size=1 face="Times New Roman, Times, serif">4
      &#150; BEGINNING</FONT></TD>
    <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">5
      &#150; END</FONT></TD>
    <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">6
      - QUARTER</FONT></TD>
    <TD width="13%"><FONT size=1 face="Times New Roman, Times, serif">7
      - BEGINNING</FONT></TD>
    <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">8
      &#150; END</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD><FONT size=1 face="Times New Roman, Times, serif">01.01.2003</FONT></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">12.31.2003</FONT></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">2 </FONT><font face="Times New Roman, Times, serif"><SUP><FONT size=1>nd</FONT></SUP></font></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">04.01.2003</FONT></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">06.30.2003</FONT></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">1</FONT><font face="Times New Roman, Times, serif"><SUP><FONT size=1>st</FONT></SUP></font></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">01.01.2003</FONT></TD>
    <TD><FONT size=1 face="Times New Roman, Times, serif">03.31.2003</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=5><FONT size=1 face="Times New Roman, Times, serif">9
      &#150; AUDITORS&#146; NAME/CORPORATE NAME</FONT></TD>
    <TD colspan="3"><FONT size=1 face="Times New Roman, Times, serif">10
      - CVM CODE</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan="5"><FONT size=1 face="Times New Roman, Times, serif">DELOITTE</FONT><FONT size=1 face="Times New Roman, Times, serif">
      TOUCHE TOHMATSU AUDITORES INDEPENDENTES</FONT></TD>
    <TD colspan="3"><FONT size=1 face="Times New Roman, Times, serif">00385-9</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=5><FONT size=1 face="Times New Roman, Times, serif">11
      &#150; IN CHARGE ACCOUNTANT</FONT></TD>
    <TD colspan=3><FONT size=1 face="Times New Roman, Times, serif">12
      &#150;INDIVIDUAL T</FONT><FONT size=1 face="Times New Roman, Times, serif">AXPAYER
      NUMBER (CPF) OF THE IN CHARGE ACCOUNTANT</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=5><FONT size=1 face="Times New Roman, Times, serif">ALTAIR
      TADEU ROSSATO</FONT></TD>
    <TD colspan="3"><FONT size=1 face="Times New Roman, Times, serif">060.977.208-23</FONT></TD>
  </TR>
</TABLE>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>3</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD align="left" width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=2>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde; ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001-39</FONT></B></font></TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.05 &#150;
  CAPITAL COMPOSITION </FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR>
    <TD width="34%" align="center"><FONT size=1 face="Times New Roman, Times, serif">Number
      of shares<br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">(THOUSAND)</FONT></TD>
    <TD width="22%" align="center"><FONT size=1 face="Times New Roman, Times, serif">Current
      quarter</FONT><FONT size=1 face="Times New Roman, Times, serif"><br>
      06.30.2003</FONT></TD>
    <TD width="22%" align="center"><FONT size=1 face="Times New Roman, Times, serif">Prior
      quarter<br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">03.31.2003</FONT></TD>
    <TD width="22%" align="center"><FONT size=1 face="Times New Roman, Times, serif">Same
      quarter of prior year<br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">06.30.2002</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Paid-up
      Capital</FONT></B></font></TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; Common</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">51,264,622</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">51,264,622</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">37,984,012</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; Preferred</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">18,426,647</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">18,426,647</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">15,015,988</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; Total</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">69,691,269</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">69,691,269</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">53,000,000</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Treasury
      Stock</FONT></B></font></TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">4
      &#150; Common</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">5
      &#150; Preferred</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">83,800</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">20,199</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">20,200</FONT></TD>
  </TR>
  <TR>
    <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">6
      &#150; Total</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">83,800</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">20,199</FONT></TD>
    <TD align="right" width="22%"><FONT size=1 face="Times New Roman, Times, serif">20,200</FONT></TD>
  </TR>
  <TR>
    <TD colspan=4><font face="Times New Roman, Times, serif"><br>
<B><FONT size=1>01.06
      &#150; CHARACTERISTICS OF THE COMPANY</FONT></B></font><br><br>

</TD>
  </TR>
  <TR>
    <TD colspan=4><FONT size=1 face="Times New Roman, Times, serif">1 &#150;
      TYPE OF COMPANY<br>
      <br>
      Commercial, industrial and other </FONT></TD>
  </TR>
  <TR>
    <TD colspan="4"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; SITUATION<br>
      <br>
      Operating </FONT></TD>
  </TR>
  <TR>
    <TD colspan=4><br>
<font face="Times New Roman, Times, serif"><I><FONT size=1>3
      &#150; NATURE OF OWNERSHIP<br>
      <br>
      </FONT><FONT size=1 face="Times New Roman, Times, serif">Domestic
      Holding</FONT><FONT size=1> </FONT></I></font></TD>
  </TR>
  <TR>
    <TD colspan="4"><FONT size=1 face="Times New Roman, Times, serif">4
      &#150; ACTIVITY CODE<br>
      <br>
      1170000 - Participation and Administration </FONT></TD>
  </TR>
  <TR>
    <TD colspan=4><FONT size=1 face="Times New Roman, Times, serif">5 &#150;
      MAIN ACTIVITY<br>
      <br>
      Industrial, commercial and other </FONT></TD>
  </TR>
  <TR>
    <TD colspan=4><FONT size=1 face="Times New Roman, Times, serif">6
      &#150; TYPE OF CONSOLIDATION<br>
      <br>
      Full</FONT></TD>
  </TR>
  <TR>
    <TD colspan=4><FONT size=1 face="Times New Roman, Times, serif">7 &#150;
      TYPE OF REPORT OF INDEPENDENT ACCOUNTANTS<br>
      <br>
      Unqualified </FONT></TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.07 - COMPANIES
  EXCLUDED FROM THE CONSOLIDATED FINANCIAL STATEMENTS </FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; ITEM</FONT><br><br>

</TD>
    <TD width="42%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; Corporate Taxpayer Number (CNPJ)</FONT><br>
</TD>
    <TD width="43%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE NAME</FONT><br>
</TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.08 DIVIDENDS
  APPROVED AND/OR PAID DURING AND AFTER THE QUARTER </FONT></B> </font></P>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left" valign="top">
    <td width="7%"><font size=1 face="Times New Roman, Times, serif">1
      - ITEM</font></td>
    <td width="14%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; EVENT</font></td>
    <td width="16%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; APPROVAL</font></td>
    <td width="12%"><font size=1 face="Times New Roman, Times, serif">4
      &#150; AMOUNT</font></td>
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">5
      &#150; BEGINNING OF PAYMENT</font><br>
      <br></td>
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">6
      &#150; TYPE OF SHARE</font></td>
    <td width="21%"><font size=1 face="Times New Roman, Times, serif">7
      &#150; AMOUNT PER SHARE</font></td>
  </tr>
</table>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">4</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM COD&#150;</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001-39</FONT></B></font></TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.09 &#150;
  SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR</FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="center" valign="top">
    <TD width="7%"><FONT size=1 face="Times New Roman, Times, serif">1 &#150;
      ITEM</FONT></TD>
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; DATE OF CHANGE</FONT></TD>
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; AMOUNT OF CAPITAL (IN THOUSANDS OF REAIS)</FONT></TD>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">4
      &#150; AMOUNT OF CHANGE (IN THOUSANDS OF REAIS)</FONT></TD>
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">5
      &#150; ORIGIN OF CHANGE</FONT></TD>
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">7
      - NUMBER OF SHARES ISSUED (THOUSAND)</FONT></TD>
    <TD width="17%"><FONT size=1 face="Times New Roman, Times, serif">8
      &#150; SHARE PRICE ON ISSUANCE DATE (IN REAIS)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="7%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>01.10 &#150;
  INVESTOR RELATIONS DIRECTOR </FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="20%"><FONT size=1 face="Times New Roman, Times, serif">1
      &#150; DATE<br>
      <br>
      07.31.2003 </FONT></TD>
    <TD width="80%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; SIGNATURE</FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%" align="left"><font face="Times New Roman, Times, serif"><FONT size=1>1
      &#150; CVM CODE</FONT></font></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde; ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001-39</FONT></B></font></TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>02.01 - BALANCE
  SHEETS - ASSETS (Thousands of Brazilian reais &#150; R$)</FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR>
    <TD width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1
      &#150; CODE</FONT></B></font></TD>
    <TD width="47%" align="left" valign="top"><font face="Times New Roman, Times, serif"><B><FONT size=1>2
      &#150; DESCRIPTION</FONT></B></font></TD>
    <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><b><font size=1>06.30.2003<br>
      </font><font face="Times New Roman, Times, serif"><B><FONT size=1>(unaudited)</FONT></B></font></b></font></TD>
    <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><b><font size=1>03.31.2003<br>
      </font><font face="Times New Roman, Times, serif"><B><FONT size=1>(unaudited)</FONT></B></font><font size=1>
      </font></b></font></TD>
  </TR>
  <TR>
    <TD align="left" width="11%"><FONT size=1 face="Times New Roman, Times, serif">1</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Total
      assets</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,748,893</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,699,098</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Current
      assets</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">84,529</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">81,661</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Cash
      and cash equivalents</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">70,967</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">67,609</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.01.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Cash
      and banks</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">183</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">71</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.01.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Temporary
      cash investments</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">70,784</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">67,538</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Receivables</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.02.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Trade
      accounts receivable</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.02.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Dividends
      receivable</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Inventories</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">13,562</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">14,052</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Recoverable
      taxes</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">13,556</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">13,819</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Prepaid
      expenses</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Other
      receivables</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">6</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">233</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Noncurrent
      ass ets</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">54,221</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">56,049</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Accounts
      receivable</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Receivables
      from related parties</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">51,963</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">53,949</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Affiliates</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Subsidiaries</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">51,897</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">53,883</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Other
      related parties</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">66</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">66</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,258</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,100</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.02.03.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Deferred
      income and social contribution taxes</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,258</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,100</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Permanent
      assets</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,610,143</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,561,388</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Investments</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,610,143</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,561,388</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01.01</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Investments
      in affiliates</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">152</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">149</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Investments
      in subsidiaries</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,609,802</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,561,053</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Other
      investments</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">189</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">186</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03.02</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Property,
      plant and equipment</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="11%"><FONT size=1 face="Times New Roman, Times, serif">1.03.03</FONT></TD>
    <TD width="47%" align="left" valign="top"><FONT size=1 face="Times New Roman, Times, serif">Deferred
      charges</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">6</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left" valign="top">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846-5</font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001-39</font></b></font></td>
  </tr>
</table>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>02.02 - BALANCE
  SHEETS - LIABILITIES AND STOCKHOLDERS' EQUITY (Thousands of Brazilian
  reais &#150; R$)</FONT></B> </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR valign="top">
    <TD width="16%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1
      &#150; CODE</FONT></B></font></TD>
    <TD width="56%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>2
      &#150; DESCRIPTION</FONT></B></font></TD>
    <TD width="14%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>(unaudited)</FONT></B></font><FONT size=1>
      <br>
      </FONT></B></font></TD>
    <TD width="14%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>(unaudited)</FONT></B></font><FONT size=1>
      </FONT></B></font></TD>
  </TR>
  <TR>
    <TD align="left" width="16%"><FONT size=1 face="Times New Roman, Times, serif">2</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Total
      liabilities and stockholders' equity</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">1,748,893</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">1,699,098</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Current
      liabilities</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">326</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">506</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Loans
      and financing</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Debentures</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.03</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Suppliers</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">48</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">43</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.04</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Taxes
      payable</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">26</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">24</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.05</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Dividends</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">10</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">337</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.06</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Accruals</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">242</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">102</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.06.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Income
      and social contribution taxes</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.06.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Salaries
      and payroll charges</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">242</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">102</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.07</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Payables
      to related parties</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.08</FONT></TD>
    <TD width="56%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.01.08.01</FONT></TD>
    <TD width="56%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Other
      accounts payables</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Long-term
      liabilities</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">447,534</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">447,581</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Loans
      and financing</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Debentures</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.03</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Accruals</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">6,458</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">6,071</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.03.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Income
      and social contribution taxes</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.03.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Other
      taxes</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">6,458</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">6,071</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.04</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Payables
      to related parties</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">441,076</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">441,510</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.02.05</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.03</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Deferred
      income</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Stockholders&#146;
      equity</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">1,301,033</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">1,251,011</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Capital</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">663,952</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">663,952</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Capital
      reserves</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.03</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Revaluation
      reserves</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">25,151</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">25,593</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.03.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Own
      assets</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.03.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Subsidiaries/
      affiliates</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">25,151</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">25,593</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Profit
      reserves</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">499,610</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">501,096</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.01</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Legal</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">28,546</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">28,546</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.02</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Statutory</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.03</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">For
      contingencies</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.04</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Unrealized
      profit</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">40,592</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">40,592</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.05</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Retention
      of profits</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">432,356</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">432,356</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.06</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Special
      for undistributed dividends</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.07</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Other
      profit res erves</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">(1,884)</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">(398)</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.07.01</FONT></TD>
    <TD width="56%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Treasury
      shares</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">(1,884)</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">(398)</FONT></TD>
  </TR>
  <TR>
    <TD width="16%"><FONT size=1 face="Times New Roman, Times, serif">2.05.05</FONT></TD>
    <TD align="left" width="56%"><FONT size=1 face="Times New Roman, Times, serif">Retained
      earnings/accumulated deficit</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">112,320</FONT></TD>
    <TD align="right" width="14%"><FONT size=1 face="Times New Roman, Times, serif">60,370</FONT></TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">7</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="24%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="24%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR>
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846-5</FONT></B></font></TD>
    <TD align="left" width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001-39</FONT></B></font></TD>
  </TR>
</TABLE>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>03.01 - STATEMENTS
  OF INCOME (Thousands of Brazilian reais &#150; R$) (unaudited) </FONT></B>
  </font></P>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1
      - CODE</FONT></B></font></TD>
    <TD width="54%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2
      &#150; DESCRIPTION</FONT></B></font></TD>
    <TD width="9%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>3
      &#150; 04.01.2003<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>to
      06.30.2003</FONT></B></font><FONT size=1> </FONT></B></font></TD>
    <TD width="9%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>4
      &#150; 01.01.2003<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>to
      06.30.2003</FONT></B></font><FONT size=1> </FONT></B></font></TD>
    <TD width="9%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>5
      &#150; 04.01.2002<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>to
      06.30.2002</FONT></B></font><FONT size=1> </FONT></B></font></TD>
    <TD width="9%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>6
      &#150; 01.01.2002<br>
      </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>to
      06.30.2002</FONT></B></font><FONT size=1> </FONT></B></font></TD>
  </TR>
  <TR>
    <TD align="left" width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.01</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Gross
      sales and services</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.02</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Deductions
      from gross sales and services</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.03</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Net
      sales and services</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.04</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Cost
      of sales and services</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.05</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Gross
      profit</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Operating
      income/expenses</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">53,032</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">114,153</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">43,843</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">68,864</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.01</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Selling</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.02</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">General
      and administrative</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(845)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(1,502)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(754)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(1,265)</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.03</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Financial</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">4,084</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">7,680</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">3,040</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">5,419</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.03.01</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Financial
      income</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">3,509</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">7,817</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">3,361</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">6,311</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.03.02</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Financial
      expenses</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">575</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(137)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(321)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(892)</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.04</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Other
      operating income</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">933</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">1,445</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">1,166</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">1,367</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.05</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Other
      operating expenses</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.06.06</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Equity
      in subsidiaries and affiliates</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">48,860</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">106,530</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">40,391</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">63,343</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.07</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Income
      from operations</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">53,032</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">114,153</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">43,843</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">68,864</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.08</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Nonoperating
      income (expenses)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(3)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(3)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(3)</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.08.01</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Income</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.08.02</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Expenses</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(3)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(3)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(3)</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.09</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Income
      before taxes and profit sharing</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">53,032</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">114,150</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">43,840</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">68,861</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.10</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Provision
      for income and social contribution taxes</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(1,578)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(2,802)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(1,272)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">(2,072)</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.11</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Deferred
      income tax</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">158</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">225</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">104</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">217</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.12</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Statutory
      profit sharing/contributions</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.12.01</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Profit
      sharing</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.12.02</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Contributions</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.13</FONT></TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Reversal
      of interest on capital</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
  <TR>
    <TD width="10%"><FONT size=1 face="Times New Roman, Times, serif">3.15</FONT></TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Net
      income</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">51,612</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">111,573</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">42,672</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">67,006</FONT></TD>
  </TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD width="54%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Number
      of shares, excluding treasury shares (in</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">69,607,469</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">69,607,469</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">52,979,800</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">52,979,800</FONT></TD>
  </TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Earnings
      per share thousands)</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0.00074</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0.00160</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0.00081</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0.00126</FONT></TD>
  </TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align="left" width="54%"><FONT size=1 face="Times New Roman, Times, serif">Loss
      per share</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">8</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>1.</FONT></B>&nbsp;<B><FONT size=1>
  OPERATIONS </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company invests
  in commercial and industrial activities, and also subscribes to or purchases
  shares and quotas of other companies with similar activities. </FONT>
</P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Through its subsidiaries,
  the Company distributes liquefied petroleum gas - LPG in Brazil, produces
  and sells chemical and petrochemical products, and provides transportation
  and storage services for LPG and chemical products. </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>2.</FONT></B>&nbsp;<B><FONT size=1>
  PRESENTATION OF QUARTERLY INFORMATION</FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">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> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>3.</FONT></B>&nbsp;<B><FONT size=1>
  ACCOUNTING PRACTICES AND CONSOLIDATION CRITERIA </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">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>
</P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">9</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>3.1 CONSOLIDATION
  CRITERIA </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">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> </P>
<div align="center">
  <TABLE width="70%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD align="center" colspan=3 width="21%"><FONT size=1 face="Times New Roman, Times, serif">Ownership
        interest - %</FONT></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD colspan=3><HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">Direct</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">Indirect</FONT></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Ultragaz
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Companhia
        Ultragaz S.A.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">86</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Bahiana
        Distribuidora de G&aacute;s Ltda.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Uting&aacute;s
        Armazenadora S.A.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">56</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>LPG
        International Inc.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Ultraqu&iacute;mica
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Melamina
        Ultra S.A. Ind&uacute;stria Qu&iacute;mica.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">93</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Oleoqu&iacute;mica
        do Nordeste Ltda.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Oxiteno
        S.A. Ind&uacute;stria e Com&eacute;rcio.</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Oxiteno
        Nordeste S.A. Ind. e Com.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">99</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Oxiteno
        International Co.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Oxiteno
        Overseas Co.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Ultracargo
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="77%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Transultra
        - Armazenamento e Transporte </FONT><FONT size=1 face="Times New Roman, Times, serif">Especializado
        Ltda.</FONT></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Terminal
        Qu&iacute;mico de Aratu S.A. &#150; Tequimar.</FONT></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">99</FONT></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Ultratecno
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="77%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="77%"><FONT size=1 face="Times New Roman, Times, serif">Imaven
        Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">Intercompany investments,
  asset and liability balances, income and expenses, as well as the effects
  arising from significant intercompany transactions, were eliminated. Minority
  interest in subsidiary companies is presented separately in the financial
  statements. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">On April 16, 2002,
  the subsidiary Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio
  acquired, through public offer, 93,871 shares from Oxiteno Nordeste S.A.
  &#150; Ind&uacute;stria e Com&eacute;rcio; as a result, Oxiteno Nordeste
  S.A. Ind&uacute;stria e Com&eacute;rcio registration with CVM as a publicly-held
  company was canceled. </FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">10</FONT>
</P>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>4.</FONT></B>&nbsp;<B><FONT size=1>
  CORPORATE REORGANIZATION </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">In 2002, the Company
  undertook a corporate reorganization, disclosed in a relevant fact published
  on October 15, 2002, and approved at th e Extraordinary Stockholders&#146;
  Meeting on October 30, 2002. This reorganization was primarily aimed at:
  (i) streamlining the corporate structure of subsidiaries and affiliated
  companies, (ii) cost rationalization, and (iii) concentration of capital
  market liquidity in one company. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The main effects of
  the reorganization were: </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">I) Merger of Gip&oacute;ia
  Participa&ccedil;&otilde;es S/C Ltda.: increase of the Company&#146;s
  interest in Ultragaz Participa&ccedil;&otilde;es Ltda, from 77% to 100%
  of total capital, with the issuance of 7,850,603,880 com mon shares. </FONT>
</P>
<P> <FONT size=1 face="Times New Roman, Times, serif">II) Merger of Oxiteno
  S.A. - Ind&uacute;stria e Com&eacute;rcio Shares: increase of the Company&#146;s
  interest in Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio from 48%
  to 100% of total capital. With the merger, 5,430,005,398 common shares
  and 3,410,659,550 preferred shar es were issued by the Company to the
  stockholders of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio, who
  opted to remain with the Company. The dissident stockholders of Oxiteno
  S.A. - Ind&uacute;stria e Com&eacute;rcio were paid a total of R$ 208,028,
  net of withholding income tax. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The corporate reorganization
  was based on the balance sheets as of June 30, 2002. As a consequence,
  the Company had full participation in the results of Ultragaz Participa&ccedil;&otilde;es
  Ltda. and Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio beginning
  July 1, 2002. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">On December 26,
  2002, Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio registration
  as a publicly-held company, was canceled. </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>11</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>5.</FONT></B>&nbsp;<B><FONT size=1>
  TEMPORARY CASH INVESTMENTS </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">These investments,
  contracted with first-line banks, are substantially comprised of fixed
  income securities, funds linked to interbank deposit (CDI) rates and currency
  hedge, which are stated at cost plus acrrued income (on a &#147;pro rata
  temporis&#148; basis). </FONT> </P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="center" colspan=3 width="28%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Company</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" colspan=3 width="28%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%" align="center"><HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%" align="center"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="center"><HR noshade size=1></TD>
      <TD width="10%" align="center"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Fixed
        income securities and funds</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">70,784</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">67,538</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">567,201</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">439,979</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Foreign
        investments (*)</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">103,448</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">120,703</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Currency
        hedge (**)</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(41,336</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">14,114</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">70,784</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">67,538</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">629,313</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">574,796</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">(*) Investments made
  by the indirect subsidiary Oxiteno Overseas Co., principally in money
  market funds, high grade US corporate securities, and Brazilian corporate
  securities. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">(**) Accumulated gain
  or loss on swap posit ions. The total amount hedged through these swaps
  is US$ 135,083 thousand. </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>6.</FONT></B>&nbsp;<B><FONT size=1>
  ACCOUNTS RECEIVABLE </FONT></B> </font></P>
<div align="center">
  <TABLE width="70%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="center" colspan=3 width="36%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD colspan=3><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Local
        customers</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">244,940</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">277,378</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Foreign
        customers</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">82,512</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">93,285</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Advances
        on foreign exchange contracts</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(41,270</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(40,319</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="74%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Allowance
        for doubtful accounts</FONT></B></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(9,109</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(9,259</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">277,073</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">321,085</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>12</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846-5</FONT></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>7.</FONT></B>&nbsp;<B><FONT size=1>
  INVENTORIES</FONT></B> </font></P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="center" colspan=3 width="32%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD colspan=3><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Finished
        products</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">83,561</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">69,723</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Raw
        materials</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">28,586</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">22,907</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Liquefied
        petroleum gas (LPG)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">19,151</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">20,005</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Consumption
        materials and cylinders for resale</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">9,623</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">10,970</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">140,921</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">123,605</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>8.</FONT></B>&nbsp;<B><FONT size=1>
  RECOVERABLE TAXES</FONT></B> </font></P>
<P align="center"> <FONT size=1 face="Times New Roman, Times, serif">Represented,
  substantially, by credit balances of State Value - Added Tax - ICMS,
  Federal Value - Added Tax - IPI,<br>
  and prepaid income and social contribution taxes available for offset
  against future taxes payable. </FONT> </P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="center" colspan=3 width="37%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD colspan=3><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution taxes</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">50,815</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">58,547</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">ICMS
        (State VAT)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">48,972</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">38,763</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><FONT size=1 face="Times New Roman, Times, serif">IPI
        (Federal VAT)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">7,760</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">5,623</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Other</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">3,532</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,900</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">111,079</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">105,833</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="74%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>13</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR>
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR>
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>9.</FONT></B>&nbsp;<B><FONT size=1>
  RELATED COMPANIES </FONT></B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Company</FONT></B></font></TD>
      <TD colspan="4" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="center"><HR align="center" width="97%" size=1 noshade></TD>
      <TD colspan="4" align="center"><HR align="center" width="97%" size=1 noshade></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Loans</FONT></B></font></TD>
      <TD colspan="2" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Loans</FONT></B></font></TD>
      <TD colspan="2" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Trade
        accounts</FONT></B></font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="center"><HR align="center" width="97%" size=1 noshade></TD>
      <TD colspan="2" align="center"><HR align="center" width="97%" size=1 noshade></TD>
      <TD colspan="2" align="center"><HR align="center" width="97%" size=1 noshade></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Assets</FONT></B></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Liabilities</FONT></B></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Assets</FONT></B></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Liabilities</FONT></B></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Receivable</FONT></B></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Payable</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="40%"> <HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Ultraqu&iacute;mica
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">30</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">387,160</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Serma
        Associa&ccedil;&atilde;o dos Usu&aacute;rios de</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Equipamentos
        de Processamentos de Dados e</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Servi&ccedil;os
        Correlatos</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">904</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">904</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">596</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Petroqu&iacute;mica
        Uni&atilde;o S.A.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">3,944</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Oxicap
        Ind&uacute;stria de Gases Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">548</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Agip
        do Brasil S.A.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">115</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Companhia
        Ultragaz S.A.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">51,867</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Ultracargo
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,129</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Qu&iacute;mica
        da Bahia Ind&uacute;stria eCom&eacute;rcio S.A.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">6,962</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Imaven
        Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">22,673</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Petr&oacute;leo
        Brasileiro S.A. &#150; Petrobras</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">14,301</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Copagaz
        Distribuidora de G&aacute;s Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">16</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Oleoqu&iacute;mica
        do Nordeste Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">27,563</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Braskem
        S.A.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">10,968</FONT></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Supergasbras
        Distribuidora de G&aacute;s S.A.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">51</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Cia.
        Termel&eacute;trica do Planalto Paulista TPP</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,133</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Sociedade
        Butano Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">30</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Plenog&aacute;s
        &#150; Distribuidora de G&aacute;s S.A.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">969</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">66</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">647</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">490</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">256</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">55</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">399</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="10%"> <HR width="97%" size=1 noshade></TD>
      <TD width="10%"> <HR width="97%" size=1 noshade></TD>
      <TD width="10%"><HR width="97%" size=1 noshade></TD>
      <TD width="10%"><HR width="97%" size=1 noshade></TD>
      <TD width="10%"><HR width="97%" size=1 noshade></TD>
      <TD width="10%"><HR width="97%" size=1 noshade></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Total
        as of June 30, 2003</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">51,963</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">441,076</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,623</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">9,091</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">267</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">30,756</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="10%"> <HR width="97%" size=2 noshade></TD>
      <TD width="10%"> <HR width="97%" size=2 noshade></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Total
        as of March 31, 2003</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">53,949</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">441,510</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,245</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">9,366</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">325</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">62,925</FONT></TD>
    </TR>
    <TR>
      <TD width="40%">&nbsp;</TD>
      <TD width="10%"> <HR width="97%" size=2 noshade></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="10%"> <HR noshade size=2></TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">14</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left" valign="top">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>
      -39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<br>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD colspan="6" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD colspan="3" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Transactions</FONT></B></font></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Financial</FONT></B></font></TD>
      <TD align="left" width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR align="right" width="100%" size=1 noshade></TD>
      <TD width="3%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><b><font size=1>Sales</font></b></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Purchases</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>income
        (expense)</FONT></B></font></TD>
      <TD align="left" width="3%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR align="right" width="100%" size=1 noshade></TD>
      <TD width="3%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Petroqu&iacute;mica
        Uni&atilde;o S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">52,591</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Oxicap
        Ind&uacute;stria de Gases Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2</FONT></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">3,186</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Agip
        do Brasil S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">1,279</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Companhia
        Ultragaz S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Ultracargo
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Ultratecno
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Qu&iacute;mica
        da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(370</FONT></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Petr&oacute;leo
        Brasileiro S.A. &#150; Petrobras</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">42</FONT></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">878,178</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Petrobras
        Distribuidora S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Copagaz
        Distribuidora de G&aacute;s Ltda.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">239</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Oleoqu&iacute;mica
        do Nordeste Ltda.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Braskem
        S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">22,974</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">227,749</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Supergasbras
        Distribuidora de G&aacute;s S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">477</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Cia.
        Termel&eacute;trica do Planalto Paulista &#150; TPP</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">83</FONT></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Plenog&aacute;s
        - Distribuidora de G&aacute;s S.A.</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">513</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">596</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">-</font></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><HR width="100%" size=2 noshade></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD><HR width="100%" size=2 noshade></TD>
      <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD> <HR width="100%" size=2 noshade></TD>
      <TD align="left"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Total
        as of June 30, 2003</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">25,526</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,162,300</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(287</FONT></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"><HR width="100%" size=2 noshade></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD width="10%"><HR width="100%" size=2 noshade></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD width="10%"> <HR width="100%" size=2 noshade></TD>
      <TD width="3%" align="left"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="61%"><FONT size=1 face="Times New Roman, Times, serif">Total
        as of June, 30 2002</FONT></TD>
      <TD align="right" width="10%"><font size="1" face="Times New Roman, Times, serif">16,594</font></TD>
      <TD width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">693,865</FONT></TD>
      <TD align="right" width="3%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(250</FONT></TD>
      <TD align="left" width="3%"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
    </TR>
    <TR>
      <TD width="61%">&nbsp;</TD>
      <TD width="10%"><HR width="100%" size=2 noshade></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR width="100%" size=2 noshade></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR width="100%" size=2 noshade></TD>
      <TD width="3%" align="left"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">The loan balances
  with Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A. and
  Cia. Termel&eacute;trica do Planalto Paulista - TPP are indexed based
  on the Brazilian long-term interest rate (TJLP). The other loans do not
  have financial charges nor determined maturity dates. Transactions refer
  principally to purchases of raw material, other materials and storage
  services, carried out at usual market prices and conditions. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The loan agreement
  with Ultraqu&iacute;mica Participa&ccedil;&otilde;es Ltda. results from
  the sale of shares issued by Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio
  to th e Company, intended to avoid the reciprocal shareholdings due to
  the corporate reorganization, mentioned in Note 4. </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>15</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>10. INCOME
  AND SOCIAL CONTRIBUTION TAXES </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">a) Deferred income
  and social contribution taxes </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">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> </P>
<div align="center">
  <TABLE width="85%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Company</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="3" align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
      <TD colspan="3" align="center"><HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD align="center" width="6%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="6%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="6%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="6%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="67%"><FONT size=1 face="Times New Roman, Times, serif">Noncurrent
        assets:</FONT></TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="67%"><font face="Times New Roman, Times, serif"><FONT size=1>&nbsp;&nbsp;Deferred
        income and social contribution </FONT><FONT size=1 face="Times New Roman, Times, serif">taxes
        on:</FONT></font></TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="67%"><FONT size=1 face="Times New Roman, Times, serif">Accruals
        tax-deductible only when the expenses are incurred</FONT></TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">2,258</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">2,100</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">32,853</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">30,896</FONT></TD>
    </TR>
    <TR>
      <TD width="67%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution tax loss carryforwards</FONT></TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">5,404</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">7,473</FONT></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD width="6%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"><HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">2,258</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">2,100</FONT></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">38,257</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">38,369</FONT></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="67%"><FONT size=1 face="Times New Roman, Times, serif">Long-term
        liabilities:</FONT></TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="67%"><font face="Times New Roman, Times, serif"><FONT size=1>&nbsp;&nbsp;Deferred
        income and social contribution </FONT><FONT size=1 face="Times New Roman, Times, serif">taxes
        on:</FONT></font></TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="67%"><FONT size=1 face="Times New Roman, Times, serif">Revaluation
        of property plant and equipment</FONT></TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">1,912</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">2,013</FONT></TD>
    </TR>
    <TR>
      <TD width="67%"><FONT size=1 face="Times New Roman, Times, serif">Income
        earned abroad</FONT></TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">28,249</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">33,203</FONT></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD align="right" width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">30,161</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="6%"><FONT size=1 face="Times New Roman, Times, serif">35,216</FONT></TD>
    </TR>
    <TR>
      <TD width="67%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%"> <HR noshade size=2></TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">16</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">b) Reconciliation of
  income and social contribution taxes in the statement of income </FONT>
</P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Income and social
  contribution taxes are reconciled to official tax rates as follows: </FONT>
</P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD colspan="3" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Company</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Consolidated</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align="center"><HR noshade size=1></TD>
      <TD align="center"><HR noshade size=1></TD>
      <TD align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center"><HR noshade size=1></TD>
      <TD align="center"><HR noshade size=1></TD>
      <TD align="center"><HR noshade size=1></TD>
      <TD align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD colspan=7 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Six
        months ended June 30</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2002</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2002</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Income
        before taxes, equity in subsidiaries and</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">affiliates
        and minority interest</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">7,620</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">5,518</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">142,248</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">142,006</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Official
        tax rates - %</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">34.00</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">34.00</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">34.00</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">34.00</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution taxes at official rates</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(2,591</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(1,876</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(48,364</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(48,282</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Adjustments
        to the effective tax rate:</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Operating
        provisions and nondeductible expenses/nontaxable revenues</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">14</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">21</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(5,134</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,118</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Adjustment
        to estimated income</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">774</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,544</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Other</FONT></font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(269</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(247</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution taxes before tax</FONT><font face="Times New Roman, Times, serif">&nbsp;<FONT size=1>benefits</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(2,577</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(1,855</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(52,993</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(45,867</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Tax
        benefits</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Workers&#146;
        meal program (PAT)</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">246</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">566</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Cultural
        incentives</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">67</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution taxes in the</FONT><font face="Times New Roman, Times, serif">&nbsp;<FONT size=1>statement
        of income</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(2,577</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(1,855</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(52,647</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(45,234</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Current</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(2,802</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(2,072</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(62,277</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(51,731</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Deferred</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">225</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">217</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">9,630</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">6,497</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">17</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">c) Tax exemption </FONT>
</P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The following indirect
  subsidiaries have partial or total exemption from income tax in connection
  with a government program for the development of the Northeast region
  of Brazil, as follows: </FONT> </P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Subsidiary</FONT></B></font></TD>
      <TD align="center" width="30%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Expiration</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><font face="Times New Roman, Times, serif"><I><FONT size=1>Units</FONT></I></font></TD>
      <TD width="10%"><font face="Times New Roman, Times, serif"><B><I><FONT size=1>Exemption
        - %</FONT></I></B></font></TD>
      <TD width="10%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>date</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="50%"><HR align="left" width="95%" size=1 noshade></TD>
      <TD width="30%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">Oxiteno
        Nordeste S.A. &#150; Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Cama&ccedil;ari
        plant</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2006</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">Bahiana
        Distribuidora de G&aacute;s Ltda.</FONT></TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Mataripe
        base</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2003</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Juazeiro
        base</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2004</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Suape
        base</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2007</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Ilh&eacute;us
        base</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">37,5</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2003</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Aracaju
        base</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">37,5</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2003</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">Terminal
        Qu&iacute;mico de Aratu S.A.&#150; Tequimar</FONT></TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Aratu
        terminal</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2003</FONT></TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">Suape
        terminal (acetic acid</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="30%"><FONT size=1 face="Times New Roman, Times, serif">and
        butadiene byproducts)</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">100</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2005</FONT></TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">Tax benefits from
  income tax exemptions 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> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>18</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001<font face="Times New Roman, Times, serif"><B>-39</B></font></FONT></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>11. INVESTMENTS</FONT></B>
  </font></P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Equity
        in subsidiaries and</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>affiliates</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Investments</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Six
        months ended June 30</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD colspan=3> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2002</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%" align="center"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><HR noshade size=1></TD>
      <TD width="3%" align="center">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Ultragaz
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">211,888</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">198,772</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">9,912</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">19,583</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Ultraqu&iacute;mica
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">514,475</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">513,281</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,071</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">36,146</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Ultracargo
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">110,863</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">106,316</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">8,959</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">5,160</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Ultratecno
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">8,732</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">8,630</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">112</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(83</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Oxiteno
        S.A. - Ind&uacute;stria e Com&eacute;rcio.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">719,442</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">690,894</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">83,052</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Imaven
        Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">44,402</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">43,160</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,416</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,353</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Imaven
        II Agropecu&aacute;ria S.A.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">152</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">149</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">8</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Ultradata
        S/C Ltda.</FONT></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">184</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"><FONT size=1 face="Times New Roman, Times, serif">Others.</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">189</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">186</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,610,143</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,561,388</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">106,530</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">63,343</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">In November 2002,
  Ultradata S/C Ltda. was merged into Ultraqu&iacute;m ica Partcipa&ccedil;&otilde;es
  Ltda. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The consolidated amount
  of equity in the results of subsidiaries and affiliated companies presented
  in the statement of income includes R$ 11,186 for the quarter and R$ 24,075
  for the six&#150;month period ended June 30, 2003 (2002- R$ 7,493 for
  the quarter and R$ 13,925 for the six-month period) of income tax incentives
  arising substantially from operations in regions eligible for such incentives.
  </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">In the consolidated
  financial statements, the investment of Oxiteno S.A. - Ind&uacute;stria
  e Com&eacute;r cio in affiliated company Oxicap Ind&uacute;stria de Gases
  Ltda. is carried under the equity method, based on their financial statements
  as of May 31, 2003.</FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>19</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>12. PROPERTY,
  PLANT AND EQUIPMENT (CONSOLIDATED) </FONT></B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=1> </TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Annual</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>depreciation</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Accumulated</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Net
        book</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>rates
        - %</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Revalued
        cost</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>depreciation</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Net
        book value</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>value</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Land</FONT></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">47,742</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">47,742</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">47,623</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Buildings</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">4</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">330,451</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(116,150</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">214,301</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">210,471</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Machinery
        and equipment</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">5
        to 10</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">823,226</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(404,134</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">419,092</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">401,108</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Vehicles</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">20
        to 30</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">115,094</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(77,572</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">37,522</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">36,761</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Furniture
        and fixtures</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">10</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">12,812</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(4,666</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">8,146</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">7,751</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Construction
        in progress</FONT></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">32,380</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">32,380</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">41,294</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">10
        to 20</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">78,627</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(30,142</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">48,485</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">46,189</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">1,440,332</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(632,664</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">807,668</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">791,197</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="35%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">Construction in progress
  refers basically to renovations of the subsidiaries&#146; plants. Other
  items primarily comprise computer equipment and commercial property rights.
  </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>13. DEFERRED
  CHARGES (CONSOLIDATED)</FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Represented substantially
  by costs incurred in the implementation of system modernization projects
  in the amount of R$ 23,141 (as of March 31, 2003 - R$ 24,051), being amortized
  over five to ten years, and in the installation of Ultrasystem equipment
  at customers&#146; premises in the amount of R$ 55,447 (as of March 31,
  2003 - R$ 56,829), amortized over the periods of the LPG supply contracts
  with these customers. </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>20</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=1 cellspacing=0 cellpadding=2>
  <TR align="left">
    <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</FONT></TD>
    <TD width="35%"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</FONT></TD>
    <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</FONT></TD>
  </TR>
  <TR align="left">
    <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>01846</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-5</FONT></B></font></B></font></TD>
    <TD width="35%"><font face="Times New Roman, Times, serif"><B><FONT size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></font></TD>
    <TD width="50%"><font face="Times New Roman, Times, serif"><B><FONT size=1>33.256.439/0001</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>-39</FONT></B></font></B></font></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>14. FINANCING
  (CONSOLIDATED) </FONT></B> </font></P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="34%" align="center">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Annual</FONT></B></font></TD>
      <TD align="left" width="15%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%" align="center">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Index/</FONT></B></font></TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>interest</FONT></B></font></TD>
      <TD align="left" width="15%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Description</FONT></B></font></TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.200</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.200</FONT></B></font></TD>
      <TD align="center" width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Currency</FONT></B></font></TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>rate
        - %</FONT></B></font></TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Maturity
        and</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="34%"> <HR noshade size=1></TD>
      <TD width="10%" align="center"><font face="Times New Roman, Times, serif"><b><font size=1>3</font></b></font></TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center"><font face="Times New Roman, Times, serif"><b><font size=1>3</font></b></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"> <HR width="95%" size=1 noshade></TD>
      <TD width="15%" align="center"> <HR width="95%" size=1 noshade></TD>
      <TD width="15%" align="center"><font face="Times New Roman, Times, serif"><b><font size=1>amortization</font></b></font></TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left"><HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="34%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Foreign
        currency:</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>International
        Finance</FONT></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Corporation
        &#150; IFC</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">7,206</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">17,224</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">US$</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">9.38</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Semiannually
        to 2003</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Syndicated
        loan</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">172,696</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">205,262</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">US$</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">7.15</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Semiannually
        to 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Financing
        for inventories and</FONT></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>property
        additions</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">11,158</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">14,870</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">US$</FONT></TD>
      <TD align="center" width="15%"><font size=1 face="Times New Roman, Times, serif">
        From 7.3 to 9.68</font></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Semiannually
        and</FONT></TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">annually
        to 2004</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Advances
        on foreign</FONT></font> <FONT size=1 face="Times New Roman, Times, serif">exchange</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">77,556</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">113,551</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">US$
        </FONT></TD>
      <TD align="center" width="15%"><font size=1 face="Times New Roman, Times, serif">From
        1.55 to 10.5</font></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Maximum
        of 175 days</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>contracts</FONT></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>National
        Bank for Economic</FONT></font> <FONT size=1 face="Times New Roman, Times, serif">and</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">25,048</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">27,975</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">UMBNDE</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">From
        10.36 to</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Monthly
        to 2008</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;Social
        Development (BNDES)</FONT></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">S</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">12.34</FONT></TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;BNDES
        &#150; Exim</FONT></font></TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">16,949</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">US$</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">5.25</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Quarterly
        to 2003.</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Export
        prepayments, net of</FONT></font></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Monthly,
        semiannually</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>linked
        operations</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">173,044</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">48,863</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><FONT size=1 face="Times New Roman, Times, serif">US$
        </FONT></TD>
      <TD align="center" width="15%"><font size=1 face="Times New Roman, Times, serif">From
        4.1 to 16.3</font></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">and
        annually to 2006</FONT></TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Subtotal</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">466,708</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">444,694</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Local
        currency:</FONT></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>BNDES</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">157,236</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">158,591</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">TJLP</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">From
        1.5 to 5.0</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Monthly</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>BNDES</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">17,964</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">17,728</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">IGP
        &#150;M</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">6.5</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Semiannually
        to 2008</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>FINAME</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">26,954</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">21,078</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">TJLP</FONT></TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">From
        1.8 to 3.9</FONT></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Monthly
        to 2008</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Onlending
        operations</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">2,519</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">TJLP</FONT></TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Monthly
        to 2009</FONT></TD>
    </TR>
    <TR>
      <TD width="34%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Other</FONT></font></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">20</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">19</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD align="center" width="15%"><FONT size=1 face="Times New Roman, Times, serif">Various</FONT></TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Subtotal</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">204,693</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">197,416</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Total
        financing</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">671,401</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">642,110</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Current
        liabilities</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(201,146</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">(291,218</FONT></TD>
      <TD width="3%"><FONT size=1 face="Times New Roman, Times, serif">)</FONT></TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%"><FONT size=1 face="Times New Roman, Times, serif">Long-term
        liabilities</FONT></TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">470,255</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="10%"><FONT size=1 face="Times New Roman, Times, serif">350,892</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="34%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"><HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%" align="center">&nbsp;</TD>
      <TD width="15%" align="center">&nbsp;</TD>
      <TD width="15%" align="left">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">TJLP = long-term interest
  rate</FONT></P>
<P><FONT size=1 face="Times New Roman, Times, serif"> IGP-M = general market
  price index </FONT></P>
<P><FONT size=1 face="Times New Roman, Times, serif">UMBNDES = BNDES monetary
  unit </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">FINAME = government
  agency for machinery and equipment financing </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>21</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><b><font size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </font></b>
      </font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">The long-term portion
  matures as follows: </FONT> </P>
<div align="center">
  <TABLE width="70%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="80%">&nbsp;</TD>
      <TD align="center" width="7%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="7%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%">&nbsp;</TD>
      <TD width="7%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="7%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%">&nbsp;</TD>
      <TD width="7%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="7%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%"><FONT size=1 face="Times New Roman, Times, serif">From
        1 to 2 years</FONT></TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">330,644</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">263,364</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%"><FONT size=1 face="Times New Roman, Times, serif">From
        2 to 3 years</FONT></TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">95,519</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">44,751</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%"><FONT size=1 face="Times New Roman, Times, serif">From
        3 to 4 years</FONT></TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">33,094</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">32,431</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%"><FONT size=1 face="Times New Roman, Times, serif">Over
        4 years</FONT></TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">10,998</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">10,346</FONT></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 width="80%">&nbsp;</TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">470,255</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="7%"><FONT size=1 face="Times New Roman, Times, serif">350,892</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="80%">&nbsp;</TD>
      <TD width="7%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="7%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">In June 1997, the
  subsidiary Companhia Ultragaz S.A. issued Eurobonds in the total amount
  of US$ 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
  Ltda. In June 2002, the indirect subsidiary LPG International Inc. exercised
  the call option for these securities by using funds from a syndicated
  loan maturing in August 2004. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The outstanding balance
  of the loan from International Finance Corporation - IFC to the indirect
  subsidiary Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio
  is equivalent to US$ 2,5 million and matures in 2003. The loan was earmarked
  for the expansion and modernization of the Cama&ccedil;ari plant in the
  state of Bahia, which started activities in 1997. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The financing is collateralized
  by liens on property, plant and equipment, shareholdings, and by promissory
  notes and sureties provided by the Company and its subsidiaries. </FONT>
</P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>15. OTHER
  TAXES (CONSOLIDATED) </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company and its
  subsidiaries obtained preliminary injunctions to pay taxes on revenues
  (PIS and COFINS) without the changes introduced by Law No. 9,718/98. The
  Companies are contesting the levy 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$ 26,242 (as of March 31, 2003 - R$
  26,394). </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>22</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>16. STOCKHOLDERS&#146;
  EQUITY </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">a) Capital </FONT>
</P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company is a listed
  corporation with shares traded on the S&atilde;o Paulo and New York Stock
  Exchanges. Subscribed and paid-up capital is represented by 69,691,268,828
  shares without par value, comprised of 51,264,621,778 common and 18,426,647,050
  preferred shares. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">As of June 30, 2003,
  4,271,758 preferred shares were outstanding in the foreign market, in
  the form of American Depositary Receipts - ADRs.</FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The following table
  shows the effects of the corporate reorganization detailed in Note 4.
  </FONT> </P>
<div align="center">
  <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><FONT size=1 face="Times New Roman, Times, serif">Number
        of shares</FONT></TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%" align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan=3 align="center"><HR noshade size=1> </TD>
      <TD align="center">&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Events</FONT></font></TD>
      <TD width="9%" align="center"><FONT size=1 face="Times New Roman, Times, serif">Capital<br>
        - R$ </FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%" align="center"><font size=1 face="Times New Roman, Times, serif">Common</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="11%"><FONT size=1 face="Times New Roman, Times, serif">Preferred</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="11%"><FONT size=1 face="Times New Roman, Times, serif">Total</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"> <HR align="left" width="95%" size=1 noshade></TD>
      <TD width="9%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><FONT size=1 face="Times New Roman, Times, serif">At
        December 31, 2001</FONT></TD>
      <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">433,857</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">37,984,012,500</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">15,015,987,500</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">53,000,000,000</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><FONT size=1 face="Times New Roman, Times, serif">Shares
        issued for:</FONT></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Merger
        of Gip&oacute;ia Participa&ccedil;&otilde;es</FONT></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>S/C
        Ltda.</FONT></font></TD>
      <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">38,527</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">7,850,603,880</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><font face="Times New Roman, Times, serif">-</font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">7,850,603,880</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Merger
        of shares of Oxiteno</FONT></font></TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>S.A.
        &#150; Ind&uacute;stria e Com&eacute;rcio</FONT></font></TD>
      <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">191,568</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">5,430,005,398</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">3,410,659,550</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">8,840,664,948</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%"><FONT size=1 face="Times New Roman, Times, serif">At
        December 31, 2002</FONT></TD>
      <TD align="right" width="9%"><FONT size=1 face="Times New Roman, Times, serif">663,952</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">51,264,621,778</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">18,426,647,050</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="right" width="11%"><FONT size=1 face="Times New Roman, Times, serif">69,691,268,828</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="46%">&nbsp;</TD>
      <TD width="9%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="11%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">Preferred shares are
  nonconvertible into common shares and nonvoting, and entitle their holders
  to minimum dividends at least 10% higher than those attributable to common
  shares, and priority in capital redemption, without premium, in the event
  of liquidation of the Company. </FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">23</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">b) Treasury shares
  </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company was authorized
  to acquire its own shares at market price, without capital reduction,
  to be held in treasury.</FONT></P>
<P><FONT size=1 face="Times New Roman, Times, serif"> As of June 30,
  2003, there were 83,799,760 preferred shares in treasury. </FONT></P>
<P><FONT size=1 face="Times New Roman, Times, serif">c) Revaluation
  reserve </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">This reserve reflects
  the revaluation write-up of assets of subsidiaries and affiliated companies;
  realization occurs on depreciation, write-off or sale of the revalued
  assets and is transferred to retained earnings, net of the related tax
  effects. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">In some cas es, taxes
  on the revaluation reserves of certain subsidiaries and affiliated 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$ 10,108 (as of March 31 - R$ 10,237).
  </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>17. NONOPERATING
  EXPENSES (CONSOLIDATED) </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Composed substantially
  by the results on sales of permanent assets, especially on sales of cylinders.
  </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>18. RISKS
  AND FINANCIAL INSTRUMENTS (CONSOLIDATED) </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The main risk factors
  to which the Company and its subsidiaries are exposed reflect strategic
  -operating and economic -financial aspects. Strategic -operating risks
  (such as demand behavior, competition, technological innovation, and relevant
  structural changes in industry, among others) are addressed by the Company
  management model. Economic -financial risks mainly reflect customer default,
  macroeconomic variables such as exchange and interest rates, as well as
  the characteristics of the financial instruments used by the Company.
  These risks are managed through control policies, specific strategies
  and the determination of limits, as follows: </FONT> </P>
<P><font face="wingdings">o</font><FONT size=1 face="Times New Roman, Times, serif">Customer
  default - These risks are managed by specific policies for accepting customers
  and credit analysis and are mitigated by diversification of sales. Oxiteno
  S.A. - Ind&uacute;stria e Com&eacute;rcio and Oxiteno Nordeste S.A. -
  Ind&uacute;stria e Com&eacute;rcio held R$ 6,760 (as of March 31, 2003
  - R$ 6,761) and Companhia Ultragaz S.A., R$ 6,427 (as of March 31, 2003
  - R$ 6,847) of allowances for potential losses on receivables. </FONT>
</P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>24</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><font face="wingdings">o</font><FONT size=1 face="Times New Roman, Times, serif">
  Interest rates - The Company and its subsidiaries adopt conservative policies
  to obtain and invest funds and to minimize the cost of capital. The short-term
  investments of the Company and its subsidiaries are comprised substantially
  of transactions linked to interbank deposit (CDI) rates, as described
  in Note 5. A portion of the financial assets is destined for foreign currency
  hedges, as mentioned below. Funds obtained originate from BNDES financing
  and from abroad, as mentioned in Note 14. </FONT> </P>
<P> <font face="wingdings">o</font><FONT size=1 face="Times New Roman, Times, serif">
  Exchange rates - 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
  June 30, 2003: </FONT> </P>
<div align="center">
  <TABLE width="60%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD align="center" width="12%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Book
        value</FONT></B></font></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="88%"><FONT size=1 face="Times New Roman, Times, serif">Assets:</FONT></TD>
      <TD width="12%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Currency
        hedge transactions and interest</FONT></font></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">411,604</FONT></TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Foreign
        cash and cash equivalents</FONT></font></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">105,155</FONT></TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Receivables
        from foreign customers, net of advances</FONT></font></TD>
      <TD width="12%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>on
        export contracts</FONT></font></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">32,586</FONT></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="88%"><FONT size=1 face="Times New Roman, Times, serif">Total</FONT></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">549,345</FONT></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="88%"><FONT size=1 face="Times New Roman, Times, serif">Liabilities:</FONT></TD>
      <TD width="12%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Foreign
        currency financing</FONT></font></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">466,708</FONT></TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Import
        payables</FONT></font></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">19,785</FONT></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="88%"><font face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<FONT size=1>Total</FONT></font></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">486,493</FONT></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right"> <HR noshade size=1></TD>
    </TR>
    <TR>
      <TD width="88%"><FONT size=1 face="Times New Roman, Times, serif">Net
        asset position</FONT></TD>
      <TD width="12%" align="right"><FONT size=1 face="Times New Roman, Times, serif">62,852</FONT></TD>
    </TR>
    <TR>
      <TD width="88%">&nbsp;</TD>
      <TD width="12%" align="right"> <HR noshade size=2></TD>
    </TR>
  </TABLE>
</div>
<P> <FONT size=1 face="Times New Roman, Times, serif">The exchange variation
  on cash and cash investments of the subsidiary Oxiteno Overseas Co. was
  recorded as financial expense in the consolidated statement of income
  for the quarter ended in June 30, 2003, in the amount of R$ 23,988 (financial
  income in the amount of R$ 19,047 for the quarter ended in June 30, 2002).
  Other financial instruments recorded in the financial statements as of
  June 30, 2003 were determ ined in conformity with the accounting criteria
  and practices described in these notes, except for the interest held by
  Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio in Petroqu&iacute;mica
  Uni&atilde;o S.A., mentioned below. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The investment in
  Petroqu&iacute;mica Uni&atilde;o S.A., representing 1.95% of total capital,
  was acquired at a privatization auction held in 1994, and is presented
  in the financial statements at cost restated through December 31, 1995,
  amounting to R$ 18,694. The market value of this investment at June 30,
  2003, based on the quotation of the investee&#146;s shares on the Stock
  Exchange, was approximately R$ 12,460.</FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>25</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">Management believes
  that no valuation reserve is necessary for this investment, in view of
  its clear strategic and permanent nature, since the investee is an important
  supplier of raw material to Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio.
  Also, the acquisition of this investment was made using lo ng-term financing
  from BNDES, at favorable interest rates compared to those prevailing in
  the market. </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>19. INSURANCE
  COVERAGE FOR SUBSIDIARIES </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The subsidiaries maintain
  insurance policies in amounts considered sufficient to cover potential
  losses from damage to assets, as well as for civil responsibility for
  involuntary, material and/or physical damages caused to third parties
  arising from their industrial and commercial operations, considering the
  nature of their activities and the advice of their insurance consultants.
  </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>20. SURETIES
  AND GUARANTEES </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company is responsible
  for sureties and guarantees offered on behalf of its subsidiaries, amounting
  to R$ 542,180. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company issued
  guarantees to financial institutions related to amounts owed to those
  institutions by certain of its customers (vendor financing). In the event
  of payment of such guarantees to those financial institutions, the Company
  may recover the amount of such payment directly from its customers through
  trade collection. Maximum potential future payments related to these guarantees
  amount to R$ 10,464, with maturities from 30 to 210 days. As of June 30,
  2003, the Company has not recorded any liability related to these guarantees.
  </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>21. CONTINGENCIES
  AND COMMITMENTS (CONSOLIDATED) </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Petrochemical
  Industry Labor Union, which represents the employees of Oxiteno Nordeste
  S.A. - Ind&uacute;stria e Com&eacute;rcio, filed class action suits against
  the subsidiary in 1991, demanding compliance with the adjustments established
  in collective labor agreements or other specific in dexes, 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 June 30,
  2003. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company and its
  subsidiaries have other ongoing administrative and judicial proceedings;
  legal counsel considers the risks to be low or remote and, therefore,
  no reserves for potential losses on these proceedings have been recorded.
  </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>26</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">The subsidiary Terminal
  Qu&iacute;mico de Aratu S.A - Tequimar has contracts with CODEBA - Companhia
  Docas do Estado da Bahia and Suape &#150; Complexo Industrial Portu&aacute;rio
  Governador Eraldo Gueiros, in connection with its harbor facilities in
  Aratu and Suape, respectively. Such contr acts establish minimum cargo
  movement of 1,000,000 tons per year for Aratu effective through 2022 and
  250,000 tons per year for Suape effective through 2027. If annual movement
  is less than the minimum required, the subsidiary is required to pay the
  differ ence between the actual movement and the minimum contractual movement
  using the harbor rates in effect at the date established for payment.
  As of June 30, 2003, such rates were R$ 3.67 and R$ 3.44 per ton for Aratu
  and Suape, respectively. The Company has been in compliance with the minimum
  cargo movement since the inception of the contracts. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Oxiteno Nordeste S.A.
  - Ind&uacute;stria e Com&eacute;rcio has a supply contract with Braskem
  S.A. (present name of Copene Petroqu&iacute;mica do Nordeste S.A.) effective
  through 2012, which establishes a minimum annual ethylene consumption
  level. The minimum purchase commitment and the actual demand for the periods
  ended June 30, 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> </P>
<div align="center">
  <TABLE width="70%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD align="center" width="15%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan="3" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>Demand
        for</FONT></B></font><font face="Times New Roman, Times, serif"><B><FONT size=1>
        the six-month periods ended</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD align="center" width="15%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD colspan="3" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
        30,</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%"><HR noshade size=1></TD>
      <TD width="10%"><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Minimum
        annual</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD align="center" width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>purchase
        commitment</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2003</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align="center" width="10%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2002</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="15%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%"><FONT size=1 face="Times New Roman, Times, serif">In
        tons</FONT></TD>
      <TD width="15%" align="center"><FONT size=1 face="Times New Roman, Times, serif">137,900</FONT></TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">90,385</FONT></TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD width="10%" align="center"><FONT size=1 face="Times New Roman, Times, serif">68,056</FONT></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="50%">&nbsp;</TD>
      <TD width="15%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="10%"> <HR noshade size=2></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>22. STOCK
  OPTION PLAN </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">At the Annual and
  Extraordinary Meetings held on April 27, 2001, the stockholders approved
  a Stock Option Plan, to be offered to all managers and employees in positions
  of responsibility in the Company and its subsidiaries. No options had
  been granted under this plan as of June 30, 2003. </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>23. EMPLOYEE
  BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED) </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company and its
  subsidiaries offer benefits to their employees, such as life insurance,
  health care and a pension plan. In addition, they offer loans for the
  acquisition of vehicles and personal computers to employees of certain
  subsidiaries. These benefits are recorded on the accrual basis and terminate
  at the end of the employment relationship. </FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">27</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td> <font face="Times New Roman, Times, serif"><B><FONT size=1>04.01
      - Notes to the Quarterly Information (Amounts in thousands of Brazilian
      reais &#150;R$ unless otherwise indicated) (unaudited) </FONT></B>
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">In August 2001, the
  Company and its subsidiaries began to offer their employees a defined
  contribution pension plan. Adoption of this plan, managed by Ultraprev
  - Associa&ccedil;&atilde;o de Previd&ecirc;ncia Complementar, was approved
  at the Board of Directors&#146; Meeting on February 15, 2001. Under the
  terms of the plan, the basic contribution of each participating employee
  is defined annually by the participant between 0% and 11% of his/her salary.
  The sponsoring companies provide a matching contribution in an identical
  amount as the basic contribution. As participants retire, they may opt
  to receive monthly: (i) a percentage varying between 0.5% and 1.0% of
  the fund accumulated in their name at Ultraprev, or (ii) a fixed monthly
  amount which will extinguish the fund accumulated in the participant&#146;s
  name during a period 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 period ended June 30, 2003, the Company and its subsidiaries
  contributed R$ 1,605 to Ultraprev, which was charged to income. The total
  number of employee participants as of June 30, 2003 was 4,937, with no
  participants retired to date. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">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> </P>
<P> <font face="Times New Roman, Times, serif"><B><FONT size=1>24. SUBSEQUENT
  EVENT </FONT></B> </font></P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The Company announced
  on July 18, 2003, through a relevant fact published in the newspapers
  Gazeta Mercantil and Valor Econ&ocirc;mico, that it has signed a preliminary
  agreement to acquire the chemical division of the Berci Group (CANAMEX).
  </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">CANAMEX is a specialty
  chemical producer with 2 plants in Mexico (Guadalajara and Coatzacoalcos),
  an installed production capacity of 52,800 ton/year and the same technological
  base as the one existing in the surfactant plants of Oxiteno S.A. - Ind&uacute;stria
  e Com&eacute;rcio. In 2002, CANAMEX reported sales of US$19.0 million
  and an operating cash generation (EBITDA) of US$2.0 million.</FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">The agreement, which
  foreces the acquisition of 100% of the assets of the chemical division
  of the Berci Group (CANAMEX) in a single cash payment of US$ 11.0 million
  with no assumption of any remaining debt, should be concluded through
  the signing of a stock purchase and sale agreement. The agreement is still
  subject to completion of negotiations on a satisfactory basis, a process
  which is expected to be finalized within two months. </FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">28</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif"><b><font size=1>05.01
      &#150; Comments on the Company&#146;s Performance for the Quarter
      </font></b></font> </td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<P><FONT size=1 face="Times New Roman, Times, serif">See comments on consolidated
  performance. </FONT> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">29</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif"><b><font size=1>06.01
      - CONSOLIDATED BALANCE SHEETS - ASSETS (Thousands of Brazilian reais
      &#150; R$)</font></b> </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table><br>

<div align="center">
  <TABLE width="85%" border=1 cellspacing=0 cellpadding=2>
    <TR align="left" valign="top">
      <TD width="15%"><B><FONT size=1 face="Times New Roman, Times, serif">1
        &#150; CODE</FONT></B></TD>
      <TD width="55%"><B><FONT size=1 face="Times New Roman, Times, serif">2
        &#150; DESCRIPTION</FONT></B></TD>
      <TD width="15%"><B><FONT size=1 face="Times New Roman, Times, serif">06.30.2003<br>
        (unaudited) </FONT></B></TD>
      <TD width="15%"><B><FONT size=1 face="Times New Roman, Times, serif">03.31.2003<br>
        (unaudited) </FONT></B></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Total
        assets</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,252,373</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,187,142</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Current
        assets</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,271,973</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,227,192</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Cash
        and cash equivalents</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">676,295</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">621,821</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.01.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Cash
        and banks</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">46,982</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">47,025</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.01.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Tem
        porary cash investments</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">629,313</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">574,796</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Receivables</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">277,073</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">321,085</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.02.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Trade
        accounts receivable</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">277,073</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">321,085</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.02.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Dividends
        receivable</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Inventories</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">140,921</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">123,605</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">177,684</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">160,681</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Recoverable
        taxes</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">111,079</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">105,833</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Prepaid
        expenses</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">3,667</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">5,351</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.01.04.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other
        receivables</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">62,938</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">49,497</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Noncurrent
        assets</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">53,538</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">52,639</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Accounts
        receivable</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Receivables
        from related parties</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,623</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,245</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Affiliates</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Subsidiaries</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.02.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other
        related parties</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,623</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,245</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">51,915</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">50,394</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.03.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Deferred
        income and social contribution taxes </FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">38,257</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">38,369</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.03.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Escrow
        deposits</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">7,851</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">7,700</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.02.03.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other
        receivables</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">5,807</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">4,325</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Permanent
        assets</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">926,862</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">907,311</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Investments</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">33,365</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">32,501</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Investments
        in affiliates</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">7,310</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">7,172</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Investments
        in subsidiaries</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03.01.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other
        investments</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">26,055</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">25,329</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Property,
        plant an d equipment</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">807,668</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">791,197</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1.03.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Deferred
        charges</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">85,829</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">83,613</FONT></TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">30</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>June
      30, 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="1">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif"><b><font size=1> 06.02
      &#150; CONSOLIDATED BALANCE SHEETS &#150; LIABILITIES AND STOCKHOLDERS&#146;
      EQUITY</font></b> </font><font size=1 face="Times New Roman, Times, serif">(Thousands
      of Brazilian reais &#150; R$) </font><font face="Times New Roman, Times, serif">&nbsp;
      </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table><br>

<div align="center">
  <TABLE width="80%" border=1 cellspacing=0 cellpadding=2>
    <TR align="left" valign="top">
      <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1
        &#150; CODE</FONT></B></font></TD>
      <TD width="55%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2
        &#150; DESCRIPTION</FONT></B></font></TD>
      <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2003<br>
        </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>(unaudited)</FONT></B></font><FONT size=1>
        </FONT></B></font></TD>
      <TD width="15%"><font face="Times New Roman, Times, serif"><B><FONT size=1>03.31.2003<br>
        </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>(unaudited)</FONT></B></font><FONT size=1>
        </FONT></B></font></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Total
        liabilities and stockholders&#146; equity</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,252,373</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,187,142</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Current
        liabilities</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">377,546</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">478,342</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Loans
        and financing</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">201,146</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">291,218</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Debentures</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Suppliers</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">88,685</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">102,611</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.04</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Taxes
        payable</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">9,258</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">11,306</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.05</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Dividends</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,741</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">3,640</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.06</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Accruals</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">55,600</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">50,279</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.06.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution taxes</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,748</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">3,369</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.06.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Salaries
        and payroll charges</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">52,852</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">46,910</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.07</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Payables
        to related parties</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.01.08</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">21,116</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">19,288</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Long-term
        liabilities</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">541,281</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">426,766</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Loans
        and financing</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">470,255</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">350,892</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Debentures</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Accruals</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">59,320</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">64,262</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.03.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Income
        and social contribution taxes</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">30,161</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">35,216</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.03.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other
        taxes</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">29,159</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">29,046</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.04</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Payables
        to related parties</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">9,091</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">9,366</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.02.05</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,615</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2,246</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Deferred
        income</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.04</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Minority
        interest</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">32,513</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">31,023</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Stockholders&#146;
        equity</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,301,033</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">1,251,011</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Capital</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">663,952</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">663,952</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Capital
        reserves</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Revaluation
        reserves</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">25,151</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">25,593</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.03.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Own
        assets</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.03.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Subsidiaries/
        affiliates</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">25,151</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">25,593</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Profit
        reserves</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">499,610</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">501,096</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Legal</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">28,546</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">28,546</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.02</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Statutory</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.03</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">For
        contingencies</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.04</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Unrealized
        profit</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">40,592</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">40,592</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.05</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Retention
        of profits</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">432,356</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">432,356</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.06</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Special
        for undistributed dividends</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.07</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Other
        profit reserves</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">(1,884)</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">(398)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.04.07.01</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Treasury
        shares</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">(1,884)</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">(398)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">2.05.05</FONT></TD>
      <TD width="55%"><FONT size=1 face="Times New Roman, Times, serif">Retained
        earnings/accumulated deficit</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">112,320</FONT></TD>
      <TD width="15%"><FONT size=1 face="Times New Roman, Times, serif">60,370</FONT></TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>31</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">FEDERAL
      PUBLIC SERVICE</FONT></strong></TD>
    <TD width="27%"><strong><FONT size=1 face="Times New Roman, Times, serif">Corporate
      Law</FONT></strong></TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></strong></TD>
    <TD width="27%"><strong><FONT size=1 face="Times New Roman, Times, serif">June
      30, 2003</FONT></strong></TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">QUARTERLY
      INFORMATION (ITR)</FONT></strong></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">COMMERCIAL,
      INDUSTRIAL AND OTHER</FONT></strong></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">COMPANIES</FONT></strong></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border=1 cellspacing=0 cellpadding=2>
  <tr align="left">
    <td width="15%"><font size=1 face="Times New Roman, Times, serif">1
      - CVM CODE</font></td>
    <td width="35%"><font size=1 face="Times New Roman, Times, serif">2
      &#150; COMPANY NAME</font></td>
    <td width="50%"><font size=1 face="Times New Roman, Times, serif">3
      &#150; CORPORATE TAXPAYER NUMBER (CNPJ)</font></td>
  </tr>
  <tr align="left">
    <td width="15%"><font face="Times New Roman, Times, serif"><b><font size=1>01846</font><font face="Times New Roman, Times, serif"><b><font size=1>-5</font></b></font></b></font></td>
    <td width="35%"><font face="Times New Roman, Times, serif"><b><font size=1>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></font></td>
    <td width="50%"><font face="Times New Roman, Times, serif"><b><font size=1>33.256.439/0001</font><font face="Times New Roman, Times, serif"><b><font size=1>-39</font></b></font></b></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif"><b><font size=1> 07.01
      &#150; CONSOLIDATED STATEMENTS OF INCOME (Thousands of Brazilian reais
      &#150; R$) (unaudited) </font></b> </font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<div align="center"><br>
  <TABLE width="80%" border=1 cellspacing=0 cellpadding=2>
    <TR align="left" valign="top">
      <TD width="12%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1
        &#150; CODE</FONT></B></font></TD>
      <TD width="40%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2
        &#150; DESCRIPTION</FONT></B></font></TD>
      <TD width="12%"><font face="Times New Roman, Times, serif"><B><FONT size=1>3
        </FONT><font face="Times New Roman, Times, serif"><b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;<br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>04.01.2003<br>
        </FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>to<br>
        06.30.2003</FONT></B></font><FONT size=1> </FONT></B></font></b></font></B></font></TD>
      <TD width="12%"><font face="Times New Roman, Times, serif"><B><FONT size=1>4
        </FONT><font face="Times New Roman, Times, serif"><b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;<br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>01.01.2003</FONT></B></font><font size=1>
        <br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>to<br>
        06.30.2003</FONT></B></font><font size=1> </font></b></font></B></font></TD>
      <TD width="12%"><font face="Times New Roman, Times, serif"><B><FONT size=1>5</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>
        </FONT><font face="Times New Roman, Times, serif"><b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font></B></font><font face="Times New Roman, Times, serif"><b><font size=1>
        &#150;<br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>04.01.2002</FONT></B></font><font size=1>
        <br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>to<br>
        </FONT></B></font><font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2002</FONT></B></font><font size=1>
        </font></b></font></B></font></TD>
      <TD width="12%"><font face="Times New Roman, Times, serif"><B><FONT size=1>6</FONT><font face="Times New Roman, Times, serif"><b><font face="Times New Roman, Times, serif"><B><FONT size=1>
        </FONT><font face="Times New Roman, Times, serif"><b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font></B></font><font size=1>
        &#150;<br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>01.01.2002</FONT></B></font><font size=1><br>
        </font><font face="Times New Roman, Times, serif"><B><FONT size=1>to</FONT></B></font><br>
        <font face="Times New Roman, Times, serif"><B><FONT size=1>06.30.2002</FONT></B></font><font size=1>
        </font></b></font></B></font></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.01</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Gross
        sales and services</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,124,945</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">2,278,107</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">857,708</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,592,165</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.02</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Revenue
        deductions</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(192,219)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(411,199)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(183,364)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(338,251)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.03</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Net
        sales and services</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">932,726</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,866,908</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">674,344</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,253,914</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.04</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Cost
        of sales and services</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(744,832)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(1,486,533)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(512,931)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(959,878)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.05</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Gross
        profit</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">187,894</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">380,375</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">161,413</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">294,036</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Operating
        income/ expenses</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(110,643)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(213,323)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(64,665)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(135,269)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.01</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Selling</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(38,124)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(74,958)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(27,501)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(52,201)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.02</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">General
        and administrative</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(65,859)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(132,632)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(61,142)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(115,854)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.02.01</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Depreciation
        expense</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(22,369)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(44,022)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(20,987)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(39,996)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.02.02</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Other
        expenses</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(43,490)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(88,610)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(40,155)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(75,858)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.03</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Financial</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(19,009)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(31,346)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">14,768</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">15,484</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.03.01</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Financial
        income</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(70,443)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(67,923)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">81,385</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">103,553</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.03.02</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Financial
        expenses</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">51,434</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">36,577</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(66,617)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(88,069)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.04</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Other
        operating income</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,122</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,873</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,500</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">2,283</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.05</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Other
        operating expenses</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.06.06</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Equity
        in subsidiaries and affiliates</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">11,227</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">23,740</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">7,710</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">15,019</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.07</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Incom
        e from operations</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">77,251</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">167,052</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">96,748</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">158,767</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.08</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Nonoperating
        income (expenses)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(162)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(1,064)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(369)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(1,742)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.08.01</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Income</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">945</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">1,780</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">4,958</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">5,619</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.08.02</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Expenses</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(1,107)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(2,844)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(5,327)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(7,361)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.09</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Income
        before taxes and profit sharing</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">77,089</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">165,988</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">96,379</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">157,025</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><font size=1 face="Times New Roman, Times, serif">3.10</font></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Provision
        for income and social contribution taxes</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(28,693)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(62,277)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(25,738)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(51,731)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.11</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Deferred
        income tax</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">4,943</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">9,630</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">2,844</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">6,497</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.12</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Statutory
        profit sharing/contributions</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.12.01</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Profit
        sharing</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.12.02</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Contributions</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.13</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Reversal
        of interest on capital</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.14</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Minority
        interest</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(1,727)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(1,768)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(30,813)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">(44,785)</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">3.15</FONT></TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Net
        income</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">51,612</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">111,573</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">42,672</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">67,006</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%">&nbsp;</TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Number
        of shares, excluding treasury shares (in thousands)</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">69,607,469</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">69,607,469</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">52,979,800</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">52,979,800</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%">&nbsp;</TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Earnings
        per share</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0.00074</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0.00160</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0.00081</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0.00126</FONT></TD>
    </TR>
    <TR align="left">
      <TD width="12%">&nbsp;</TD>
      <TD width="40%"><FONT size=1 face="Times New Roman, Times, serif">Loss
        per share</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
      <TD width="12%"><FONT size=1 face="Times New Roman, Times, serif">0</FONT></TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>32</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>March,
      31 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%" align="left"> <font face="Times New Roman, Times, serif"><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01846-5
      Ultrapar Participa&ccedil;&otilde;es S.A. </font></b></font></td>
    <td width="50%" align="right"><font face="Times New Roman, Times, serif"><b><font size=2>33.256.439/0001-39</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"> <font face="Times New Roman, Times, serif"><b><font size=2>09.01
      &#150; Investments in subsidiaries and/or affiliates</font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, serif"><b><font size=1>08.01
      - Comments on the Company&#146;s Consolidated Performance for the
      Quarter </font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><U><FONT size=1>Net Sales</FONT></U><FONT size=1>:
  In 2Q03, Ultrapar reported net sales revenue of R$932.7 million, 38% higher
  than in the same period of prior year, reflecting the growth in net revenues
  from the chemical and gas divisions of 56% and 31%, respectively. Ultragaz&#146;s
  net revenues were R$616.7 million in 2Q03, while Oxiteno posted net revenues
  of R$282.2 million. In the first half of 2003, revenues at Ultrapar were
  R$1,866.9 million, a year over year growth of 49%.</FONT></font> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Ultragaz: In 2Q03,
  the Brazilian LPG market was negatively impacted by the increase in Petrobras
  LPG prices, by the demand retraction, and by client losses due to competition
  from natural gas. As a result, the LPG market reported a year over year
  decline in sales volume of 5.2%. Ultragaz posted 2Q03 sales volume of
  310.4 thousand tons, 5.0% lower when compared with 2Q02. In the first
  half of 2003, Ultragaz recorded a sales volume of 600.2 thousand tons,
  5.3% lower when compared with the first half of 2002, while the Brazilian
  LPG market as a whole was down 7.6% in the same period. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Oxiteno: Oxiteno&#146;s
  2Q03 sales volume was 110.6 thousand tons, a 26% increase in relation
  to 2Q02. This increase is a reflection of the greater supply of raw material
  in relation to 2Q02 when Braskem, Oxiteno&#146;s ethylene supplier in
  Cama&ccedil;ari, interrupted operations as part of its program to expand
  production capac ity, restricting Oxiteno&#146;s ethylene supply in 22%
  in that quarter, and impacting sales volume, particularly exports. Sales
  volume to the domestic market was 61.5 thousand tons, a decline of 11%
  in relation to 2Q02, a reflection of the drop in sales in the polyester
  and hydraulic fluid segments due to weaker economic activity of these
  segments this year. Exports were 49.1 thousand tons, a 167% growth compared
  to the preceding year. In the first half of 2003, Oxiteno&#146;s sales
  volume was 228.5 tons, an 18% incr ease compared to the first half of
  2002. </FONT> </P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Cost of Goods
  Sold</FONT></U><FONT size=1>: Cost of goods sold for Ultrapar in 2Q03
  was R$744.8 million, 45% higher than reported in the same period for 2002.
  Ultragaz posted a cost of goods sold of R$519.9 million, a 37% increase
  in relat ion to 2Q02. The cost of goods sold at Oxiteno in 2Q03 was R$206.2
  million, a year over year growth of 66%.</FONT></font> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Ultragaz: The increase
  in Ultragaz&#146;s cost of goods sold in 2Q03 compared to 2Q02 was due
  to LPG cost corrections, reflecting foreign exchange rate variation and
  LPG price levels practiced on the international market. Year over year,
  average LPG prices charged to the distributors increased 57%. </FONT>
</P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Oxiteno: In 2Q03,
  Oxiteno&#146;s cost of goods sold posted a year over year increase of
  66% reflecting increased sales volume together with an increase in variable
  unit costs, especially those of ethylene which rose 61%.</FONT> </P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Gross Profit:</FONT></U><FONT size=1>
  As a result of the evolution in net sales and costs described above, Ultrapar
  posted gross profits of R$187.9 million in 2Q03, 16% above the R$161.4
  million for 2Q02. Ultragaz reported gross profits in the quarter of R$96.8
  million compared with R$93.1 million in 2Q02. Oxiteno&#146;s gross profit
  was R$76.0 million compared with R$56.9 million in the same quarter in
  2002.</FONT></font> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>33</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>March,
      31 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"> <font face="Times New Roman, Times, serif"><b><font face="Times New Roman, Times, serif"><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font><font size=2>01846-5
      Ultrapar Participa&ccedil;&otilde;es S.A. </font></b></font></td>
    <td width="50%" align="right"><font face="Times New Roman, Times, serif"><b><font size=2>33.256.439/0001-39</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"> <font face="Times New Roman, Times, serif"><b><font size=2>09.01
      &#150; Investments in subsidiaries and/or affiliates</font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, serif"><b><font size=1>08.01
      - Comments on the Company&#146;s Consolidated Performance for the
      Quarter </font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><HR noshade size=1></td>
  </tr>
</table>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Selling,
  General and Administrative Expenses:</FONT></U><FONT size=1> Ultrapar
  recorded R$104.0 million in operating expenses in 2Q03 against R$88.6
  million for the same period in 2002.</FONT></font> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Ultragaz: General,
  administrative and selling expenses at Ultragaz were R$56.9 million in
  the quarter, R$3.8 million higher than in 2Q02. This increase was mainly
  due to the increase in depreciation expenses, that reached R$20.9 million
  in 2Q03, R$1.2 million higher than in 2Q02, and the increase in personnel
  expenses, a consequence of collective salary agreements made in September
  2002. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">Oxiteno: General,
  administrative and selling expenses were R$39.1 million, an increase of
  R$8.8 million compared to 2Q02, due to the R$8.5 million increase in selling
  expenses quarter over quarter, largely due to increased freight expenses,
  compatible with growth in sales volume, principally exports.</FONT> </P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Income from
  operations</FONT></U><FONT size=1>: Ultrapar&#146;s income from operations
  was R$85.0 million in 2Q03, a 14% increase in relation to 2Q02. Oxiteno
  reported income from operations of R$36.8 million in the quarter, an increase
  of 35% compared to 2Q02. At Ultragaz, income from operations remained
  at the same levels of 2Q02, changing from the R$41.0 million in 2Q02 to
  R$40.6 million in this quarter. In the first half of 2003, Ultrapar&#146;s
  income from operations was R$174.7 million, a year over year increase
  of 36%.</FONT></font> </P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Financial
  Income (Expense) :</FONT></U><FONT size=1> Ultrapar recorded a net financial
  expense of R$19.0 million in 2Q03 against financial income of R$14.8 million
  in 2Q02. During the second quarter 2Q03, Ultrapar&#146;s net cash position
  remained close to zero. The negative financial result in this quarter
  is the effect of the <I>Real</I> appreciation on Ultrapar&#146;s overseas
  financial investments (therefore in dollar). Ultrapar&#146;s hedge policy
  is to protect all of the Company&#146;s dollar-denominated liabilities
  against currency fluctuations. Ultrapar&#146;s financial income of R$14.8
  million reported in 2Q02 is a consequence of Ultrapar&#146;s net cash
  position of R$268.7 million in that period and of the <I>Real </I>devaluation
  in the 2Q02 on our overseas financial investments. </FONT></font> </P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Equity in
  Subsidiaries and Affliates:</FONT></U><FONT size=1> Equity in subsidiaries
  and affliates was R$11.2 million in 2Q03, mainly due to tax incentives
  enjoyed by Oxiteno Nordeste, Bahiana Distribuidora de G&aacute;s and Tequimar.
  In the first half of 2003, equity in subsidiaries and affiliates was R$23.7
  million, mainly generated from tax incentives. The year over year increase
  of 58% was basically a reflection of the increase in equity of Oxiteno
  Nordeste, compatible with its improved results.</FONT></font> </P>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">34</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>March,
      31 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"> <font face="Times New Roman, Times, serif"><b><font face="Times New Roman, Times, serif"><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font><font size=2>01846-5
      Ultrapar Participa&ccedil;&otilde;es S.A. </font></b></font></td>
    <td width="50%" align="right"><font face="Times New Roman, Times, serif"><b><font size=2>33.256.439/0001-39</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"> <font face="Times New Roman, Times, serif"><b><font size=2>09.01
      &#150; Investments in subsidiaries and/or affiliates</font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"><font face="Times New Roman, Times, serif"><b><font size=1>08.01
      - Comments on the Company&#146;s Consolidated Performance for the
      Quarter </font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
</table>
<p><font face="Times New Roman, Times, serif"><U><FONT size=1>Income and
  Social Contribution Taxes:</FONT></U><FONT size=1> Income and social contribution
  tax expenses were R$23.7 million in 2Q03 and R$2 2.9 million in 2Q02.
  In the first half of 2003 income and social contribution tax expenses
  were R$52.6 million and R$45.2 million in the same period of 2002. The
  half over half increase in income and social contribution tax expenses
  was mainly due to the increase in non-deductible expenses. </FONT></font>
</p>
<P><font face="Times New Roman, Times, serif"><U><FONT size=1> Minority
  Interest:</FONT></U><FONT size=1> The expenses related to minority interest
  fell from R$30.8 million in 2Q02 to R$1.7 million in 2Q03. In the first
  half of 2003, minority interest was R$1.8 million, 96% lower than in the
  first half of 2002. This reduction reflects the corporate restructuring
  in the second half of 2002, when Ultrapar incorporated the minority interests
  of Oxiteno and Ultragaz. </FONT></font> </P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>Net Income:</FONT></U><FONT size=1>
  Ultrapar&#146;s net income in 2Q03 was R$51.6 million, 21% higher than
  the R$42.7 million in 2Q02. In the first half of 2003, net income totaled
  R$111.6 million, a 67% growth compared to the same period in 2002.</FONT></font>
</P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>EBITDA:</FONT></U><FONT size=1>
  Ultrapar&#146;s EBITDA for 2Q03 totaled R$118.8 million, 13% higher than
  the R$104.9 million in 2Q02. Utragaz&#146;s EBITDA was R$61.6 million,
  practically at the same level of the same period in 2002, of R$60.7 million.
  Oxiteno&#146;s EBITDA was R$45.5 million, 29% higher than recorded for
  the same period last year as shown below. In the first half of 2003, Ultrapar&#146;s
  EBITDA was 29% higher than for the first half of 2002. </FONT></font>
</P>
<P> <font face="Times New Roman, Times, serif"><U><FONT size=1>EBITDA</FONT></U><FONT size=1>
  </FONT></font> </P>
<div align="center">
  <TABLE width="80%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="13%" align="center"><font face="Times New Roman, Times, serif"><B><FONT size=1>R$
        million</FONT></B></font></TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD align="center" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>Q03</FONT></B></font></B></font></TD>
      <TD width="3%" align="center"><font face="Times New Roman, Times, serif"><B></B></font></TD>
      <TD align="center" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>2</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>Q02</FONT></B></font></B></font></TD>
      <TD width="3%" align="center"><font face="Times New Roman, Times, serif"><B></B></font></TD>
      <TD align="center" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Change</FONT></B></font></TD>
      <TD width="3%" align="center">&nbsp;</TD>
      <TD align="center" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>H03</FONT></B></font></B></font></TD>
      <TD width="6%" align="center"><font face="Times New Roman, Times, serif"><B></B></font></TD>
      <TD align="center" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>H02</FONT></B></font></B></font></TD>
      <TD width="3%" align="center"><font face="Times New Roman, Times, serif"><B></B></font></TD>
      <TD align="center" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Change</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="13%" align="left"> <HR noshade size=1></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left"> <HR noshade size=1></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left"> <HR noshade size=1></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left"> <HR noshade size=1></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left"> <HR noshade size=1></TD>
      <TD align="left">&nbsp;</TD>
      <TD width="11%" align="left"> <HR noshade size=1></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left"> <HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="13%" align="left"><font face="Times New Roman, Times, serif"><B><FONT size=1>Ultrapar</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>118.8</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>104.9</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>13</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%" align="left"><font face="Times New Roman, Times, serif"><B></B></font></TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>240.9</FONT></B></font></TD>
      <TD width="6%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>187.4</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>29</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%"><font face="Times New Roman, Times, serif"><B></B></font></TD>
    </TR>
    <TR>
      <TD width="13%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="13%" align="left"><font face="Times New Roman, Times, serif"><B><FONT size=1>Ultragaz</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>61.6</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>60.7</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>1</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>97.6</FONT></B></font></TD>
      <TD width="6%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>109.2</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>(11</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%)</FONT></B></font></B></font></TD>
      <TD width="3%"><font face="Times New Roman, Times, serif"><B></B></font></TD>
    </TR>
    <TR>
      <TD width="13%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="13%" align="left"><font face="Times New Roman, Times, serif"><B><FONT size=1>Oxiteno</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>45.5</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>35.4</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>29</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>120.1</FONT></B></font></TD>
      <TD width="6%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>61.2</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>96</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%"><font face="Times New Roman, Times, serif"><B></B></font></TD>
    </TR>
    <TR>
      <TD width="13%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD width="11%" align="left">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="13%" align="left"><font face="Times New Roman, Times, serif"><B><FONT size=1>Ultracargo</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>10.1</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>6.9</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>46</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>20.1</FONT></B></font></TD>
      <TD width="6%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>14.1</FONT></B></font></TD>
      <TD width="3%" align="left">&nbsp;</TD>
      <TD align="left" width="11%"><font face="Times New Roman, Times, serif"><B><FONT size=1>43</FONT><font face="Times New Roman, Times, serif"><B><FONT size=1>%</FONT></B></font></B></font></TD>
      <TD width="3%"><font face="Times New Roman, Times, serif"><B></B></font></TD>
    </TR>
  </TABLE>
</div>
<P align="right"> <FONT size=2 face="Times New Roman, Times, serif">35</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>FEDERAL
      PUBLIC SERVICE</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>Corporate
      Law</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></B></font></TD>
    <TD width="27%"><font face="Times New Roman, Times, serif"><B><FONT size=1>March,
      31 2003</FONT></B></font></TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>QUARTERLY
      INFORMATION (ITR)</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><font face="Times New Roman, Times, serif"><B><FONT size=2>COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></B></font></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"> <font face="Times New Roman, Times, serif"><b><font face="Times New Roman, Times, serif"><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font><font size=2>01846-5
      Ultrapar Participa&ccedil;&otilde;es S.A. </font></b></font></td>
    <td width="50%" align="right"><font face="Times New Roman, Times, serif"><b><font size=2>33.256.439/0001-39</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"> <font face="Times New Roman, Times, serif"><b><font size=2>09.01
      &#150; Investments in subsidiaries and/or affiliates</font></b> </font></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
</table>
<br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="top">
    <TD colspan="9" align="left"><hr noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">1-Item</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">2
      &#150; Company Name</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">3
      - Corporate Taxpayer<br>
      Number (CNPJ)</FONT></TD>
    <TD width="14%" align="left"><FONT size=1 face="Times New Roman, Times, serif">4
      - Classification</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">5
      -% of<br>
      ownership<br>
      interest investee</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">6
      - % of<br>
      investor&#146;s net<br>
      equity</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">7
      - Type of company</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">8
      - Number of shares held in<br>
      the current<br>
      quarter<br>
      (in thoustands)</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">9
      - Number of <br>
      shares held in<br>
      the previous<br>
      quarter (in<br>
      thousands)</FONT></TD>
  </TR>
  <TR>
    <TD colspan="9" align="left"><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">01</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Ultraqu&iacute;mica</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">34.266.973/0</FONT></TD>
    <TD width="14%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Closely-held</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">100.00</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">39,54</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Commercial,</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">2,461</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">2,461</FONT></TD>
  </TR>
  <TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es
      Ltda.</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">001-99</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">subsidiary</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">industrial
      and other</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">02</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Ultragaz
      Participa&ccedil;&otilde;es Ltda.</font></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">57.651.960/0</font></TD>
    <TD width="14%" align="left"><font size=1 face="Times New Roman, Times, serif">Closely-held</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">100.00</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">16,29</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Commercial,</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">4,336</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">4,336</FONT></TD>
  </TR>
  <TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">001-39</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">subsidiary</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">industrial
      and other</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">03</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Ultracargo</font></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">55.215.487/0</font></TD>
    <TD width="14%" align="left"><font size=1 face="Times New Roman, Times, serif">Closely-held</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">100.00</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">8,52</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Commercial,</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">2,857</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">2,857</FONT></TD>
  </TR>
  <TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es
      Ltda.</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">001-11</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">subsidiary</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">industrial
      and other</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">04</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Ultratecno</font></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">53.690.921/0</font></TD>
    <TD width="14%" align="left"><font size=1 face="Times New Roman, Times, serif">Closely-held</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">100.00</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">0,67</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Commercial,</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">65,159</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">65,159</FONT></TD>
  </TR>
  <TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">Participa&ccedil;&otilde;es
      Ltda.</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">001-90</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">subsidiary</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">industrial
      and other</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">05</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Imaven</font></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">e
      61.604.112/0</font></TD>
    <TD width="14%" align="left"><font size=1 face="Times New Roman, Times, serif">Closely-held</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">100.00</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">3,41</FONT></TD>
    <TD width="15%" align="left"><FONT size=1 face="Times New Roman, Times, serif">Commercial,</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">27,734</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">27,734</FONT></TD>
  </TR>
  <TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">Agropecu&aacute;ria
      Ltda.</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">001-46</font></TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">subsidiary</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size=1 face="Times New Roman, Times, serif">industrial
      and other</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align="left"><FONT size=1 face="Times New Roman, Times, serif">06</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Oxiteno
      S.A. - Ind&uacute;stria </font></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">62.545.686/0</font></TD>
    <TD width="14%" align="left"><font size=1 face="Times New Roman, Times, serif">Closely-held</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">100.00</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">55,30</FONT></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">Commercial,</font></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">35,102</FONT></TD>
    <TD width="9%" align="left"><FONT size=1 face="Times New Roman, Times, serif">35,102</FONT></TD>
  </TR>
  <TR valign="top">
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">e
      Com&eacute;rcio</font></TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">001-53</font></TD>
    <TD width="14%" align="left"><font size=1 face="Times New Roman, Times, serif">subsidiary</font></TD>
    <TD width="9%" align="left">&nbsp;</TD>
    <TD width="9%" align="left">&nbsp;</TD>
    <TD width="15%" align="left"><font size=1 face="Times New Roman, Times, serif">industrial
      and other</font></TD>
    <TD width="9%" align="left">&nbsp;</TD>
    <TD width="9%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align="left"> <hr noshade size=1></TD>
  </TR>
</TABLE>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>36</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">(Convenience Translation
  into English from the Original Previously Issued in Portuguese) </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">FEDERAL
      PUBLIC SERVICE</FONT></strong></TD>
    <TD width="27%"><strong><FONT size=1 face="Times New Roman, Times, serif">Corporate
      Law</FONT></strong></TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">BRAZILIAN
      SECURITIES COMMISSION (CVM)</FONT></strong></TD>
    <TD width="27%"><strong><FONT size=1 face="Times New Roman, Times, serif">March,
      31 2003</FONT></strong></TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">QUARTERLY
      INFORMATION (ITR)</FONT></strong></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="73%"><strong><FONT size=2 face="Times New Roman, Times, serif">COMMERCIAL,
      INDUSTRIAL AND OTHER COMPANIES</FONT></strong></TD>
    <TD width="27%">&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"> <font face="Times New Roman, Times, serif"><b><font face="Times New Roman, Times, serif"><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font><font size=2>01846-5
      Ultrapar Participa&ccedil;&otilde;es S.A. </font></b></font></td>
    <td width="50%" align="right"><font face="Times New Roman, Times, serif"><b><font size=2>33.256.439/0001-39</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td colspan="2"> <strong><FONT size=1 face="Times New Roman, Times, serif">17.01
      - REPORT ON LIMITED REVIEW &#150; UNQUALIFIED</FONT></strong></td>
  </tr>
  <tr>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
</table>
<P><font face="Times New Roman, Times, serif"><B><FONT size=1>INDEPENDENT
  ACCOUNTANTS&#146; REVIEW REPORT<br>
  </FONT></B></font><FONT size=1 face="Times New Roman, Times, serif">To
  the Shareholders and Management of<br>
  Ultrapar Participa&ccedil;&otilde;es S.A.<br>
  </FONT><font face="Times New Roman, Times, serif"><U><FONT size=1>S&atilde;o
  Paulo - SP - Brazil</FONT></U><FONT size=1> </FONT></font> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">1. 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
  and six-month periods ended June 30, 2003 and 2002, prepared under the
  responsibility of management and in conformity with Brazilian accounting
  practices, consisting of the balance sheets (Company and consolidated),
  the statements of income and the performance report, all expressed in
  Brazilian reais. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">2.</FONT><font face="Times New Roman, Times, serif">&nbsp;<FONT size=1>
  </FONT></font><FONT size=1 face="Times New Roman, Times, serif">We conducted
  our reviews in accordance with specific standards established by the Brazilian
  Institute of Independent </FONT> <FONT size=1 face="Times New Roman, Times, serif">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> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">3. Based on our reviews,
  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> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">4. The accompanying
  quarterly financial information has been translated into English for the
  convenience of readers outside Brazil. </FONT> </P>
<P> <FONT size=1 face="Times New Roman, Times, serif">S&atilde;o Paulo,
  July 25, 2003 </FONT> </P>
<P align="right"> <font face="Times New Roman, Times, serif"><FONT size=2>37</FONT></font>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P> <FONT face="Times New Roman, Times, serif">Index </FONT> </P>
<div align="center">
  <TABLE width="90%" border=1 cellspacing=0 cellpadding=2>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">Group</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">Table</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Description</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">Page</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Identification</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">02</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Head
        office</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">03</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Investor
        relations director </FONT><font size=1 face="Times New Roman, Times, serif">(Company
        mailing address)</font></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">04</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">ITR
        reference</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">05</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Capital
        composition</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">02</FONT></TD>
    </TR>
    <TR>
      <TD align="left"><font face="Times New Roman, Times, serif">01</font></TD>
      <TD align="left"><font face="Times New Roman, Times, serif">06</font></TD>
      <TD align="left"><font face="Times New Roman, Times, serif">Characteristics
        of the Company</font></TD>
      <TD align="left"><font face="Times New Roman, Times, serif">02</font></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">07</FONT></TD>
      <TD width="76%" align="left"><FONT face="Times New Roman, Times, serif">Companies
        excluded from the consolidated financial statements</FONT></TD>
      <TD align="left" width="8%"><font face="Times New Roman, Times, serif">02</font></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">08</FONT></TD>
      <TD width="76%" align="left"><FONT face="Times New Roman, Times, serif">Dividends
        approved and/or paid during and after the quarter</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">
        02</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">09</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Subscribed
        capital and changes in the current year</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">03</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">10</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Investor
        relations director</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">03</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">02</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Balance
        sheet &#150; assets</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">04</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">02</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">02</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Balance
        sheet &#150; liabilities and stockholders' equity</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">05</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">03</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Statement
        of income</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">06</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">04</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Notes
        to the quarterly information</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">07</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">05</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD width="76%" align="left"><FONT face="Times New Roman, Times, serif">Comments
        on the Company&#146;s performance for the quarter</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">
        27</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">06</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Consolidated
        balance sheet &#150; assets</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">28</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">06</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">02</FONT></TD>
      <TD width="76%" align="left"><FONT face="Times New Roman, Times, serif">Consolidated
        balance sheet &#150; liabilities and stockholders&#146; equity</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">
        29</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">07</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Consolidated
        statement of income</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">30</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">08</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD width="76%" align="left"><FONT face="Times New Roman, Times, serif">Comments
        on the consolidated performance for the quarter</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">
        31</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">09</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Investments
        in subsidiaries and/or affiliates</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">34</FONT></TD>
    </TR>
    <TR>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">17</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">01</FONT></TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Report
        on special review &#150; unqualified</FONT></TD>
      <TD align="left" width="8%"><FONT face="Times New Roman, Times, serif">35</FONT></TD>
    </TR>
    <TR>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Ultraqu&iacute;mica
        Participa&ccedil;&otilde;es Ltda</FONT></TD>
      <TD width="8%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Ultragaz
        Participa&ccedil;&otilde;es Ltda</FONT></TD>
      <TD width="8%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Ultracargo
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD width="8%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Ultratecno
        Participa&ccedil;&otilde;es Ltda.</FONT></TD>
      <TD width="8%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Oxiteno
        S.A. Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
      <TD width="8%" align="left">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD width="8%" align="left">&nbsp;</TD>
      <TD align="left" width="76%"><FONT face="Times New Roman, Times, serif">Imaven
        Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
      <TD width="8%" align="left">&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<blockquote>
  <p align="right"> <font face="Times New Roman, Times, serif"><B>ITEM 3</B>
    </font></p>
</blockquote>
<P align="center"> <font face="Times New Roman, Times, serif"><B>NOTICE
  TO SHAREHOLDERS</B></font></P>
<P align="center">&nbsp;</P>
<P align="center"> <font face="Times New Roman, Times, serif"><B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S.A. </B> </font></P>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">CNPJ
  n&ordm; 33.256.439/0001-39 </FONT> </P>
<P align="center"> <font face="Times New Roman, Times, serif"><B><FONT size=2>A
  PUBLICLY HELD COMPANY </FONT></B> </font></P>
<P align="center"> <font face="Times New Roman, Times, serif"><B>DISTRIBUTION
  OF DIVIDENDS </B> </font></P>
<P> <FONT size=2 face="Times New Roman, Times, serif">The Board of Directors
  of Ultrapar Participa&ccedil;&otilde;es S.A., at its meeting held on August
  06, 2003, approved the distribution of dividends, to be paid out of net
  profit account of the first semester of 2003, in the amount of R$ 33,000,050.88
  (thirty three million and fifty reais and eighty eight centavos), to be
  paid from August 29, 2003 without remuneration or monetary restatement.</FONT>
</P>
<P> <FONT size=2 face="Times New Roman, Times, serif">The holders of common
  shares will receive the dividend of R$ 0.461996 and holders of preferred
  shares will receive the dividend of R$ 0.508195 per thousand shares, already
  excluded from the calculation shares held as treasury stock. </FONT> </P>
<P> <FONT size=2 face="Times New Roman, Times, serif">The record date for
  dividend rights will be August 18, 2003. Shares will be traded ex-dividend
  as of August </FONT> <FONT size=2 face="Times New Roman, Times, serif">19,
  2003 on the S&atilde;o Paulo Stock Exchange and as of August 14, 2003
  on the New York Stock Exchange. </FONT> </P>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">S&atilde;o
  Paulo, August 07, 2003.</FONT></P>
<P align="center">&nbsp; </P>
<P align="center"> <font face="Times New Roman, Times, serif"><B>Fabio Schvartsman<br>
  </B></font><FONT size=2 face="Times New Roman, Times, serif">Investor
  Relations Director </FONT> </P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>SIGNATURES
  </B> </font></P>
<P> <FONT size="2" face="Times New Roman, Times, serif">Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned,
  thereunto duly authorized. </FONT> </P>
<div align="right">
  <TABLE width="45%" border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD colspan=3><font size="2" face="Times New Roman, Times, serif"><B>ULTRAPAR
        HOLDINGS INC.</B></font> &nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%">&nbsp; </TD>
      <TD width="89%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">By:</FONT></TD>
      <TD colspan=2 align="left"> <FONT size="2" face="Times New Roman, Times, serif">&nbsp;/s/
        Fabio Schvartsman</FONT></TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD colspan="2"><HR noshade align="left" width="70%" size=1> </TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%"> <FONT size="2" face="Times New Roman, Times, serif">Name:</FONT></TD>
      <TD width="89%"><FONT size="2" face="Times New Roman, Times, serif">&nbsp;Fabio
        Schvartsman</FONT></TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%"> <FONT size="2" face="Times New Roman, Times, serif">Title:</FONT></TD>
      <TD width="89%"><FONT size="2" face="Times New Roman, Times, serif">&nbsp;Chief
        Financial Officer</FONT></TD>
    </TR>
  </TABLE>
</div>
<br>
</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>aug0803_6kx10x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx10x1.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``,"`@,"`@,#`P,$`P,$!0@%!00$
M!0H'!P8(#`H,#`L*"PL-#A(0#0X1#@L+$!80$1,4%145#`\7&!84&!(4%13_
MVP!#`0,$!`4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P``1"`%.`P$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]4Z***`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`^$/^"D?Q!A\&_%3X!6&N_$WQ?\`"_P)JCZX->U/P?J-
MQ:W!6.*U,!(A5R^)&"C*-@2-TR367\.?&?P[G^!/[06N?"7]H3XH?$[5M(\%
M7\LC>+-5O'_LN3[+</!/;F6WA*2[HF^="2-HZ<5[3^U?\#/BC\0_BI\'?'_P
MLN_"$.L>!'U9W@\8272V\QNXH8EPMNA9L*DA/S+@[>O(J&3P5^TS\2O`'Q)\
M(?$J7X3P:;K_`(2U+2M-E\*MJ:S)J$\7E1-,9U8"`*\A8J"V=N`>10!\$Z7\
M=_A_IWP1T[7M,_:S^,,OQJ&DQ3)X?U#5[N;2AJAC&8)//MA#Y(D)!9Y2H'.X
MXK[/^*/BKQC??M-_LJ>&[SQ-J.D1^)M!U\:_;Z!J+Q6UQ<#2@PD`4['\N0EX
MV8':0"*YFP_9]_:RN/@1;_!G4-2^"]MX,.A#PW+J,$>JW&HI:^3Y)D4.JQM+
MMY!PHSR,<5Z99_LD:MX:^*7[,^J:/K%I=^&OA3H^I:5?/J$CK>7?GV(MXFB1
M4*'YADAF7`Z;J`/`[7]GC7I_VU[SX/M^T%\;AX:A\"#Q.MT/&DGVPW7VY;?8
M7\O9Y>QB<;-V?XL<5TEG\+=?^/7[:/QY\*7OQD^*?A/0_"-MX?\`[.M/"OBB
M2SCS/IR&4NA5UR63<=H7+.Y.2:^AK7X&:]!^VO>?&!KO3CX:F\"#PPMJ))/M
M@NOMRW&\ILV>7L4C._=G^''->6^(?@9^T3X)_:=^*GQ)^%5W\,9=(\;II:-;
M^,9-1:>(6EHD/"VZ!5R_F'[S9&WH<B@#2_9@^*GB7PG\5OCA\)?'GBFY\5V?
MP[^Q:C9^)M4V"Z>RN+;SRDY10&,8Q\_4Y;T%>0_LU_&[XDVWQZ\*>//'&MZM
M-\.?CA)J,.@:+?2,8-"DAD+6"!3*R(9H%(^0#<S`G.,UWVN_L7_$?4?A?\8'
M_P"$PT*^^+/Q5GM;;7-:>&:VL+/38P(S;V\8$C,1#N0;L;MPR1MR:GQ0_P""
M6?PTM?`C7'P<T:#P9\4=.GM;W1?$-_JM]-%%<0S(^Z1'DD7Y@K<B,X)!QQB@
M#Z9_:)^*J_!#X&^-O'7EI-+HFF2W%O%(VU9)\;84)]#(R#\:^)_VH]4U7X?3
M?LH^%_&_QG\9^"M'U:RUA_%OB?1M<FL;FXG%O:RAW8;A@3R%44JP17*J%'3Z
MY_::^%&J?'+]ESQEX*N(+1O$6J:-E(89&-O]OCVS1A7*@[/.C7!*@XP<#I7G
M-IX%U?\`:,\8?LM_&/1KBQLM'\)V6I3:S8:@[I>+-=6D4!A1%0KOBFBD6169
M-I7C)XH`\Q_9F\2WZ?M-Z+I'PK^+'COXT_"B;3+Q_$^J^+[J34+;3KM50VZ0
M7;0H#*24S$#PK,QS7F?P@^)7BB;]JVYL_B=\8M>^&/Q,W6L9T36(6?1-37^U
M+X-96\;".,Q-;&R$4VY7WO*5WG<*^MM/_9N\1_#C]J:;XA_#W4=.L/!'BJ!U
M\9>&[NXEB#W0`$5[:*L;+YO]X$H#SR2WR^*:Y^QI\8?B1\2_$7AOQUXSTSQ#
MX%N[/1U;Q;<Z>5U>XM+75+R[2TC,;HD5R/-VO.H`\MX]JD[P`#ZD_:<^/%O^
MS7\'=4^(%WI+:U:Z=<6D,UHEQY+;)KB.%G#;&Y42%MN.=N,C.1Y>/VQ?&!^)
M]Y\.&^"FIP>.)]#7Q%HVES:[:A;FS+,A:ZE4%;9ED0H57S>2,9S79?MK?`S7
MOVC_`-G/Q)X`\-7>G6.L:E+:/#/JLDD=NHBN8Y6W-&CL,JA`PIYQTZT77P,U
MZ?\`;7L_C`MWIP\-0^!#X8:U,DGVPW7VYKC>$V;/+V,!G?NS_#CF@#Q_XB?M
M5Z5\5O@1\`/B+H\?BK1+3Q3\1-,TMK/1M<&FRQR;[F.2*Y<0R"YMMT1W0@)Y
M@V'<F,5X[^TG\7/'6A6O[=!TWQIXAT\^'9_!@T4VFJSQ?V8)Y4$XMMKCR?,!
M._9C=GG->H>%_P!AGQYHG[,7P,^',^K>'7UOP+\0+;Q7J5Q'<SFVFM8[BZD9
M(6,`9I<3I@,JKD-\W3-CXT_L0^.OB-!^U,FFZMX>@/Q3E\-/HOVNYG7[.-/=
M6G^T[86V[@IV;-^>^V@#O+3XJ6VC_MJ7VC:GJ7B*&SL?A4->NO.UPMHR(MZB
MO+]@\G(N`,YG\T_)E=G.:CTK]MR\DT;0/&NM_#'5-`^$FOWD%IIWBZ?4H))5
M69]D$]Q9J-T,+L5`;>Q&X$@<9U-2_9<U'Q)^TYKGC?6I],N?!&L?#)_`MU8)
M+)]K>62Y621MICV>48]PSOW9/W<<UQ$7[(?Q.\1_#/PM\&/%_BCPKJ'PCT&>
MS\R[L[.=-6U2SM9`\-K+&Q,40^2,,ZLQ('0=2`;_`([_`&VM5\,^+?C%H>B_
M"^\\3#X81P7VKWL6L16\0L7MDN&E^=,B3;YVV)0^X0.2R94&;XA?'O\`LW7/
MV<?BEI.IWMOX(\>WL/AV\TJY9O+8:C;^?93&/.U)8Y80I?!^2209Q@B*[_96
M\67'B3]K34%U#1A#\6]$MM-T-3/+NMI(]-N+5C=?NOD7?,I!0R':#QG`/'^,
MO@]J4^E?LD_`V[DAO-8\)7UAXFUNYTYBT$-OI5L8R^YPK;)9YDC7*ACDG`VG
M`!]L4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M5M2AN;C3KJ*SN5L[R2)UAN7C\P1.00KE,C<`<'&1G&,T`6:*^*?".L^,]"^*
M6J^'_AWX\U[XJZGX>\*ZD?&%[K%P9-,EU_RHOL$5NIWK;.9%F+PPY5$8!@6Y
M./\``/XI>,-<\=ZWX"\.^--<\0ZCKOPK3Q';ZEXHW/\`V9XC64V]Q%M91Y85
MY[<O`ORQE2H`R:`/NZBOC72O%_BGX>2S^&_&>MZ[X<TB;6+;6W2_U.34]6L]
M-1+:+[.)8'GDD>^U(2+#`CNYA:1%5"!&OUKX8\3Z7XST&TUG1KM;[3;I28IE
M5ESABK`JP#*RL"I5@""""`10!JT444`%%9WB'Q'I/A+1[C5M<U2RT72K?;YU
M]J%PD$$6Y@J[G<A1EF4#)Y)`[USOA[QSJWBW6+=M,\*WMIX9^;SM6UXOI\\O
MRG;]GLWC,QPZE7^T"WP"K1^:IS0!V=%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`52UO36UG1K_3UO+G3FN[>2`7EDRK/`64KYD9
M8,`ZYR"01D#(/2KM%`'@'P(_8ZTC]GZ-+/0_B'X\U7056X!T+5]0MGM'><DR
M2MY5M'(9,L2&W]?H*['X6_L_Z'\+/$%_K\6KZ]XFUZZLH=*75/$=\+NX@L8G
M=XK5'"KE%:1CN?=(QY=V/->G44`>8^*OV??#_B]?$DMY?ZI'JFLZG8:LNJQ2
MQ?:-/GLFC>S%ONC*!(I(_,"2*ZEI)-P8,175?#SP%IOPS\(V?A[2FFDM+=YI
MFFN"IEFFFF>::5]JJNYY)'<[5`RQP`.*T_$/B/2?"6CW&K:YJEEHNE6^WSK[
M4+A(((MS!5W.Y"C+,H&3R2!WKC/^$R\6>-OD\(:'_86G'_F8/%UI-%N_ZXZ=
MF.X?YE=&\]K7&5=/.7@@'9^(?$>D^$M'N-6US5++1=*M]OG7VH7"001;F"KN
M=R%&690,GDD#O7&?\)EXL\;?)X0T/^PM./\`S,'BZTFBW?\`7'3LQW#_`#*Z
M-Y[6N,JZ><O!T?#WPJTG2-8M]<U.XO?%?B:#=Y.MZ\Z33V^Y2C?9XT5(;7<A
M"/\`9XX_,"J9-[?-79T`<9X>^%6DZ1K%OKFIW%[XK\30;O)UO7G2:>WW*4;[
M/&BI#:[D(1_L\<?F!5,F]OFKK+^_MM+L;B]O)X[6TMHVFFGF8*D:*,LS$\``
M`DGVJ>N<^(^J^&]#\`>(]0\8K:/X3MM/GEU5+^$30/:A#YJR1D$.I7(*X.<X
MP<T`5?!GQ4\->/KNYM-'N[DW<"><;>_T^XL97BW%1-&L\:&2(D$"5`R'LQS4
M^B?$KPQXBC\3RZ?K5M/!X9OI--UB<DI%9W$<,<TB,[`*=L<T98@D`D@G*L!\
MVZ%\:;'XNWFK^,/`VK:-XN^(8T@Z?I'A+PQK&GW%_I&ES7,!N;J0RS)&T^1`
MS(9/+#11("V69M']E7P]INOWGQE\.ZM\/M1T;2++QI;7,5GXADLKD"9=(TS"
MR>3<3!YE,:S%CE3YR$,7#A`#Z2\*>*=*\<>&=+\0Z'>)J&C:I;1W=G=QJ0LT
M+J&1P&`.""#R*U:\<_8W_P"33O@__P!BIIO_`*3)7L=`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!16=XA\1Z3X2T>XU;7-4LM%TJWV^=?:A
M<)!!%N8*NYW(499E`R>20.]<9_PF7BSQM\GA#0_["TX_\S!XNM)HMW_7'3LQ
MW#_,KHWGM:XRKIYR\$`[/Q#XCTGPEH]QJVN:I9:+I5OM\Z^U"X2""+<P5=SN
M0HRS*!D\D@=ZXS_A,O%GC;Y/"&A_V%IQ_P"9@\76DT6[_KCIV8[A_F5T;SVM
M<95T\Y>#H^'OA5I.D:Q;ZYJ=Q>^*_$T&[R=;UYTFGM]RE&^SQHJ0VNY"$?[/
M''Y@53)O;YJ[.@#C/#WPJTG2-8M]<U.XO?%?B:#=Y.MZ\Z33V^Y2C?9XT5(;
M7<A"/]GCC\P*IDWM\U=G110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`<I:_#31(O&UYXLNXYM6UN2426<VIRFX
M725\A(7CLE;BV60*6DV8:1G.XL`H7JZ**`"BBB@`HHHH`****`/+/C_^T3X4
M_9[\/65UK^IZ;!K&K2M:Z/INH:A'9+=S*N69Y7XBAC!#22X;:"JJLDCQ12?(
M'B;XG_";XJ7JZI\4/B%\-?'>K(OEV\=Q<68T^PC[K:6TT\WE%\!I'+N\C8!;
M9'#'%]>^(_\`DZ?X>?\`8F>)?_2[0J]5H`_-7_C%G_JC_P#Y2J/^,6?^J/\`
M_E*K]*J^?_V[O^39]:_[#7A__P!/5C0!^<WQX\/>#_%?@#Q3-H?PX\-^$]$L
M]/NKNUO+?28;?4[UDB9HF<")6M4#+OV!C(X*"3R@)87_`&9K\@?BS_R2OQE_
MV!;W_P!$/7Z_4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`45\Q?%#5/B/IG[8WP3CN/$T%AX!U._U:TB\/:9Y
MJO>[-(GE\Z]<L%?;(OR1!2J[0^2QPM#X[2^*_A1\6O"'C'_A*O%)T"_\2VL.
MK7TLZCP_H^ER[+=;.2S5LR2S3M&%N-N8VDW,X1=C@'U917R3XDU#XL?#+XE:
MSK=S=74MOJ<FI:;IR7VI"33M0N+FYB_L=+>U$CF#[+`MR]S)Y<6Y06S)@;/<
M?@=X\\,>+_!EG9>'/$UWXJ_LJV@AGU'44G6XNPR_)=$S*IDCFVLZ2KF-QRA(
MH`]%HHHH`****`"BBB@`HHHH`****`/'_P!H_P`=^,_`6@:-?^&8K"WL&US1
MK34+^Z;?+Y5SJEK:M##%M(RR3L3(Q^4#A23E>0^/'QA\3^$/'U_IVCZC<6B:
M?I5I>:;;V=@+FROKZ26='M]5N3#(+"#:MNR2%X2VZ0AWV%*]>^+/P\_X6CX/
MCT+^T/[,V:MI>I_:/)\W/V/4+>\V;=R_?^S[,Y^7?G!Q@\GX^^`]SXQN/%]G
M:^(8M-\->-H?L_B;3Y-/,\]Q']F%JWV:?S5%NS1*BDLDH^7*A6):@#`^,F@^
M.W\=:)8>%OB[XCT*]\17H\G2+;3=(FM;"SA5&NYLS6;RL`N%&7;][/&.%X'O
ME<O%X(5/B,/%+W2NL.CC2;6T,/S0@S>9*_F%N0^R`;<#'E9R<X'44`%%%%`!
M1110!Y5XC_Y.G^'G_8F>)?\`TNT*O5:\J\1_\G3_``\_[$SQ+_Z7:%7JM`!7
MS_\`MW?\FSZU_P!AKP__`.GJQKZ`KY__`&[O^39]:_[#7A__`-/5C0!\`_%G
M_DE?C+_L"WO_`*(>OU^K\@?BS_R2OQE_V!;W_P!$/7Z_4`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!QWBSX7:
M5XR\=>!O%E[<7D6H^#[F[NK"*!T$,K7%K);.)05)("2,1M*_,!G(XKA?$'[)
MG@_Q+XSU/6[S4_$7]FZK?VVJZEX834O^)5>WEO(DD4SQ%2X(=%8HCK&Q&64F
MO:Z*`.6\0?#G2O%/BS2->U-[BZ?2K6ZMK:Q9U^S*TZJDDQ7;N\WRPT8;=PLD
M@Q\V:Y_X-?`;0?@E;W,>D7VI:F\MG9Z9'-JCPM)!8VBNEI:J8XTRD2R.`7W.
M=Q+.QYKTFB@`HHKE/%?Q3\*>"]1CTS5=9A76YHA/!HEHKW>I7$9)&^*SA#SR
MJ-KDE$(`1R<!6(`.KHKSO_A-/&WBCY?#?@S^Q[-^%U;Q=<BWRC?<GALX?,ED
MP,LT-P;1^54E6+F,_P"%6ZMXA_>>+_'&M:GN^8Z?X>E?0K*)QPKQFW?[7]W.
M4DNI$+,S;1A`@!Z)1110`4444`%%%<_\0O&MC\-?`'B7Q?J<5Q/IN@:9<ZK=
M16BJTSQ01-*ZH&906*H0`2!G&2.M`'05Y5_PUC\$/^BR?#__`,*BQ_\`CM?/
M_B\?&GXS[A\0?@GXD&@/MQX&LM6\/WFD[D^[+<2R7D<EV^XLX5U2%3Y6(3+"
ML[:OD?$K_HB?C#_P9:#_`/+*@#VO_AK'X(?]%D^'_P#X5%C_`/':/^&L?@A_
MT63X?_\`A46/_P`=KQ3R/B5_T1/QA_X,M!_^65>6_$_XJ^,=#UV7P<OA"^\$
M:ZUC%>W%YK=S9SRVUO-)+'%+;QVTEQ%*Y-O<+^]=`A",4E4E"`?<_@7XL>!_
MBA]N_P"$-\9>'_%OV'9]K_L+5(+W[/OW;/,\IVV[MCXSC.UL=#75U\0?\$]M
M,ATSXH?%P1O<3RS:3X?DFN;RYDN;B9_-U50TDLC,[D*JJ"S'"JJC`4`?;]`!
M1110!Y5XC_Y.G^'G_8F>)?\`TNT*NI^(7Q4\+_"NQMKSQ/J9TZ"Y<I%LMY9V
M.!EV*Q*S!$7YG<@*B@LQ`!-<MXC_`.3I_AY_V)GB7_TNT*L;]ISX>:SXRTW2
M;SPUH5[JFO007NF+=:=J-M:2V]O=Q*DJ/]H1E:!V2(R;")5$8,>6`%`'>W_Q
M?\'Z;XKT[PU/KD(UB_BAG@ACC>1-DS,L!>15*1^:R.$WL-Y1@N<&O,/V[O\`
MDV?6O^PUX?\`_3U8UPFF?LX^-_#OQ"\$1(C:M9Z#!X?LH?$#W4:VWV#3X46>
M&\MMX>ZN7E:XE@F*,(3(2#&01+W?[=W_`";/K7_8:\/_`/IZL:`/@'XL_P#)
M*_&7_8%O?_1#U^OU?D#\6?\`DE?C+_L"WO\`Z(>OU^H`****`"BBB@`HHHH`
M***^2?VC/C1\1?A[X_\`%]AI'B&"STZVT[1KO3X8=)6=H7N(M>!5R0Q?S+BP
ML]P&&9`88%^T2IY@!];45X9\(?BQXCUGQ1\4QXECN)=*\/3320Q6EIY\T&R_
MU.$6Z0P(99&:SM+"Y"$/(QO1MR&11V?PW^.GA3XLWEQ;^&U\02_9_/$EQJ/A
MC4].MP\,WD31":YMXXS*DH9&C#;P4?Y?D;`!Z!1110`4444`%%%%`!1110`5
MSOQ`^(/AWX5^#]3\4^*]5@T70=-A,]U>3Y(11V"J"SL>@506)P`"3715YY^T
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M@'M=%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!P.L?'?P+H>MZ[H
M]QKRS:MH@M/M]A96TUU/$USYQ@0)$C%W86\S;%!953<P"D$R6_QQ\"W>H1V,
M'B.UGN988+B%8E=A,DQMQ'Y;!<2$_;+3*J25%S"6`$BD^<^._P!G[6M6^)OB
M?QCH8TJWN[BWT632&^TFUGM[RU?5!<2E_L\RKOBU(H&V2%@TH(4[6K+TO]E&
M\\!^%_!-MX-O-/M/$'AW2;:UFU>Y+A[ZYBBM+8OL*O$FZVMV7S#&Y#Q6;,D@
MMU6@#Z4HK,\+V^K6GAG2(->N[>_UR*TA2_N[2(Q0S7`0"5T0DE59]Q"DG`(&
M:TZ`"BBB@`HHHH`****`"BBB@`HHHH`****`"BJFK:G#HNE7NH7"7$EO:0O<
M2):6TES,RJI8A(HU9Y&P.$12S'``)(%>?^"OVA_!_P`0?$TN@:+%XH;4H)C;
M7`OO!^KV4-K*(%G\N>:>U2.%C$\;A9&4L)(\9WKD`]+HKXON_P!H3QAJ?BSQ
M$GA;QNFM^&[71[W^RKN2*PA?4]?MKF)%LHT$;,+6X,[0Q%AYC&UF=7D0J[>Z
M_!WXB:CK_B#4=$UK4&O[R*&26UEB5'@FABN9(7F$JQQ;FWGRL>6JD6X=>)*`
M/6Z***`"BBB@`HHHH`****`"BBB@`HHKE/%?Q3\*>"]1CTS5=9A76YHA/!HE
MHKW>I7$9)&^*SA#SRJ-KDE$(`1R<!6(`.KHKSO\`X33QMXH^7PWX,_L>S?A=
M6\77(M\HWW)X;.'S)9,#+-#<&T?E5)5BYC/^%6ZMXA_>>+_'&M:GN^8Z?X>E
M?0K*)QPKQFW?[7]W.4DNI$+,S;1A`@!L^*_BGX4\%ZC'IFJZS"NMS1">#1+1
M7N]2N(R2-\5G"'GE4;7)*(0`CDX"L1C?\)IXV\4?+X;\&?V/9OPNK>+KD6^4
M;[D\-G#YDLF!EFAN#:/RJDJQ<Q]5X4\%>'O`FG26'AK0=,\/6$DIG>UTJSCM
M8FD("ERL:@%B%49ZX4>E;5`'G?\`PJW5O$/[SQ?XXUK4]WS'3_#TKZ%91..%
M>,V[_:_NYRDEU(A9F;:,($ZKPIX*\/>!-.DL/#6@Z9X>L))3.]KI5G':Q-(0
M%+E8U`+$*HSUPH]*VJ*`"BBB@`HHHH`****`"O*OVL?^36/C)_V)FL_^D,U>
MJUY5^UC_`,FL?&3_`+$S6?\`TAFH`]5HHHH`*^`/VP_^3I[W_L3-'_\`2[5J
M^_Z^`/VP_P#DZ>]_[$S1_P#TNU:@#J_V!_\`DJGQ7_[`OA__`-'ZM7VI7Q7^
MP/\`\E4^*_\`V!?#_P#Z/U:OM2@`HHHH`\J\1_\`)T_P\_[$SQ+_`.EVA5ZK
M7E7B/_DZ?X>?]B9XE_\`2[0J]5H`*^?_`-N[_DV?6O\`L->'_P#T]6-?0%?/
M_P"W=_R;/K7_`&&O#_\`Z>K&@#X!^+/_`"2OQE_V!;W_`-$/7Z_5^0/Q9_Y)
M7XR_[`M[_P"B'K]?J`"BBB@`HHHH`****`"BBOE#X^?'+Q]\,OB=XFL[2[-U
MX=M;'1;^.WTZUA6XM8Y(=>>1%:57$TUQ-IMI`B':&,R1IY;L9"`?5]>5?LT_
M\DZU?_L<_%G_`*D.HU@_"'XL>(]9\4?%,>)8[B72O#TTTD,5I:>?-!LO]3A%
MND,"&61FL[2PN0A#R,;T;<AD44OV1OB7I'BGPOK6D65GX@ANU\3>*+\R:CX<
MU&QM_+?7[UE43SP)$90)5W0AO,4APR@QN%`/H"BBB@`HHHH`*\2O_P!H759]
M!^)M]H_A*W2?P-J:V=S%XDU8Z<DT'V&"\:X+)!,4^2==J%23@9VD[1[;7GM[
M\%-'O'\:L-0U.`^+=7LM8U'RWBX>VBM(1$FZ,XBDCLHU<'+'S)-K+E=H!QNL
M_M*:EX5OO#>E:]X&N++7=5TFWO9M/@OQ)Y%U/'<F.U1VC190);98'D&-DEY:
M#:1+D>Y1ES&AD55D(&Y5;(![@'`S^0KF?B!\/=.^).D1Z9JMQ?PV:F4E+"Y-
MNS%X)(0=Z_,"@E+H5(*NJ,.5%<#X7^)7P_\`AEI'_"$^%-2O_'.IZ7<7%O+I
M?AR`ZI<6UTTSL8+EH%^SZ?NE9T1;AK>%`C*NR.%MFM.E.J[0BV)M(]FJKJNJ
MV6A:7>:EJ5Y;Z?IUG"]Q<WEU*L4,$2*6>1W8@*JJ"22<``DUYS]H^*7CSY[:
M&P^%VCO\A74HH]5UN1#\KLHBE^R6DB88QL6O4<.C.B%6B:UI7P&\,+JEGK/B
M5;CX@^);.9+BVUOQ8(KN:TE1@4DM851+>S8;8\FVBB+F)&?>Z[JV]E3A_$G\
MEJ_OV^YOTW%=]#Y]_:X_X*"VGP1\,>&-:^'VE?\`"=V-YK"07NL"RN#HDMJ$
M=I(;;4EQ"]RQ!53&9E0PSB10R;3]?:5JMEKNEV>I:;>6^H:=>0I<6UY:RK+#
M/$ZADD1U)#*RD$$'!!!%6J\YU7P+X@\(ZI>:UX`N[=A=3/<77A#5IQ;Z5<S2
ML3-<QS)!+-:S,V)&VAX9#YI:$2SM<+T3GAJU*%*G#DDKZMWYK[)Z)*W1[=[;
MB2:=VST:BN7\$_$?1?'?VVVLI_LNN:;L75M`NW1=0TJ1]VU+B)6;;NV,4<%H
MY5`>)Y(V5SU%>?.$H/EDK,O<****@`HHHH`****`"BBB@`HHKC/B5\6-$^%<
M>@'6%O)I-<U>RT6TBLH#*WG7-Q';H[G("1JTR%F8C@X`9BJD`[.BO-=8^/&C
MZ-?:C!)H^N3V]M.EE!J$-JAM+R\:\ALQ:QREPJ2_:+B*,"4QAOG*EEC<KO\`
MPX^)6C_%304UK01=/I<B020W%S`81*)8(YUVJWS<+*H;(&&#+U4X`.KHHKSG
M5?BG+XBU2\\/_#V"W\1ZK;S/9:AK0DCETK0KA6(9+LK*KRS*%<_98<N"(UE:
MV29)JUA3E4>G3KT7J)NQU'COQE9?#[PAJOB&_BN+F"QA+K9V:J]S=RDA8K:!
M"0))I9&2*./(+NZ*.6%>#_L6_M87O[2.E^,(/%EII'A/QGI.O7EK'X0CF9=1
MM;")8`'N(I&\PLLLK1/)L12RXVJ<BO2?#W@/P[I'B&'Q'XDN_P#A*?',!<_V
MS?12,EC(RE)%T^!F=+&,H?+*PG?(B)YTDS@R-M^,K+0/&NEQ6US?7%E=VLPN
M]/U.R4I=:?<JK*L\+,K`,%=U*LK(Z.\<BO&[HWB/BWA:A&>'J8ZCSW^)U8)Q
M:W7+S:KO>S\EUU]A7=FHO[F=E17FVB^-]6\&W]AH7C*.XO+&YECMM.\;!84M
M;UI"%MX+M%(:WNW.4W",6\K^7L:.2=+5/2:]AI<JG%J49*Z:=TUW3,PHHHJ0
M"BBB@`HHHH`****`"BBB@`HHHH`*\J^#?_)1?CM_V.=M_P"H]HU>E:M'?3:5
M>QZ9<6]GJ3PNMK<7=NT\,4I4['>-70NH;!*AT)`(#+G(\`_9_P!)^(MO\6OB
M])K/BKPO?Z;%XMB74[>Q\-7-K-=2GP_I6QX)&U"00*%,(*LDI8QR$,OF`1@'
MT517QI\1_P!F?QEKWC?QE)866H/H=_XJG\065PFJ1R7,EP;30?)W//(6AM?-
MM-0B<1XF2-$CB`A<H_N'P=\(>(/!GB#4;:ZTA;?0[F&1H+J62#SX=ES)Y5N4
MAVQA2LDD_P`B`*9RF3M%`'K=%%%`!1110`4444`%%%%`!1110!RGCCX?1>/9
M](%WK_B#2["PEDFEL=#U)]/6]9D**)I8=L^U,E@J2(I;!8/@`:/A3P5X>\":
M=)8>&M!TSP]822F=[72K..UB:0@*7*QJ`6(51GKA1Z5M44`%%%%`!1110`44
M44`>??'/XQ67P.^'6L^*;K2[_6Y+"RN;R/3].A9GE$,32N6<`K$@5"2[X`Z#
M+%5-'XY?'6S^"'PIOO&5QHFHZ[+!8RWD>F:=$S%A'"TKF27:5AC55.9'P.B@
M,[*C7_VA?"VJ>.?@%\2_#>B6OVW6M8\,ZGI]C;>8L?G3RVLD<:;G(5<LP&6(
M`SR0*R_V@O!.M>-_V9O'GA31++[;K^I^&;O3[2T\U(_-G>W9%3>[!1EB!DD#
MWH`?XB^+^L0^)/$NG^&?"T/B*T\*B/\`MR>75!:RI(]N+@06T?EN)91$\+$2
M-"N)5PY.0/0M`URR\3:%IVL:=,+C3]0MH[NVF7I)%(H=&'U!!KQ+XK^`?$5S
MXPUR?PYHWB(Q^(+46]X^AZO8VVGWK"!HE-^)Q]HAVC:OFV69"JH#PH%>L?#3
MP7!\-_AQX5\)6TAFMM`TFTTJ*1NKI!"L0)^H04`=)1110`5Y5^UC_P`FL?&3
M_L3-9_\`2&:O5:\J_:Q_Y-8^,G_8F:S_`.D,U`'JM%%%`!7P!^V'_P`G3WO_
M`&)FC_\`I=JU??\`7P!^V'_R=/>_]B9H_P#Z7:M0!U?[`_\`R53XK_\`8%\/
M_P#H_5J^U*^*_P!@?_DJGQ7_`.P+X?\`_1^K5]J4`%%%%`'E7B/_`).G^'G_
M`&)GB7_TNT*O5:^<OV@?C5X.^!'[07PSU_QMJ<VDZ5<^%_$=C%-!87-X6F:[
MT5PNR"-V`VQN=Q&.,9R1FO\`\/&_V??^ATU#_P`);5__`)$K:-&K-7C%M>@K
MI'TK7S_^W=_R;/K7_8:\/_\`IZL:RO\`AXW^S[_T.FH?^$MJ_P#\B5XO^V%^
MW5\&?'OP`UG1O#GB/4-6UA]2T>YALAH&H6QE6'5+6:0"2>".-3LC<C<Z@D`9
MR15/#UEJX/[F%T?/WQ9_Y)7XR_[`M[_Z(>OU^K^=#XP_$[5/BA!,]]"EEIUM
M"S6^FQ2&2.-]IS(S%5WOUP<#:#@#EBW]%].MAYT%'GW8)WV"BBBN884444`%
M%%%`!117RA^TFGQ=L9_C8G@C_A*=2BOO!NG/I<NFL%_LV=5UDS"P4;=\[-'8
MJ_EEI@)T89*PI0!]7UY5^S3_`,DZU?\`['/Q9_ZD.HUSOP8N?B4?$'Q.N-:L
M;EVWR2:38ZW<300&Y^WZD8HUE"RJD/V+^R`SP*ZA_-.&<.#6_9&U+QQ=>%]:
MBU[P]X?TW1?^$F\42+>:=KT]Y<&Z.OWIDB,+V42B)6,H67S-S!$)C4N50`^@
M**\>^->I:YI'Q+^"C6&NW-EI6H>*GTZ^TVW`5+M3I.HS#S6ZLH:",A.!D9.2
M%V^/^'OB'XQ^+/QX^*V@6>H:]X>5-$T:\T_3-8L-2TJW@MH-5NTNE\YHU$;W
M4,8`N8LG#_)YGV9PH!]@T5X%^S3\4)]9D_X177M1UG6_%0T^&_EU*\MO+MI8
M$@M421!QL,RS1SD%`#)+<(K,;>01]OJOQILKS5+S1/!.FW'CW7[69[6Y73'5
M-.TZ=6*.EY?-^ZB:-]GF0)YMTJN'6W<5K"E.H_=7^2]7LA-V/1J\O_X6[<?$
M+_1?A7'8>)(S_KO%-XTPT2W0_*'MYD0KJ,BMNS#!(J`PRI+/;OL#G_"F_P#A
M//\`3?B==?\`"4>=\_\`PB?F;O#]GG_EEY&Q/MV,1GS+P2?O(_-ACMMWEKZA
M6W[JE_>E^'^;_!7[H6K/D']DG]G;XJ77PT\G]HWQ-J_B*=)G33O#4^MS2""W
M+N9EU"6";9J"S$J/)N#.B1*%&!))&OUII6E66A:79Z;IMG;Z?IUG"EO;6=K$
ML4,$2*%2-$4`*JJ```,```5:HJL7C*F,J2J3LKN]EI%>B_IO=ZA&*BK(****
MXB@HHHH`Y?QMX!M_&7V*ZAU._P##NO6&\6.O:1Y(N[9)-OFQ@31R121R!%W1
MRQNA9(W`$D4;I@Z5\2[WPOJEGH7Q(&D:!J-],EKI.L6MTRZ=K,I8(L2>:`;>
M[=OF%FS2$JP\J6X\N8Q^C55U72K+7=+O--U*SM]0TZ\A>WN;.ZB66&>)U*O&
MZ,"&5E)!!&""0:Z(55;DJ*Z_%>C_`$>F^S=Q6ZH\=N?B'XMT_P",7Q1T6[N[
M%M)T?P=8ZYI-M$BQ^5)+-J2,TLK]2?LD9.<(H[?>9O/O"OQ`^)2:'8RVGB'5
MO$$NA:PEOXN'B6UTR&ZM7;^S9A;(MG&L<L;V<]T\9B9I?M$ULK';YBIZ<WA*
M^^#^IW6I:=I$GC+PK<6R0:A)>W$U_P"(+&V1G)CBDD62;4H`TTLOD22>;%NG
M$/G^9%;QVOAG\1O@QXMU"7P1\/\`6_!VK2:7!%JQTCP[);RP0H92%F0193<L
MB`G;\R%HBVWS$+.6'G9SIKFBNJZ>O;Y_*ZU"_<ZCX;^/=+\>:9J?V#6+35[[
M1]1FTG5ULSE;._CP9;4G`R8]ZKGN,$\YKK:J:?I%AI'VG[#96]E]JG:YG^SQ
M+'YLK8W2/@#<QP,L>3BK=<PPHJCK5G=ZAI5S;6-^VEW4J;$O$B61H<]656^4
MG&<9!&<9!Z'X?U#X\>+8/@;^S3$;_P`4K<ZF?">J:YX@MM-O[E=0$U_:1/:/
M=11M'NE5IV='<,X$:!7\[%`'W=17RQXB\<:_\%OB?JM]XO\`$6K:WX:^TF_^
MQZ,))C'YCZ@]K$R-@(#;XC,2.=\FG6Y56EO/+;ZGH`*X[XI_#S_A9>A:5IO]
MH?V;]AU[2M;\WR?-W_8KZ&[\K&Y<;_)V;LG;NSAL8/8UYSJO[1'PZTW5+S2K
M?Q/;^(-;LIG@N]%\+PRZWJ-JR,5<S6EDDLT2JPV,[H%5F520S*#K"E4JNU.+
M?HKB;2W.9\)_LO:-X5\?^(]>6>TNM+UD:DTVCR:<I2ZDOKI+J9KUBY%T(Y5?
MR053RUFE7+;LBAHWAZV_9[\16TE[XYO]>FU6RDM]*\#VZ1I<:I>_Z.T\MM`9
M`N?,$DK,`BQ"\F:>40I&8?,OBW\4OVE-;_:&^&6A^#/`6O>#?AWJF^VUJ\OK
M73;N>/<Q%Q</-%/<Q0>1"4D@#E?,E#*R3C$=?4'@GX=Z;X&^VW$%Q?ZKK&H;
M#?ZSJ]TUS=W17<0"Q^6*,,\KK!"L<,;2R>7&@<@]U7"1PL85*LE+F5THN_5K
M5K1;=+]M.DJ5]$<O_P`(CXE^*O[SQPG_``COA=OE_P"$,LKF*Y_M*$_-C5)O
M+_W%:UMW,1VRK)-=Q3;$]&TK2K+0M+L]-TVSM]/TZSA2WMK.UB6*&")%"I&B
M*`%55```&```*M45Q5*LIJVR[+;_`(?S>I21YWJG_(3N_P#KL_\`Z$:JU:U3
M_D)W?_79_P#T(U5K_+G-O^1CB/\`'/\`]*9]K3^!>AW1TJRUWPQ_9NI6=OJ&
MG7EG]GN;.ZB66&>)TVO&Z,"&5E)!!&""0:X/^QM:^#?[W0H_[8^'=OR_AJVL
MWDU#2(S]YK%E8^=;1X!%D(S(JO(('81P6A]&TO\`Y!EI_P!<4_\`015JO],<
MEJN&78>+U3A#3_MU?<_/<^-J*\WZGD'QN^*.HVO[,_C?QY\/=2M%O=-T+4-1
MM[J^MG)@>VAE:1&@<!EF22)HVBE`,;JP=<J4.'XN^(/B+3_C-X3M9]5UK3/"
M/V334GDTN+39;>[OKN::-8;M90;J-#Y<6UX`!F1LG"G'6?$WX96\\>L>(=$@
M@.K7T(@U/1]1FD;1]?@9!#)!>VWS1[GB"1BZ$9E011*?-A1K>3@-9_:)^&GA
MG5M,U3XD:-H_@GQCI>W3[:XUJ,#9YLB(PT^]>%1/`28W=XB/+1D-PL!#*O#F
M6?97EN)CA*E23JR2DH1A.<[-M)\L(R;5TUS6M>R=FTG<*4YKF2T[[?F:'P_^
M*_B;PB]GIWQ>U?3-&U&\UBUTRU*M&WVF[N;6(1V2F,;26N5OGCX#B!;7S/G=
MZ]^KE=.CTCQ!>E)]"LBZ7"ZD))(D<_:5"HLW*_ZP+@!^H``S75563YU@,^PJ
MQN75.>FVU>TEJM]))/\``52G*E+EFK,***J3ZO86NHV^GS7MO%?W$4DT-J\J
MK+)'&5$CJI.2JETR1P-ZYZBO;,RW17.V7Q'\)ZGHBZS9^*-%NM':Y-DNH0:A
M"]N9P^PQ"0-MW[_EVYSGC&:V[6]M[Y9&MKB*X6.1HG,3AMKJ<,IQT(/!':@"
M>BBB@`HKG;SXC>$].TJ#4[KQ1HUMIL]ZVFQ7DVH1)#)=B5H6MU<M@RB5&C*`
M[MRE<9!%75\5Z([7RKK%@QL9TMKL"Z3_`$>5R`D<G/RLQ90%."=PQUH`U:\J
M^#?_`"47X[?]CG;?^H]HU>E:MID.M:5>Z?</<1V]W"]O(]I<R6TRJRE24EC9
M7C;!X=&#*<$$$`UX!^S_`/"'0O#WQ:^+VH6M_P"*);C2O%L5O;I?>+-5NX75
M_#^E,3/%-<LEPV9GP\RNR@1A2!'&%`/1W_:!\`"XU>&'Q#'?2:/J4VDZA]@M
MIKH6MS"D#3JYB1@JQ?:H!))]R-GVNRLK`=3X=\8Z3XJ:9--N))9(4#RQS6\L
M+QYDDCPRR*I5MT,@*D9&`2`",^0>)_V5X/$7C[Q%XJ7788+S5[NYF02:<9&L
MHY[/2;=_*;S5`F#:/'(LI!`\UE*-C)[CX?\`PJE\`Z]=WMOK"'3[N.4RZ1:6
M8MK43M-N25$5B%VPB.'`'(3<3DF@#T&BBB@`HHHH`****`"BBB@`HHHH`Q?%
MUEK>I:+):^']2M]'U"5E0WUQ;FX\F,GYV1-P!?'W=V5!P2&`VGYP^%/B75_B
MC\-OV>?#FNZSKK#Q/X,FU[5]3T_49K2ZNY8(;)0CW,3+*FY[TR91U),."=N0
M?JFO,-/^`6E:%\.?!GA/1->US1)/"%E'8Z3KEI+`U]'&L/DG>)(6ADW(!D-$
M5R%8`%5(`/'CK?B?XG^&_"^F7FG>.-=L-+UKQ)87]]X.UAM*N+DZ=?R6-KYU
MPMQ;Y,B!I"N\!FB8XSM!^A/A5J^C:U\/]'N/#]Y?7VEQH]JDNJ7,MQ=J\,C1
M2QSR2LTC2I(CH^]BVY""<BLB?X+:?:Z1H]GX?U[7/"5QIB2QQZAI,\3RRK+(
M)9_.2XBEBD:1P6+LA<%F*LI8FNL\)^%=.\%>'[71M*B:*RM]Y&]B[N[N7DD=
MCRSN[,[,>K,3WH`UZ***`"BBO'/C]\8/&/@+4/#_`(9^'G@.;QUXPUZWO+Q$
M-[;6T&GVEL8(Y;IQ--%Y[+)>6V+=7C,@+_O8]N2`=QXZ^+'@?X7_`&'_`(3+
MQEX?\)?;M_V3^W=4@LOM&S;O\OS77=MWIG&<;ESU%<K_`,-8_!#_`*+)\/\`
M_P`*BQ_^.U\_Z/X7^(^EW5Y?W'PB^(&MZU?;3>:MJVN:'<7,^TLP4$ZGMBB#
M22LL$2I#&97\N-`Q%:OD?$K_`*(GXP_\&6@__+*@#VO_`(:Q^"'_`$63X?\`
M_A46/_QVC_AK'X(?]%D^'_\`X5%C_P#':^?_`!9XB\;>!O"NL^)-;^#OC"RT
M71[*;4+ZY^W:))Y,$2&21]J:B6;"J3A02<<`FO"/&/BO7?B@TD>LLVE>'&8F
M'0+61HY)$(VE;Z5)"LX*YS"H$(\QU;S]J2``_4'2=6L=?TJRU/3+VWU'3;V%
M+FUO+25989XG4,DB.I(964@A@2"""*MUY5^R=_R:Q\&_^Q,T;_TAAKU6@`KR
MK]K'_DUCXR?]B9K/_I#-7JM>5?M8_P#)K'QD_P"Q,UG_`-(9J`$_:C\8>,/A
M_P#`CQGXC\$KIR:OI.DWVH/=ZBQ(M8X;2:;S(XPC"63?&BA&*K\Y8DA=C>6Z
MK\;O'$7BZ2_L[R=].TC6O#_AJ30C81>5J;ZE;VSO=M-M\Q?+>Z3&PA`(I=RM
MD%?I+Q9X6TOQSX5UGPWK=K]MT76+*;3[ZV\QH_.@E0QR)N0AERK$94@C/!!K
MGI_@MX+N?%NF^)9=$5]8T^%(()#<2^7A%*QL\._RY'1695D=6=0S!2,G(!X[
M^S!\9/'7B_Q_J7A3QQ]L;48O"NF:]=PW^C'3FT^_FGNH+JUA^5?.ME>W'ER_
M/O\`G(D=2"/&?VP_^3I[W_L3-'_]+M6K[-^'OP?\'_"K[7_PBNB1:2;J.*&0
MK))(1#%O\J%"[-LBC\R39$N$3>VU1DU\9?MA_P#)T][_`-B9H_\`Z7:M0!U?
M[`__`"53XK_]@7P__P"C]6K[4KXK_8'_`.2J?%?_`+`OA_\`]'ZM7VI0`444
M4`?G5_P5E_Y&GX._]>6O?^AZ97PI7W7_`,%9?^1I^#O_`%Y:]_Z'IE?"E?KO
M#/\`R+UZLX*WQA7/^._^1:F_Z[6__H]*Z"N?\=_\BU-_UVM__1Z5[V-_W6K_
M`(7^3,X_$C@=6_Y!5[_UQ?\`]!-?TO5_-#JW_(*O?^N+_P#H)K^EZOR'-OCA
MZ'=3V"BBBO"-0HHHH`****`"BO*_'O[4'PS^&/Q2\._#KQ-XE&F>,?$/V;^R
M]-^PW,IN3<3M!%^\2-D7=(C+\S#&,G`YKS7XT_!?6_$'Q!\=WEGX8U37]-\4
M:9X?L$OK74X5DT^6"35_M-Q"DUQ&$:&&X@,6W@331RJ"R.R@'T]7E7[-/_).
MM7_['/Q9_P"I#J-8/PA^'_C;P-XH^*>JW5O;W<FIS33:7#=W*PPWT_V_4[B*
M1Y8Q(Z+]FNM.M2S1EU%F<(RJFZE^R-J7CBZ\+ZU%KWA[P_INB_\`"3>*)%O-
M.UZ>\N#='7[TR1&%[*)1$K&4++YFY@B$QJ7*H`?0%>2_%#]J#P+\*O'>D^!-
M0N[B_P#'NL0Q3Z7X;M42*:^625XD"7%PT5JK%HY`$DF1F*A5#,R*WK5<OJ'P
MO\):K\0])\=WGAZPN/&&E6<MA9:S)"#<002$%T5O^^@#U422A2!+(&Z:#HQD
MW73:L[6[]+^5][:VV$[]#E_^$!\6_$3_`)*%J=A9:"_$O@SP[F>TNDZ-'>WD
MT:RW4;%5;RXXK9"KR0S"YC)SZ-I6E66A:79Z;IMG;Z?IUG"EO;6=K$L4,$2*
M%2-$4`*JJ```,```5:HJ*E6516V79;?\/YN[[L$K!1116(PHHHH`***BN;F.
MS@::9MD:XRV">^.U95JU/#TY5JTE&,4VVW9)+5MMZ)):ML:3;LB6BLO_`(27
M3?\`GY_\<;_"I;;7+*\G6&&??(V<+L8=L]Q7S]'B?(L14C1HX^C*4FDDJD&V
MWHDDI7;;T21JZ-5*[B_N9?HHHKZ4Q"O![+]B3X5:7\3O$GC[3K'7M(\1>(-[
M7T^D>)M1L-\DDSS3N&@G1_WKLA9"QC'DQ[40ABWO%%=%+$5J',J4W&^CL[7$
MTGN>7_\`"HO%&F?-HOQ>\6P1V_-EIVJVVFW]H@7_`%<4SM:B[GC&`K%KD3.N
M29@YWT?9_C3H?[_^T/`?C7=\GV#[#>^'?+[^;]H\Z_WXQM\OR5SOW>8-FU_4
M**OZS)_$D_\`MU?FDG^(K'E__"Q_B%HO[C6OA%?ZI=-\ZS>#==L+VT"=`KO?
M26,HDR"2JQ,FTH0Y)94R_$W[6/@3P%H=SJOC&U\6^$;6RVK?RZGX0U0V]G(6
M";&NHK=[=_G8('BE>-R1L=P03[)575=*LM=TN\TW4K.WU#3KR%[>YL[J)989
MXG4J\;HP(964D$$8()!JHU:$I+VE/3^ZVG_Y-S?D%GT9Y+X9_:?T7XEZ';:U
M\-O"GBWXC:/-NSJ&F:<FG6ZX8I\LFIRVBS_,DBGR#)L,9#["5W:G]G_&'Q-S
M=ZMX2\!6K?N9;72K:?7+O8?O3PWDWV6**3!(5)+2=%9`S>8&,:]EX$\">'_A
MCX0TKPMX6TJWT70-+A$%I8VP.V-<DDDDDLS,2S.Q+,S,S$DDG>ISK4H3?U>&
ME]'+5V\_LW]%_F"3ZGE__#._AK5_G\7W^O?$*:3_`(^HO$VJRS:?>8^YYNF1
M&.P.P!-N+8?,BR',F7/HVE:59:%I=GINFV=OI^G6<*6]M9VL2Q0P1(H5(T10
M`JJH```P``!5JBN>I6J55:<FUVZ+T6R^0TD@HHHK$84444`>=ZI_R$[O_KL_
M_H1JK5K5/^0G=_\`79__`$(U5K_+_-O^1CB/\<__`$IGVE/X%Z'HFE_\@RT_
MZXI_Z"*M55TO_D&6G_7%/_015JO]*\I_Y%V'_P`$/_24?'3^-^IE^)?^0)<_
M\!_]"%?.WQO_`&;?`?[0\&C1^-=,GOGTB4R6<MO=RP,BL\331G8P!600JC9&
MX*3L*-AA]$^)?^0)<_\``?\`T(5PM?RCXM9EC<GXLPN.RZM*E6A1CRS@W&2O
M.JG9JSU3:?=-IZ,]W`0C4H2C-75_\CBO`7P_\8_#,0VG@37+;7-&LK5;:V\+
M>*ML$-O;IM2&&VOK>$RQ+&I&6GBNWD$2+NC+-(>S_P"%Z6_A?Y/B+H%_\.HU
M^0ZUJ4L,^B2.O#LM]$Q6",L4$;7JVKRF1%5-^Y%W_!W_`"$Y?^N)_P#0EKL:
M_;/"C'SQO#<:N*BI2<YW:2BWKN[*S;>\FG)]6>;CH\M:T>R*NE:K9:[I=GJ6
MFWEOJ&G7D*7%M>6LJRPSQ.H9)$=20RLI!!!P0017E/C#X9WMU^T1X6\::=HD
M%[:P^%]<TS4;FXG55>6673FM8&!RVQA#<\JC*OS$C+#=M:K\`/!MSJEYJ^C6
M5QX+U^[F>[GU;PG<OIDUU<LQ83W21$17K*Y9@MVDR9=P5(D<-SOB'4/B[\/O
MLXCN=#^(.F#=R(CI&JK%'CKGS;:[N)%/86,0=?X5?]U^CYUF.$R;`5,PJ-N,
M+77NQ>LE'1SE&'7[4HWZ)NR?)3A*I)074\^L?@1K/C?P=X]D\1^#[K0Y=3F_
MM.U\/?VK:R/+?-ILVFW,'GQ#RS9/:O'!'O59%3<^V-PFWUKX):;XU\/0ZQH?
MB?2["UTNPE_XEVI6LH,NHL\T[33RJ&(#2#R9B=J8DGE0*5C667Y^\&_\%!$U
M_P",GB[X>ZUX+\7>&K_0XEE0'2'U*YE`V"3S;>SCF,:YD0I(K21R(P;>NY%;
MV[0?VE?#EQ9NUUIOCF602$`I\/M=(Q@?W;+'K7A8#/ZN-S&&6RP%>G*<%44I
M1@X.,HJ46ITYS3NFM%ML[,TE248<_,GT\_Q2/8JAO+2*_M)[6=2T,R-&X5BI
M*D8/(P1P>HYKS7_AHWPI_P!`GQY_X;S7_P#Y"H_X:-\*?]`GQY_X;S7_`/Y"
MK[CZIB/^?<ON9S<R[GD%S\$O%.D_LJ:K\/M-\$6]QJMY?^([>RMDN[:-+*WO
M-4NY+8N2<?99()D$RQ.)A$S*JE^%ZO4O@IJG@CQ1K'B#P;I+ZE<OY%X;;4+M
M6BGG:_N9V2%"Z?+;F_U&X6.5U#R3PH)(TB79'XW_`&T?#WA+P7K^N0>%_%UY
M-IFGW%ZEM<^%=8LXI6CC9PCSR66R)25P9&^50<G@5M_L^_M0:?\`M!?"S2?&
MFG:#>Z3'=[HIK.]W#RYD.V01R%`LT88$"1.#@@A75T7X7$<693A,O>:XF<X4
M%-0<I4JJ]YIR2LX)ZI/6UNE[Z'4J%24^1:O?=?YGJ%AKL^E>![;6O&#:?X?N
M;;3EO-8;[6#9V+K$'G/G.%'E(0_SL!\JY.*\2_9_^-_PZ\3_`!:^+VF:-X^\
M+ZMJ6L^+8KG3+.QUFVFFOHD\/Z4KR0(KDR*K03`LH(!BD!^Z<?15>5?!O_DH
MOQV_['.V_P#4>T:OKSG/*_B)^U;XN\&WGBW2(])\.1Z]I_CVP\.Z?!<W<A@D
MTR==)/G22,8\W#?VINVJ`L8#9\P0EY/8/A=\3+WQ;K&IZ/K(M+35;)6'V6*/
M;))LFD227Y994V`^7'M$C%9(Y@20!79S>$]#N?MGFZ-I\OVR]@U*YWVJ'S[J
M'RO)N'R/FEC^SP;7/S+Y,>"-BX?I_AG1](N%N+'2;&RG6-H5EM[9(V$;.9&0
M$`':7)8CH6)/6@#3HHHH`****`"BBB@`HHHH`J:MJUCH&E7NIZG>V^G:;90O
M<W5Y=RK%#!$BEGD=V("JJ@DL2``"37@OBS]I74?%#FU^%=MI]Y9#(E\6Z];W
M'V$-G*_9+8>6U^C*/]>LT4.)8WCDN,2(O8?M8_\`)K'QD_[$S6?_`$AFH_X9
M.^"'_1&_A_\`^$O8_P#QJ@#Q3S_B5_T6SQA_X+=!_P#E;1Y_Q*_Z+9XP_P#!
M;H/_`,K:]K_X9.^"'_1&_A__`.$O8_\`QJC_`(9.^"'_`$1OX?\`_A+V/_QJ
M@#YJ\??%+Q?\.;6W?4_C=XXN+V[WBSTVQT;0YKFZ90,[5&F850613+(4C0R)
MO==PJW^Q_P#&7XJ>+OCTV@>-_&5QKND77AS4-1CTN:WL6%K+#<Z=$C"X@L[9
MI"1<3DY15`=5VDIO;QKXB^"/#G@/]H7XN:;X9T#2_#NG0ZM8QQVFDV4=K$B?
MV182;0D:@`;Y96P!]Z1SU8Y]%_8\_P"3I[+_`+$S6/\`TNTF@#[_`****`"O
M*O$?_)T_P\_[$SQ+_P"EVA5ZK7E7B/\`Y.G^'G_8F>)?_2[0J`/5:***`/*O
MVL?^36/C)_V)FL_^D,U?`-??W[6/_)K'QD_[$S6?_2&:O@&@#[^_9._Y-8^#
M?_8F:-_Z0PUZK7E7[)W_`":Q\&_^Q,T;_P!(8:]5H`*\J_:Q_P"36/C)_P!B
M9K/_`*0S5ZK7E7[6/_)K'QD_[$S6?_2&:@#U6BBB@`KX`_;#_P"3I[W_`+$S
M1_\`TNU:OO\`KX`_;#_Y.GO?^Q,T?_TNU:@#J_V!_P#DJGQ7_P"P+X?_`/1^
MK5]J5\5_L#_\E4^*_P#V!?#_`/Z/U:OM2@`HHHH`_.K_`(*R_P#(T_!W_KRU
M[_T/3*^%*^Z_^"LO_(T_!W_KRU[_`-#TROA2OUWAG_D7KU9P5OC"N?\`'?\`
MR+4W_7:W_P#1Z5T%<_X[_P"1:F_Z[6__`*/2O>QO^ZU?\+_)F<?B1P.K?\@J
M]_ZXO_Z":_I>K^:'5O\`D%7O_7%__037]+U?D.;?'#T.ZGL%%%%>$:A1110`
M4444`?$_QR\4^*]1_;"\/:9I=A\7;#1[6]T*SFO-&T"_DT%PEV+F:47$.I0P
M-%+'.+>X:>VF\M86VC(KZ^U/QMX=T2[GM=1U[3+"Z@%N98+J\CC>,3NZ0%E9
M@1YCQR*F?O%&`R5-?$OQ\TK2-/\`V[?"40O='TW4+F;1-9N&U#0?"US-=F2Z
M>V6&":\-M?HP6Q!,D+7DN9E$:1&.-9/6?CI^RGJWQ-\;>*M:T2]TW1XM<TNS
ML9&\QXYI)19:[8SS2%8SDI%K$#Q\DLUJ$)C`5J`/HS3M>TS5[J_M;'4;2]N;
M"407D-O.LCVTA4,$D`)*-@@X.#@@UYS^S3_R3K5_^QS\6?\`J0ZC5#X8_!KQ
M#\/M>^(FIQ:U:&YULS#2I)UDNHH"^HZG?K+-#F(G:^J>4423YDMD.]2V%P_V
M1M-\<6OA?6I=>\0^']2T7_A)O%$:V>G:#/9W`NAK]Z))3,][*IB9A*5B\O<H
M=`9&*%G`/H"BBB@`HHHH`***SI?$.GPRO&]QM="58;&X(_"O,QV9X#+(QGCZ
M\*2EHG.48IORYFKEQA*>D5<T:*R_^$ETW_GY_P#'&_PK1BE6:))$.Y'`93Z@
MUE@<YRS,Y2A@,33JN.K4)QDTO/E;L.5.</BBT/K+\2_\@2Y_X#_Z$*U*R_$O
M_($N?^`_^A"O,XL_Y)[,?^O-7_TB1=#^-#U7YG"UJ>&O^0W;?\"_]!-9=:GA
MK_D-VW_`O_037^?_``G_`,E#EW_7ZE_Z7$^JK_P9^C_([JBBBO\`2L^."BBB
M@`HHHH`****`"BBB@`J*>ZAMMOG31Q;NF]@,_G4M<QXU_P"7/_@?_LM?'\79
MY4X;R2OFM*"G*GRZ/1/FG&/3UN=&'I*M44&]S=_M2R_Y^X/^_J_XU+!=0W.[
MR9HY=O78P./RKS:NG\%?\OG_``#_`-FK\?X1\5,;Q)G=#*JN&C"-3FU3;:Y8
M2EU]+'H8C`QHTW-2V.GHHHK^D#QSSO5/^0G=_P#79_\`T(U5JUJG_(3N_P#K
ML_\`Z$:JU_E_FW_(QQ'^.?\`Z4S[2G\"]#T32_\`D&6G_7%/_015JJNE_P#(
M,M/^N*?^@BK5?Z5Y3_R+L/\`X(?^DH^.G\;]3+\2_P#($N?^`_\`H0KA:[KQ
M+_R!+G_@/_H0KA:_C_QK_P"2AH?]>8_^EU#Z#+?X+]?T1N^#O^0G+_UQ/_H2
MUV-<=X._Y"<O_7$_^A+78U^U>$'_`"2\/\<_S1YN/_COT"N8\:_\N?\`P/\`
M]EKIZYCQK_RY_P#`_P#V6O6\4O\`DD,;_P!P_P#T[`C!?[Q'Y_DSF*['P=_R
M#)?^NQ_]!6N.KL?!W_(,E_Z['_T%:_FGP@_Y*B'^"?Y(]G'_`,!^INT445_=
M9\P>8T445_E4?<'H>K27T.E7LFF6]O>:DD+M:V]W<-!#+*%.Q'D5'**6P"P1
MR`20K8P?`/V?]6^(MQ\6OB]'K/A7PO8:;+XMB;4[BQ\2W-U-:RCP_I6Q((VT
M^,3J5$)+,\14R2`*WE@R?15>5?!O_DHOQV_['.V_]1[1J_U5/ASR+Q9;>.HO
M$WQ$T./5O'IU+5/$]ROA[7Q:W<FG:/92:9I+_:-EM&J3);S-/'#"?EE<3^:6
M/G2#U?X.WGB.T\0:CIFLVVLW-HT,DEGJ=ZDZ0B*.YD0(4F9W61B[N"TC,T(@
MSRM=[?\`C_PQI=Q-;WOB/2+.>&Z6QEBGOHD9+ADCD6%@6R)"DT+A3R5E0XPP
MS>TGQ#I6OQB33-3L]20QK*&M+A)04+,H;*D\%HY`#ZHP[&@#0HHHH`****`"
MBBB@`HHHH`\J_:Q_Y-8^,G_8F:S_`.D,U>JUY5^UC_R:Q\9/^Q,UG_TAFKU6
M@`HKXX\$?M"_$?QN-;N;+5+?3]6U6W\0OH>DZYI2+I\<>G:G]E,T,\3F9WBB
MVM+%,H\R25?+:-5>OH?]GKQ3JGCGX!?#3Q)K=U]MUK6/#.F:A?7/EK'YT\MK
M')(^U`%7+,3A0`,\`"@#X6^./_)S'QA_[#5C_P"F73:ZK]CS_DZ>R_[$S6/_
M`$NTFN5^./\`R<Q\8?\`L-6/_IETVNJ_8\_Y.GLO^Q,UC_TNTF@#[_HHHH`*
M\J\1_P#)T_P\_P"Q,\2_^EVA5ZK7E7B/_DZ?X>?]B9XE_P#2[0J`/"_VWKO4
M;/X@:'/>V<>I^&K;PCK%Q8Z9<_:U74-82>S:&WMWMW1H[YXA*L$@+,A,K*IP
M:F^`?B?P)XT_:L\1W'@_6[33KC1[;4;+5;";5Q<:IK]_+<0RS2RQ;R1;V95H
M8F/>1U0+&B[_`+#HH`\J_:Q_Y-8^,G_8F:S_`.D,U?`-??W[6/\`R:Q\9/\`
ML3-9_P#2&:O@&@#[^_9._P"36/@W_P!B9HW_`*0PUZK7E7[)W_)K'P;_`.Q,
MT;_TAAKU6@`KRK]K'_DUCXR?]B9K/_I#-7JM>5?M8_\`)K'QD_[$S6?_`$AF
MH`]5HKXJ_P"'K7PW_P"A#^('_@-IG_R=1_P]:^&__0A_$#_P&TS_`.3J]'^S
M<;_SXG_X"_\`(CGCW/M6O@#]L/\`Y.GO?^Q,T?\`]+M6KJO^'K7PW_Z$/X@?
M^`VF?_)U?%G[7_[8Z_%CXP2ZYX&TS5?#23>'M.T^6?7(K8W,9ANKZ0F-(Y)H
MR&%PHW,<C:PV\JP7]GXM-<U*2OW32^]ASQ[GV=^P#=P7/Q8^+\<4T<LEOI/A
MZ.9$<$QN9=58*P'0[65L'LP/<5]M5^9G_!&IWEUGXUR22/++)'HDCR2,6=V+
MZD69F/)))))/)))-?IG7+5INE-P?0I.ZN%%%%8C/SJ_X*R_\C3\'?^O+7O\`
MT/3*^=Q^SJMKX"\&>)]2\8Z/I\/B'5ET^9=PECTR)H$G$D\BMP_ER*QBQD!E
MR020/HC_`(*R_P#(T_!W_KRU[_T/3*^8/"7Q;TS1O`V@>%-9\,?V]I>F^)W\
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M%`!1110!\I_%3]HKQ_X<_:5LO!F@:O\`"2'PY'>Z-:W&F:UXB7_A([PW4ZK<
MB"W\Z/RI(X7218V1_,5D*&1G,*?0WBKXE>&O!.L:)I>MZHEA?ZU+Y-C"T;MY
MC>;#""2JD(IEN;>/<Y"EYXDSN=0<2?X%^%9?'5YXOC?Q!8ZU>WL.H78T_P`3
MZG:V=S/%%%"CRV<5PMO)^[@A0AHR'5`&##-9'QR^!4GQCN=`N8/$#:#<Z09&
MBE6U,S+(9K>:.=,2)^]AEM8Y$$GF0[PK20R%$V@'9^#OB+X?\??:?[#O9+O[
M.D<K>9:RP;HI-WERIYB+YD;['VR)E6VG!.*X_P#9I_Y)UJ__`&.?BS_U(=1J
M'X6_L_6WP[TB\TZYUB74()/#FG>$K>2Q$VGSPZ;8K<K;CS4F+B<"[ES-&8SG
M:5"D`US7[(WPTTCPMX7UK5[*\\037;>)O%%@8]1\1ZC?6_EIK]ZJL()YWB$I
M$2[I@OF,2Y9B9'+`'T!1110`4444`%>=ZI_R$[O_`*[/_P"A&O1*\[U3_D)W
M?_79_P#T(U_-7CA_R+L%_CE_Z2>QEOQR]"K7HFE_\@RT_P"N*?\`H(KSNO1-
M+_Y!EI_UQ3_T$5\IX'_\C'&_X(_^E&^9?!'U+59?B7_D"7/_``'_`-"%:E9?
MB7_D"7/_``'_`-"%?TKQ9_R3V8_]>:O_`*1(\>A_&AZK\SA:U/#7_(;MO^!?
M^@FLNM3PU_R&[;_@7_H)K_/_`(3_`.2AR[_K]2_]+B?55_X,_1_D=U1117^E
M9\<<UXDU>[T^^CC@E\M#&&(V@\Y/J/:LK_A)=2_Y^?\`QQ?\*L^,?^0G%_UQ
M'_H35A5_!G&_$F=X3B/&T,/CJL(1FTE&I-)*RV2=D?48:C3E1BW%?<=_H=S)
M>:7!-,V^1MV6P!_$1VJ_67X:_P"0);?\"_\`0C6I7]G<,5JF(R+`5JTG*4J-
M-MMW;;A%MMO5MO5MGSM9)59)=V%%%>8U\?QUQU_J5]6_V;VWMN?[?+;EY?[L
MKWYO*UCHPN%^LWUM8].HKSO2_P#D)VG_`%V3_P!"%>B5U<#\9_ZYX>MB/J_L
MO9R2MS<U[J]_AC;\2<3A_J[2O>X5S'C7_ES_`.!_^RUT]<QXU_Y<_P#@?_LM
M<OBE_P`DAC?^X?\`Z=@5@O\`>(_/\F<Q73^"O^7S_@'_`+-7,5T_@K_E\_X!
M_P"S5_*GA;_R5^"_[B?^FIGN8W_=Y?+\T=/1117^@!\J>=ZI_P`A.[_Z[/\`
M^A&JM6M4_P"0G=_]=G_]"-5:_P`O\V_Y&.(_QS_]*9]I3^!>AZ)I?_(,M/\`
MKBG_`*"*M55TO_D&6G_7%/\`T$5:K_2O*?\`D78?_!#_`-)1\=/XWZF7XE_Y
M`ES_`,!_]"%<+7=>)?\`D"7/_`?_`$(5PM?Q_P"-?_)0T/\`KS'_`-+J'T&6
M_P`%^OZ(W?!W_(3E_P"N)_\`0EKL:X[P=_R$Y?\`KB?_`$):[&OVKP@_Y)>'
M^.?YH\W'_P`=^@5S'C7_`)<_^!_^RUT]<QXU_P"7/_@?_LM>MXI?\DAC?^X?
M_IV!&"_WB/S_`"9S%=CX._Y!DO\`UV/_`*"M<=78^#O^09+_`-=C_P"@K7\T
M^$'_`"5$/\$_R1[./_@/U-VBBBO[K/F#S&BBBO\`*H^X/0]6LIM1TJ]M+>_N
M-+N)X7BCOK18VFMF92!(@D1T+*3D!T9<@94C(/@'[/\`X`UW2?BU\7KNZ^)7
MBC6K>Q\6Q17%C?6VE+#J+-X?THB2<PV4;JRB1`!"\:XACW*Q,A?Z*KRKX-_\
ME%^.W_8YVW_J/:-7^JI\.>>:Q^RQJDGB[XC7VDRZ5IND^+[C58S;6T\EL;>+
M4;/18KB\VI%@W:SZ9<RK@C)G#%PQ8#TWX:?#[Q!X*\2:E/<W5DVC7Z2RO;+/
M+<SQSF=C&!-*N]D\H@MN;_6O*P`#5S.B?M.+K)U^8>%;U+#1M4-M/<H\CXL!
M/>1?VAM$63"PLFD5DWHRRH!)N#JOK'@_7V\4>&M/U.6&&UGN(@TUM!<K<+!)
M_%$9%`#,IRIQW!%`&S1110`4444`%%%%`!1110!Y5^UC_P`FL?&3_L3-9_\`
M2&:O5:\J_:Q_Y-8^,G_8F:S_`.D,U>JT`<+HWP/\#>']>U76=/\`#T%KJ.II
M<QSRI)(0JW#A[@1(6VP^:ZAY/+"[V`9LGFND\)^%M+\#>%=&\-Z):_8M%T>R
MAT^QMO,:3R8(D$<:;G)9L*H&6))QR2:UJ*`/S6^./_)S'QA_[#5C_P"F73:Z
MK]CS_DZ>R_[$S6/_`$NTFN5^./\`R<Q\8?\`L-6/_IETVK/[#GCG3O$W[9&I
MZ/8K*\NB>$-3BN+CY##([WFEDJA#$DH596R!A@1S@T[-[`?I!1112`*\J\1_
M\G3_``\_[$SQ+_Z7:%7JM?GU_P`%2O$FM^%_&GP@NM!U[6/#MX^GZ]$]UHFI
M3V,S(9-+)0R0NK%20IVDXRH.,@5U8;#RQ=:-"#UEIKL2WRJ[/T%HK\*O^%P?
M$C_HJ/Q`_P#"PU/_`./T?\+@^)'_`$5'X@?^%AJ?_P`?KZG_`%4QO\\/O?\`
M\B8^WB?L!^UC_P`FL?&3_L3-9_\`2&:OR\^*7QGTGP!:7-G;S1ZAXC*,L5C$
M5D^SR%-R/<#<I1,LG&=S`DJ#@D>3^-_BIX_U'P7K]K>_$?QQ?6<^GW$4UK=^
M*M0FAF1HV#(\;3%74@D%6!!!(((KQUW>622221Y99&,CR2,6=V)RS,QY))))
M)Y)))KDGD57#5%'$25K7TO\`JD4JJ:T/W]_9._Y-8^#?_8F:-_Z0PUZK7E7[
M)W_)K'P;_P"Q,T;_`-(8:]5KY<V"O*OVL?\`DUCXR?\`8F:S_P"D,U>JUY5^
MUC_R:Q\9/^Q,UG_TAFH`_%2BBM^3X>^*8HM&D?PUK"1ZT573':PE`ORV-H@.
MW]X3D8VYSFOZ&E*,?B=CRC`K@/&'_(TO_P!>4/\`Z'+7H=U:S6-S-;7,,EO<
M0N8Y(I5*NC`X*L#R"",$&O//&'_(TO\`]>4/_H<M>/FNM!>OZ,TAN?H7_P`$
M9O\`D*_&?_KCH?\`Z%J-?II7YE_\$9O^0K\9_P#KCH?_`*%J-?II7X]C?]XG
MZG?'8****XBC\ZO^"LO_`"-/P=_Z\M>_]#TROA2ONO\`X*R_\C3\'?\`KRU[
M_P!#TROA2OUWAG_D7KU9P5OC"N?\=_\`(M3?]=K?_P!'I705S_CO_D6IO^NU
MO_Z/2O>QO^ZU?\+_`"9G'XD<#JW_`""KW_KB_P#Z":_I>K^:'5O^05>_]<7_
M`/037]+U?D.;?'#T.ZGL%%%%>$:A1110`4444`%8/BGQQH_@P6O]JSSHUR2(
MX[6SFNGV@J&=EB1BJ*77<[`*NX9(S6]7E'QK^`\7Q?U'2=1CU<:+J6GZ??Z9
M%>?9?/EMX[MK=GFMSO7RKF-K2)HY3O"G.4:@#LO!WQ%\/^/OM/\`8=[)=_9T
MCE;S+66#=%)N\N5/,1?,C?8^V1,JVTX)Q7'_`+-/_).M7_['/Q9_ZD.HU#\+
M?V?K;X=Z1>:=<ZQ+J$$GAS3O"5O)8B;3YX=-L5N5MQYJ3%Q.!=RYFC,9SM*A
M2`:YK]D;X::1X6\+ZUJ]E>>()KMO$WBBP,>H^(]1OK?RTU^]56$$\[Q"4B)=
MTP7S&)<LQ,CE@#VKQ)?3Z?8QR0/Y;F0*3@'C!]?I7-_\)+J7_/S_`..+_A6[
MXQ_Y!D7_`%V'_H+5QU?QEXIY_F^7\1SH8/&5*<.2#M&<HJ[79-(^BP-*G.C>
M44_D=CX8U.YU'[3]HD\S9MV_*!C.<]![5NUS'@K_`)?/^`?^S5T]?T%X;XO$
M8[A;"8C%U)5*DN>\I-R;M4FE=N[=DDO0\G&14:\E%66GY!7G>J?\A.[_`.NS
M_P#H1KT2O.]4_P"0G=_]=G_]"-?FOCA_R+L%_CE_Z2=F6_'+T*M>B:7_`,@R
MT_ZXI_Z"*\[KT32_^09:?]<4_P#017RG@?\`\C'&_P""/_I1OF7P1]2U67XE
M_P"0)<_\!_\`0A6I67XE_P"0)<_\!_\`0A7]*\6?\D]F/_7FK_Z1(\>A_&AZ
MK\SA:U/#7_(;MO\`@7_H)K+K4\-?\ANV_P"!?^@FO\_^$_\`DH<N_P"OU+_T
MN)]57_@S]'^1W5%%%?Z5GQQQWC'_`)"<7_7$?^A-6%6[XQ_Y"<7_`%Q'_H35
MA5_G5Q__`,E1C_\`&_R1]=A?X$?0[KPU_P`@2V_X%_Z$:U*R_#7_`"!+;_@7
M_H1K4K^ZN$_^2>R[_KS2_P#2(GS%?^-/U?YA7F->G5YC7\_^.G_,M_[B_P#N
M(]7+/M_+]2UI?_(3M/\`KLG_`*$*]$KSO2_^0G:?]=D_]"%>B5ZW@?\`\B[&
M_P"./_I)&9?''T"N8\:_\N?_``/_`-EKIZYCQK_RY_\``_\`V6OT#Q2_Y)#&
M_P#</_T[`Y,%_O$?G^3.8KI_!7_+Y_P#_P!FKF*Z?P5_R^?\`_\`9J_E3PM_
MY*_!?]Q/_34SW,;_`+O+Y?FCIZ***_T`/E3SO5/^0G=_]=G_`/0C56K6J?\`
M(3N_^NS_`/H1JK7^7^;?\C'$?XY_^E,^TI_`O0]$TO\`Y!EI_P!<4_\`015J
MJNE_\@RT_P"N*?\`H(JU7^E>4_\`(NP_^"'_`*2CXZ?QOU,OQ+_R!+G_`(#_
M`.A"N%KNO$O_`"!+G_@/_H0KA:_C_P`:_P#DH:'_`%YC_P"EU#Z#+?X+]?T1
MN^#O^0G+_P!<3_Z$M=C7'>#O^0G+_P!<3_Z$M=C7[5X0?\DO#_'/\T>;C_X[
M]`KF/&O_`"Y_\#_]EKIZYCQK_P`N?_`__9:];Q2_Y)#&_P#</_T[`C!?[Q'Y
M_DSF*['P=_R#)?\`KL?_`$%:XZNQ\'?\@R7_`*['_P!!6OYI\(/^2HA_@G^2
M/9Q_\!^INT445_=9\P>8T445_E4?<'H>K:38Z_I5[IFIV5OJ.FWL+VUU9W<2
MRPSQ.I5XW1@0RLI(*D$$$@UX!^S_`/!#X=>&/BU\7M3T;P#X7TG4M&\6Q6VF
M7ECHUM#-8Q/X?TIGC@=4!C5FGF)52`3+(3]XY]_U:]FT[2KV[M["XU2X@A>6
M.QM&C6:Y95)$:&1T0,Q&`7=5R1E@,D>`?L_^/]=U;XM?%ZTNOAKXHT6WOO%L
M4MQ?7USI30Z<R^']*`CG$-[([,PC0@PI(N)H]S*1($_U5/ASUC1?A!X1\/)<
MI8Z3Y0N%M8WWW,TA$5M*\UM"I=SLAC>20K$N$&]AMP2*V/"O@_2/!.G/8Z-:
MFTM7<2,C3/*20BH.78G`1$4#.`%```%?.?P\^-?COQ=H6HWXN674[%]-OKO2
M[Q;<QHUQ/>0/I22PQG9.)H88V1]S(K1N9?WI5/=/A+XOB\9^";*[&H2ZK=0!
M;>[O)H$A,LP169@B?*H.X':.5SM;#JP`!V5%%%`!1110`4444`%%%%`'E7[6
M/_)K'QD_[$S6?_2&:OC_`/X>RZW_`-$=T_\`\*]__E?7V!^UC_R:Q\9/^Q,U
MG_TAFK\5*^OX?RS#YC[7VZ?N\MK.V]_\C"K-PM8^Z_\`A[+K?_1'=/\`_"O?
M_P"5]'_#V76_^B.Z?_X5[_\`ROKR'PA^R+:^-]/\*7VD^-'OK75WFCN'M]$E
M)0Q6<ES(;57=3=*K((6("8D=5P:\4^(?A>W\%^,M2T6UGU&XAM&11)JVFMIU
MSDHK,'MV9C&021RQR`#QG`^BHY+E%>;IT^9M>JZVZKN8NI46K*GQ\_:=\0_%
MGXC^-M5M-/\`^$-&M:E;W=S%8:B\\R^786D"QK.(XB%_<;R0H)W!?NJ=_M/_
M``2+18_VI-:55"JO@N]`4#``^W:?7QMK?_(RZQ_UV3_T1'7V5_P2._Y.GUS_
M`+$R^_\`2[3Z^;QV&I86A5A36S:\])6-HMR:;/U_HHHKY(W"OSJ_X*R_\C3\
M'?\`KRU[_P!#TROT5K\ZO^"LO_(T_!W_`*\M>_\`0],KV<F_Y&%'U,ZGP,^(
M=%T/4?$FJ6^FZ1I]UJFHW#;8;.RA:::4XSA44$DX!/`[5:D\'Z]#X;B\0R:)
MJ*:!+(88]5:TD%J[@D%1+C:3D$8!SQ7T;^PKXZ\`^`/&GVWQ!K`T3Q)=7<=M
M;WMY`AM(K/:6E!E=U$+.P52YW84$`?/D=#\:_%?@76/V=X+70?%5M<Q6FAZ/
MIMC;PZC)#>7MQ;SNLXN=/\UDC383,K;2=[XWL,8_4ZN8588KV"INUXJ]GUO?
M[O\`,XE!.-[GQ+XL_P"16UG_`*\IO_0#7`UWWBS_`)%;6?\`KRF_]`-<#7!F
MW\>/I^K*AL?O]^R=_P`FL?!O_L3-&_\`2&&O5:\J_9._Y-8^#?\`V)FC?^D,
M->JU^1'>%>5?M8_\FL?&3_L3-9_](9J]5KRK]K'_`)-8^,G_`&)FL_\`I#-0
M!^*E?H7XP^./AC3?B'X.U_PYXKT>WM=4\5Z:@BCU3[2EOI+10+<33PRNR64J
M>68=RK&?*:3/4L?STHK]UQF`AC)1<WM=>M[?Y'FQERG0_$6ZAOOB#XGN;::.
MXMYM4NI(Y8F#(ZF5B&4C@@@Y!%>/^,/^1I?_`*\H?_0Y:[^N`\8?\C2__7E#
M_P"ARUS9G'DPT8]FOR8X;GZ%_P#!&;_D*_&?_KCH?_H6HU^FE?F7_P`$9O\`
MD*_&?_KCH?\`Z%J-?II7Y!C?]XGZG?'8****XBC\ZO\`@K+_`,C3\'?^O+7O
M_0],KX4K[K_X*R_\C3\'?^O+7O\`T/3*^%*_7>&?^1>O5G!6^,*Y_P`=_P#(
MM3?]=K?_`-'I705S_CO_`)%J;_KM;_\`H]*][&_[K5_PO\F9Q^)'`ZM_R"KW
M_KB__H)K^EZOYG]:FCBTJZWNJ;HG5=QQDE3@#WK^F"OR'-G[\?0[H;!1117A
M&H4444`%%%%`!7GWQ>^+UK\*(?#2M8/JM[KFN:=I$=M%*(S#'<WMO:O<N<'Y
M(S<Q\`<L\:Y7=N'H-<OXX^&'A/XDQ62>)]`L=:^Q7,%W;/<Q`R0R0S1SQE7&
M&`\R)"5SM8#:P9200#F/@S\;8_BYG_B61Z;Y^AZ7XELO+NFG\W3]0^T?9F?,
M:;)/]%EW1C<%X^8YJ']FG_DG6K_]CGXL_P#4AU&NDT+X0^$/#FD:II5IHD4N
MEZI:BPN[&^DDNX)+4*ZK;;)F=5@"R2`0J`@#L`O)KS#]D;X3^!_!_A?6M;T'
MP;X?T36F\3>*--;4=.TN"WN#:QZ_>I';F1$#>4JPQ*J9V@1(`,*,`'L?C'_D
M&1?]=A_Z"U<=78^,?^09%_UV'_H+5QU?PIXO_P#)43_P0_)GTV7_`,#YG3^"
MO^7S_@'_`+-73US'@K_E\_X!_P"S5T]?TMX6_P#)(8+_`+B?^G9GCXW_`'B7
MR_)!7G>J?\A.[_Z[/_Z$:]$KSO5/^0G=_P#79_\`T(U^?^.'_(NP7^.7_I)U
M9;\<O0JUZ)I?_(,M/^N*?^@BO.Z]$TO_`)!EI_UQ3_T$5\IX'_\`(QQO^"/_
M`*4;YE\$?4M5E^)?^0)<_P#`?_0A6I67XE_Y`ES_`,!_]"%?TKQ9_P`D]F/_
M`%YJ_P#I$CQZ'\:'JOS.%K4\-?\`(;MO^!?^@FLNM3PU_P`ANV_X%_Z":_S_
M`.$_^2AR[_K]2_\`2XGU5?\`@S]'^1W5%%%?Z5GQQQWC'_D)Q?\`7$?^A-6%
M6[XQ_P"0G%_UQ'_H35A5_G5Q_P#\E1C_`/&_R1]=A?X$?0[KPU_R!+;_`(%_
MZ$:U*R_#7_($MO\`@7_H1K4K^ZN$_P#DGLN_Z\TO_2(GS%?^-/U?YA7F->G5
MYC7\_P#CI_S+?^XO_N(]7+/M_+]2UI?_`"$[3_KLG_H0KT2O.]+_`.0G:?\`
M79/_`$(5Z)7K>!__`"+L;_CC_P"DD9E\<?0*YCQK_P`N?_`__9:Z>N8\:_\`
M+G_P/_V6OT#Q2_Y)#&_]P_\`T[`Y,%_O$?G^3.8KI_!7_+Y_P#_V:N8KI_!7
M_+Y_P#_V:OY4\+?^2OP7_<3_`--3/<QO^[R^7YHZ>BBBO]`#Y4\[U3_D)W?_
M`%V?_P!"-5:M:I_R$[O_`*[/_P"A&JM?Y?YM_P`C'$?XY_\`I3/M*?P+T/1-
M+_Y!EI_UQ3_T$5:JKI?_`"#+3_KBG_H(JU7^E>4_\B[#_P""'_I*/CI_&_4R
M_$O_`"!+G_@/_H0KA:[KQ+_R!+G_`(#_`.A"N%K^/_&O_DH:'_7F/_I=0^@R
MW^"_7]$;O@[_`)"<O_7$_P#H2UV-<=X._P"0G+_UQ/\`Z$M=C7[5X0?\DO#_
M`!S_`#1YN/\`X[]`KF/&O_+G_P`#_P#9:Z>N8\:_\N?_``/_`-EKUO%+_DD,
M;_W#_P#3L",%_O$?G^3.8KL?!W_(,E_Z['_T%:XZNQ\'?\@R7_KL?_05K^:?
M"#_DJ(?X)_DCV<?_``'ZF[1117]UGS!YC1117^51]P>G5Y5\&_\`DHOQV_['
M.V_]1[1J]*U:.^FTJ]CTRXM[/4GA=;6XN[=IX8I2IV.\:NA=0V"5#H2`0&7.
M1X!^S_I/Q%M_BU\7I-9\5>%[_38O%L2ZG;V/AJYM9KJ4^']*V/!(VH2"!0IA
M!5DE+&.0AE\P"/\`U5/ASZ*HKYK\(?!OQV+3XCOXB'D:YJ'C2U\0Z3J.GZ@D
MJ.YTRQM6FV2)D00O'*5B;#D0A1D!'?V+X2V6J:5X)LM,U71(M`:P"VL%K#,L
MH,2HN&)#-DY+#);+;=Y"EBJ@'94444`%%%%`!1110`4444`>5?M8_P#)K'QD
M_P"Q,UG_`-(9J_%2OVK_`&L?^36/C)_V)FL_^D,U?DK_`,,Y?%O_`*)WJ'_@
MSTW_`.2J^WX9QN'PGMO;S4;\MK^5SFK1<K6.]TO]I[2-)\+Z=X>MO`/V32A<
MM>ZA#9Z]<P&2=K5K<M:E1FW!WLY0^:I8\@X&/-_C!\3)/BQXQ_MHV']F6\-G
M;:?;6S3FXD2&")8T\R9@&E<A<ER,DFL[Q5\%OBUX7LX;N7X=3BWDFBM@T^LV
M"LTLCK'&BJDSEBS,!_\`6R:VU_9S^+FT9^'=^#W`U333_P"W5?44<?D]*JYT
MZBYO-RZ^NABXU&M4?.VM_P#(RZQ_UV3_`-$1U]D_\$C74_M4ZZNX;AX+O25S
MR`;[3\?R/Y5\TZA\)/$,'CGQ):^(K=?#$.G7$7]H-=7,+R0J;6*3Y3&SQYV,
MI+%L*'!^8AE'Z0?\$\/V1_$GPG\:WGQ"UO2#X6L9M!?2++3]0A7^U-0\^:"X
M>[N"K9B4""-5AD59`SRADB"*&^&S/'4JOM*=)WO)N_2W-<Z81:LV?>U%%%?,
MFP5^=7_!67_D:?@[_P!>6O?^AZ97Z*U\9?MU_"73OC+\6?A3HNIZGJ6E00:)
MXAO%FTMH1(S+/I";3YL<B[<2$\#.0.>H/H9?B(X3%4Z\UI%WTW(DN:+2/S,H
MKWSXP?LI:?X!D\*#2-:\57MMJ>NZ?IM]?75SIXCM89[J*$[4%J&>0B0[?X5P
M2V<!6P?A[^SQI/BSQQI]C>^)?$46C:W_`&U_9I@EL_M$/]FWJ6K>:3:E7\W?
MO&T+LQM^;.:_1?\`6O!?R3^Y?_)'+["1X9XL_P"16UG_`*\IO_0#7#6-C>:Q
M>_8=,M6O]0*&1;:-E4[1_$Q)`5>V3QD@<D@'[B^+W[%GACPK\)O&NM6_BSQ5
M<SZ;HE[>1PW$ED8Y&C@=PK[;56VDK@X(..A'6N(^&7PBUGQ3J">#_ASH,EWJ
MDS!C*\<TEI9-)NVSWUQSY4>(W(+MO<0LD0=@$KY[,\]IXJ2EAXM:6UMY]FS6
M%)K<_4[]D[_DUCX-_P#8F:-_Z0PUZK7*?"?P+_PJ_P"%G@WP;]N_M/\`X1W1
M;+2/MOE>5]H^SP)%YFS<VW=LSMW'&<9/6NKKXLZ`KRK]K'_DUCXR?]B9K/\`
MZ0S5ZK7E7[6/_)K'QD_[$S6?_2&:@#\5**^[?^&-?A)_T+VH?^%#J7_R17SY
M%\*OA]X2C^(7_":Z;9Z7J%GK5EI.EPR>*M0BL;:6XL(9PK3R3H75-\CLS8+!
M&V@9"U^F_P"ME#_GT_O1Q^P?<\5KA/$UM/?>,TM;6%[FZGM84BAC'S.V^8X'
M;H"23@``DD`$U]P_LZ_LV_"WXC_!/P?XAO[&ZU?4[RPC:^N8?$-\`;@#$@*Q
MW`56#9!4`8/&!7`_%KX9^$OA#\8]2M]"L_[,L%\.65U++>7DMP8]UQ>B0^;.
M[,JD0QD@$+\@.,\UYN/XDABJ/)3IM._4N-%Q=VSW[_@DCX2D\'>(?B[:SW'V
MBZGL=!N)BI_=HY?4UVIGG:`HY/4Y.!G`_1JOD;]@?X'>,?AM_P`)=XM\4V$6
MCVWBJQTQ-/TR9W%_"EN]ZQ:YB*`0EQ<H5CW,X'$@C<%!]<U\-*3G)RENSI"B
MBBI`^$O^"D/PQU_XK_$3X2:1X<;35OH=*U^Z<ZI<R01^6)M*4X9(I"6RZ\8`
MQGGC!^1M=_95\>>%K1+K6=9\!:1;/(L2S7_B"X@1G8X50S6@!))P!U-?HE^T
M;_R7WX9?]BSXC_\`2K1:\*_:+UG^S--T>VM?#-_K.JZ@T]G'J=KHEQJ<>DP.
M@$\SI"CDL1M54.-Q/]U6->OALVQN#I^RH5+1]$_S1G*G&3NT?,4O[*OCR#6;
M71Y-9\!1ZM=1-/!8-X@N!/-&OWG2/[)N91W(&!6!\6_V5/B!X1\#W&IZQ<>&
MHM.2\L89)+&_N+B93+=PQ*5C:WC#89U)!=>,\]J^@['P1?V7B/3=-TK3M8:W
MN-2\/ZCI.I7FFR#[+IEI;PI/#/+(`T4I"3`I)AR;@X!^;'=?M:?\D,U3_L)Z
M/_Z=+6NBIGN8U8.$ZNC5GI'K\A*E!:V/AC4/A_IO@WX=^)9(@;G4I-(N4GO9
M,Y?]VQ(5<D(N<<#KM7<6(S7[WU^-WA;X+^*_VA+C5_!?@VUMYM0GT^3[5?7\
MK0V6GQ2*Z))/(J.078,J(JLSE6P`B2O'^R->%*3D^:3NS4****D`HHHH`***
M*`"N#^)?B[Q!X8U?PA;Z%!IU[_:FJ16=S9W(?[1)$SIYKQ%2%010?:)F9MP)
MA2,#,H9.\K'UCP;H'B'5M+U35=#TW4]3TIF;3[V\M(Y9K,L49C$[`F,DQQD[
M2,E%]!0!Y9\&?CM>>,M(N]5\5'3]&TM?"FD^,?MS1FT@L;6]6[9H)WDE==\"
MVA+R91<.#M7%97[(WQ8\#^,/"^M:)H/C+P_K>M+XF\4:DVG:=JD%Q<"UDU^]
M>.X,:.6\IEFB97QM(E0@X89]KT+PIHGA?[7_`&-H]AI'VN4SW'V&U2'SI#U=
M]H&YO<\UY_\`LT_\DZU?_L<_%G_J0ZC0!W'C'_D&1?\`78?^@M7'5V/C'_D&
M1?\`78?^@M7'5_"GB_\`\E1/_!#\F?39?_`^9T_@K_E\_P"`?^S5T]<QX*_Y
M?/\`@'_LU=/7]+>%O_)(8+_N)_Z=F>/C?]XE\OR05YWJG_(3N_\`KL__`*$:
M]$KSO5/^0G=_]=G_`/0C7Y_XX?\`(NP7^.7_`*2=66_'+T*M>B:7_P`@RT_Z
MXI_Z"*\[KT32_P#D&6G_`%Q3_P!!%?*>!_\`R,<;_@C_`.E&^9?!'U+59?B7
M_D"7/_`?_0A6I67XE_Y`ES_P'_T(5_2O%G_)/9C_`->:O_I$CQZ'\:'JOS.%
MK4\-?\ANV_X%_P"@FLNM3PU_R&[;_@7_`*":_P`_^$_^2AR[_K]2_P#2XGU5
M?^#/T?Y'=4445_I6?'''>,?^0G%_UQ'_`*$U85;OC'_D)Q?]<1_Z$U85?YU<
M?_\`)48__&_R1]=A?X$?0[KPU_R!+;_@7_H1K4K+\-?\@2V_X%_Z$:U*_NKA
M/_DGLN_Z\TO_`$B)\Q7_`(T_5_F%>8UZ=7F-?S_XZ?\`,M_[B_\`N(]7+/M_
M+]2UI?\`R$[3_KLG_H0KT2O.]+_Y"=I_UV3_`-"%>B5ZW@?_`,B[&_XX_P#I
M)&9?''T"N8\:_P#+G_P/_P!EKIZYCQK_`,N?_`__`&6OT#Q2_P"20QO_`'#_
M`/3L#DP7^\1^?Y,YBNG\%?\`+Y_P#_V:N8KI_!7_`"^?\`_]FK^5/"W_`)*_
M!?\`<3_TU,]S&_[O+Y?FCIZ***_T`/E3SO5/^0G=_P#79_\`T(U5JUJG_(3N
M_P#KL_\`Z$:JU_E_FW_(QQ'^.?\`Z4S[2G\"]#T32_\`D&6G_7%/_015JJNE
M_P#(,M/^N*?^@BK5?Z5Y3_R+L/\`X(?^DH^.G\;]3+\2_P#($N?^`_\`H0KA
M:[KQ+_R!+G_@/_H0KA:_C_QK_P"2AH?]>8_^EU#Z#+?X+]?T1N^#O^0G+_UQ
M/_H2UV-<=X._Y"<O_7$_^A+78U^U>$'_`"2\/\<_S1YN/_COT"N8\:_\N?\`
MP/\`]EKIZYCQK_RY_P#`_P#V6O6\4O\`DD,;_P!P_P#T[`C!?[Q'Y_DSF*['
MP=_R#)?^NQ_]!6N.KL?!W_(,E_Z['_T%:_FGP@_Y*B'^"?Y(]G'_`,!^INT4
M45_=9\P>8T445_E4?<'IU>5?!O\`Y*+\=O\`L<[;_P!1[1J]*U;3(=:TJ]T^
MX>XCM[N%[>1[2YDMIE5E*DI+&RO&V#PZ,&4X(((!KP#]G_X0Z%X>^+7Q>U"U
MO_%$MQI7BV*WMTOO%FJW<+J_A_2F)GBFN62X;,SX>9790(PI`CC"_P"JI\.=
MU-^T'H.G:K+I^KZ7K&A7$;618ZE#%&JPW370AF8B0A%_T*<LK[74;=R#<*]`
M\/:P/$.A6&J+:75@EY`DZVUZ@2:-6&0'4$[6P1D9R.AYKA_"7P-TSPKI/B*P
M?6]8UK_A(;\:AJ=UJ;6[7%T^\%T>2.%"T;(JP;&R%A18TV*`*Z;P-X)M?`.C
M-IMG>7M["TIE#WTBNRDJHP-JJ,?+D\99F9F)9B2`=%1110`4444`%%%>:?$?
MX!^%?BUX_P##&O\`B_1]'\3:;H>F:C8QZ+K>EQ7L+2W4MDXN!YF0C1K9NGW2
M2)SR,$,`>ET5Y5_PR=\$/^B-_#__`,)>Q_\`C5'_``R=\$/^B-_#_P#\)>Q_
M^-4`=K\0O!5C\2O`'B7PAJ<MQ!INOZ9<Z5=2VC*LR13Q-$[(65@&"N2"01G&
M0>E>0?\`#)4__18_B!_WXT+_`.5E=5_PR=\$/^B-_#__`,)>Q_\`C5'_``R=
M\$/^B-_#_P#\)>Q_^-4`>:^)OV(KGQ'JOANX;XS^-Q:Z3?F_DAFM-'9Y&$$L
M<>QDL452K2!OWB2J0"`H;:Z]!_PR5/\`]%C^('_?C0O_`)65U7_#)WP0_P"B
M-_#_`/\`"7L?_C5'_#)WP0_Z(W\/_P#PE['_`.-4`<?X!_8?\!>#?B)<>.=5
MU#7O'7B5[N&_AN/$=Q!Y-O<11+$DJV]K#!"[!8X2ID1]C0HZ;'RQ^A:\J_X9
M.^"'_1&_A_\`^$O8_P#QJC_AD[X(?]$;^'__`(2]C_\`&J`/5:*\*^'O[%7P
M>\&^`/#6@:G\-?`_B34M*TRVL;K6KOPM9^=?RQ1*CW#[D8[I&4N<LQRQR3UK
MH/\`AD[X(?\`1&_A_P#^$O8__&J`/5:\O^+OP&M/BUK_`(>UL^*O$'A34]%M
M;RSAGT+[&WFPW+V[RK(MU;3K]ZTB(*A2/FY.:B_X9.^"'_1&_A__`.$O8_\`
MQJC_`(9.^"'_`$1OX?\`_A+V/_QJ@#@/$7[$5GXKMK2WU7XM?$"ZAM+RWU"%
M=FBIMG@D66)\KIHSM=5.#P<8((XK*T/_`()]:!X<U>WU/3OBE\08+VW^W>2Y
M;2'6/[9.L]SM1M.*C?*JMP.,8&!Q7JG_``R=\$/^B-_#_P#\)>Q_^-4?\,G?
M!#_HC?P__P#"7L?_`(U0!POB']BNW\5Z!J>B:K\7/B!=:9J5K+9W4'EZ(GF0
MR(4==RZ:&&58C(((SP:];^$7PB\.?!/P7;>&O#5LZ6R,9[F\N"'N;ZX8`/<3
MN``TC!5'`"JJHB*B(BKSW_#)WP0_Z(W\/_\`PE['_P"-4?\`#)WP0_Z(W\/_
M`/PE['_XU0!ZK17A5[^Q5\'KKQ_HVOQ_#7P/!IMCIE]8SZ*OA:S\FZEGEM'C
MN&^3&Z);:5%RI.+E\%>0W0?\,G?!#_HC?P__`/"7L?\`XU0!ZK7/_$+P58_$
MKP!XE\(:G+<0:;K^F7.E74MHRK,D4\31.R%E8!@KD@D$9QD'I7%?\,G?!#_H
MC?P__P#"7L?_`(U1_P`,G?!#_HC?P_\`_"7L?_C5`'*_\,E3_P#18_B!_P!^
M-"_^5E8UA^PUIVFZIK.HP?%7QZ+S6+B.ZOI'BT1Q+*D*0HVUM-(7$<:+\H`X
MSU))]#_X9.^"'_1&_A__`.$O8_\`QJC_`(9.^"'_`$1OX?\`_A+V/_QJ@#S[
MPG^P_8^!_#FGZ#H?Q8\?V.DZ?"L%M;A-%?8BC`&YM-+'ZDDUI>$_V*?".A_%
M2R^(&N^(O$?CO7+&"*&TB\1&Q%M`\4CR03"*VM80TD;2RLA?<%9@^-\<;)U_
M_#)WP0_Z(W\/_P#PE['_`.-4?\,G?!#_`*(W\/\`_P`)>Q_^-4`>JT5Y5_PR
M=\$/^B-_#_\`\)>Q_P#C5<_\/?V*O@]X-\`>&M`U/X:^!_$FI:5IEM8W6M7?
MA:S\Z_EBB5'N'W(QW2,I<Y9CECDGK0![K17E7_#)WP0_Z(W\/_\`PE['_P"-
M4?\`#)WP0_Z(W\/_`/PE['_XU0!+\7?@-:?%K7_#VMGQ5X@\*:GHMK>6<,^A
M?8V\V&Y>W>59%NK:=?O6D1!4*1\W)S7(?\,E3_\`18_B!_WXT+_Y65U7_#)W
MP0_Z(W\/_P#PE['_`.-4?\,G?!#_`*(W\/\`_P`)>Q_^-4`<K_PR5/\`]%C^
M('_?C0O_`)65C^+?V'+#QUH4NC:Y\6/B!>Z;++#,\.W18\O%*DL9W)IH/#QH
M>O.,'()%>A?\,G?!#_HC?P__`/"7L?\`XU1_PR=\$/\`HC?P_P#_``E['_XU
M0!UWP\^&7A7X3>'4T/PAH-EH&F!A+)%:1X:XEV*AFF<Y>:5E1-TLA9VV@LQ/
M-=/7E7_#)WP0_P"B-_#_`/\`"7L?_C5'A?\`9M\#_#_XIZ7XR\&^&_#_`(.^
MS:+?Z1=V6A:-!9_;?M$]E*DDCQ!<^5]C<!2ISY[$%<$,`>JT444`%%%%`!11
M10`4444`>*?!GXYZIXWTB[U+7[#9;?\`"*:3XOB72]-G:6*"^6[;[&8E:5YY
MXA:<B-06,BA4R0#Q7[/G[0?A?2?`>JP3Z5XX=W\6^)[@&V\`Z[.NV37;^106
MCLF`8*X#(3N1@R,%964?1>A>%-$\+_:_[&T>PTC[7*9[C[#:I#YTAZN^T#<W
MN>:M:9I-CHML]OI]E;V%N\TURT5M$L:M++(TLLA"@`L\CN[-U9F8G))-`'C_
M`(D_:(\,:A8QQP:)\0)'$@8C_A77B`<8/K8^]<W_`,+QT/\`Z%_X@?\`AO-?
M_P#D*O9/B'\2-+^&>GZ3=ZI!>W":GJ]AHL"V-N92LUW<QVT;2'A4C#RJ69B.
M.!N8JK<='^TQX9?2[.__`+/U5(-5M(;[0MXMP=;AEN;>UB:US-C#2WEHH\TQ
M_P#'Q&3@'-?D_$?AKE'%&/>8XRK4C-I*T7%*R]82?XG=1QE2A'DBD9/AC]H/
MPUIWVG[1H?Q`CW[=O_%NO$!SC.>EC[TSQQ^U[X7\(Z+;7T'AWQQ>/+J>G:>8
M[GP/KMFH6YO8;9G$DECAF19BZQCYI658U^9UKM/#/QP\->,/$WA71=)%]=/X
ME\-2>*K"]^S%;5K)6M5`,A(S(?MD3;%S@9+;<IN[;4])L=:MDM]0LK>_MTFA
MN5BN8ED598I%EBD`8$!DD1'5NJLJD8(!K[C(,DP_#N6TLKPDI2IT[V<FF_>D
MY.]DENWTV.:K4=:;G+=GFO\`PTMX1_Z!'Q`_\-QXA_\`D&N,O_CKH,U]<R)H
M'Q`9'D9E/_"N]?Y!)_Z<J^B*\RO?CYHUCXGO?#;:-K;:_%=P6=IIY@B2343*
M+LH\!>15V[=/O'/F%#LAWXV/&S^/Q5PA@.+Z-*ACYSBJ;;7(XIW:MKS1D:4,
M1+#MN*W//?\`A>.A_P#0O_$#_P`-YK__`,A5V5A^TCX3AL;:-]&^("ND:JP_
MX5SXAX(`_P"G&G6O[3G@VZUS3M)"ZDMY=QREXUMA*]M.AO@;5TC9G:;.EZB-
ML:N,VK@D$H&[OX>^-;'XE>`/#7B_3(KB#3=?TRVU6UBNU59DBGB65%<*S`,%
M<`@$C.<$]:\_A7@/+.$*U6O@*E23J))\[BU9.^G+&)=?%3Q"2DEH>57O[7OA
M>T\?Z-X=7P[XX>WO],OM0>Z;P/KJ31M;RVD:HMN;'?(K"Z8M(ORQF-%;F9*T
M=<_:-\*WFESPPZ+\0'D;;A?^%<^(1_$#WL:]9DTFQFU6WU.2RMWU*VAEMH+Q
MHE,T44C1M)&KXRJNT,190<$QH3G:,5?%/B!/"V@7FJR6EQ?1VJ;VAMFC5RN1
MD[I'1%`&26=E4`$D\5]QF."IYG@JV!K-J-6,H-K>TDT[735[/2Z?H<T).$E)
M=#P7_A>.A_\`0O\`Q`_\-YK_`/\`(57M#^/7AZSU2":;0?B`D:[LM_PKOQ`?
MX2.UC78:9^T-X=U:6U>#3]8CTZ2XTZRN-1N;9((K&[OHH)+6VG21UE25A=6P
M*A#M:=%)!/%+PC^U#X.\;7GA.UTR'5))?$NI-IMFQME,<9_LPZI'+*ZN51);
M3RY$7/F'S5R@VR;/Q_+O"'(LLQM''4:U9RI2C-)RA:\6FKVIIVNM;->IWSQ]
M6<7%I:^O^99_X:6\(_\`0(^('_AN/$/_`,@US_P]_:]\+^-O`'AKQ%<>'?'%
MA<:OIEMJ$EK:>!]=OH86EB60HEQ'8[)E!;`D3Y7`##@BO=:J:3I-CH&E66F:
M996^G:;90I;6MG:1+%#!$BA4C1%`"JJ@`*````!7[@>:>(>)/C_X<U"^CD@T
M+X@2((PI/_"NO$`YR?6Q]ZRO^%XZ'_T+_P`0/_#>:_\`_(5>B_%[]H#PM\%=
M4\(Z;KPO9]1\4Z@=+TRVL(E=GG,;NBL690OF,BQ)SEGD48VAF6E<_M)^%M.U
MFQT?4;;4-.U>;4#IMS8W`@,EA)YEE&IFVRE=K/J>GA?++D_:HSC;N*_B^<>%
M&29UCZV8XBM54ZCNU&4$K^5X-_BST:>.J4XJ"2T_KN4M#_:-\*V>EP0S:+\0
M$D7=E?\`A7/B$_Q$]K&L[Q-^U[X7T#6O"=C%X=\<7":WJ;Z?+)-X'UVW:!5L
MKFYWQQO8YN&+6ZIY:?,%=Y/NQ-7IGPU^(FF?%/PJ/$&D07MO8F^OK`1ZA;F"
M;?:W<UK(3&>5!>!R`V&P1N56RHWKW2;'4;FPN+NRM[JXL)C<V<LT2NUM*8WB
M,D9(RC&.61-PP=LCCHQ!_6,NP5/+,%1P-%MQI1C!-[VBDE>R2O9:V2]#AG)S
MDY/J>:_\-+>$?^@1\0/_``W'B'_Y!KA?^%XZ'_T+_P`0/_#>:_\`_(5?1]>4
M0_M':#J/B;6O#NE:+K^KZYI6H75A)86]I''+*+>VL[B>>,32)F%1J%J@8X+M
M(-BLI5C\?Q9P3EW&/L/K\YQ]ES6Y'%?%RWOS1E_*K6MU.BAB9X>_*EJ<=8?'
M708;ZVD?0/B`J)(K,?\`A7>O\`$?].5=G_PTMX1_Z!'Q`_\`#<>(?_D&L/2?
MVP/`OB+PGK'B71(-7UO1M,A6]DN=.MDE$ED6NT:[0"3_`%2O87B8.'9H=J(Y
M>/?[C71PKPA@.$*-6A@)SDJC3?.XMW2MIRQB37Q$L0TY+8\*\,_M>^%]?UKQ
M98R^'?'%NFB:FFGQ20^!]=N&G5K*VN=\D:6.;=@UPR>6_P`Q5$D^[*M/\3_M
M!^&M1^S?9]#^($FS=N_XMUX@&,XQUL?:O9[+2;'3KF_N+2RM[6XOYA<WDL,2
MHUS*(TB$DA`R[".*--QR=L:#HH`Y_P")GQ%L?A9X3NO$6IV&HWVG6BO+<G38
M!*\$*1O))*P++\JHC'`)9CM5%9V53[&?Y)A^(LMJY7BY2C3J6NXM)^[)25KI
MK=+IL9TJCHS4X[H\;_X7CH?_`$+_`,0/_#>:_P#_`"%6[X8_:#\-:=]I^T:'
M\0(]^W;_`,6Z\0'.,YZ6/O6]K'[1_A7P]%J-[J45_9Z#9RZE;#7)$B-K<3V$
M<\EY#'B0R%XUM;KJ@!^SR8)VU:T#X\:+X@U;PW81Z7K%J^N7-WI\4T\$9BM[
MZV:Z6>TD=)&'F(;&Z!*;T&Q<N#)'O_/\@\+\FX=S*EFF$JU95*=[*4H->]%Q
M=[03V;Z[G75QM2M!PDE9_P!=SE/B%^U[X7\$^`/$OB*W\.^.+^XTC3+G4([6
M[\#Z[8PS-%$T@1[B2QV0J2N#(_RH"6/`-=!_PTMX1_Z!'Q`_\-QXA_\`D&O2
MM6TFQU_2KW3-3LK?4=-O87MKJSNXEEAGB=2KQNC`AE9205((()!JW7[`>>?.
M]_\`'709KZYD30/B`R/(S*?^%=Z_R"3_`-.50?\`"\=#_P"A?^('_AO-?_\`
MD*O2_%WQPT;P3X@O=(U/3=66>&"&:"6*!'CNWEN(+:*&,A\J[SW,4:"0('(D
MVEA%(5S9OVD/"]EKFGZ+?VVH:?K-QJ)TRXL;@0>982^991J9BLI7:SZGIX7R
MRY/VN,XV[BOX/B/!O(,36G7G6K7DVW:4+7;O_P`^SU%F%6*227X_YD%A^TCX
M3AL;:-]&^("ND:JP_P"%<^(>"`/^G&L>R_:]\+W?C_6?#K>'?'"6]AIECJ"7
M2^!]=>:1KB6[C9&MQ8[XU46JE9&^60R.J\PO7I?P_P#B'9_$.UU66UT_4M+G
MTR]^PW5IJD`AE20PQ3J<!F&#'/$V,Y4L4<*ZLJ[\>DV,.JW&IQV5NFI7,,5M
M/>+$HFEBC:1HXV?&65&FE*J3@&1R,;CG]PP]".&HPH0VBDE?>R5CS&[NYY-K
MG[1OA6\TN>&'1?B`\C;<+_PKGQ"/X@>]C7*?\+QT/_H7_B!_X;S7_P#Y"KV'
MXM?%#1?@O\.=?\:^(/M#:3HUH]W-%9QB2>4*,[(U)`+'H,D`=20`2.:U;]HW
MPKH*:A>:C%?66A6DVI6PUR58OLEQ/81S27D,>)-Y>-;6ZSE`#]GDP3MK\WXH
M\/,JXMQL,=CJE2,HQ4$H.*5DY/K"3O>3Z]M#LH8N="/+%(YCPW\?_#FGWTDD
M^A?$"-#&5!_X5UX@/.1Z6/M72_\`#2WA'_H$?$#_`,-QXA_^0:MZ!\>-%\0:
MMX;L(]+UBU?7+F[T^*:>",Q6]];-=+/:2.DC#S$-C=`E-Z#8N7!DCW^E5]1P
MYP[A>%\`LNP<I2@FW>33=WZ**_`QK595I\\MSPKX>_M>^%_&W@#PUXBN/#OC
MBPN-7TRVU"2UM/`^NWT,+2Q+(42XCL=DR@M@2)\K@!AP13_$_P"T'X:U'[-]
MGT/X@2;-V[_BW7B`8SC'6Q]J]GTG2;'0-*LM,TRRM].TVRA2VM;.TB6*&")%
M"I&B*`%55``4````"N-^)_QK\-_"&ZT.+Q$UW!#JK7F+R*W+6]JEM8W%[-)-
M)P$'E6LN!RS'HN`[+T9_DF'XBRVKE>+E*-.I:[BTG[LE)6NFMTNFQ-*HZ,U.
M.Z/+?^%XZ'_T+_Q`_P##>:__`/(5=)X;_:(\,:?8R1SZ)\0(W,A8#_A77B`\
M8'I8^U6_$_[3_AGP18W<GB/3-8T.]M5CFETR[2W^TK;/;75S]IPLQ7RUAL+U
MS\V[_1I%"EL*>S\,?$K3O%/C'Q+X8AM;RSU70%@EN4NE0*\4S3+%(A5VP&\B
M0[7VOMV,5"NA;X?ASPURCA?'K,<'5J2FDU:3BU9^D(O\3JK8RI6AR22L>;^)
MOVO?"^@:UX3L8O#OCBX36]3?3Y9)O`^NV[0*ME<W.^.-['-PQ:W5/+3Y@KO)
M]V)JZ#_AI;PC_P!`CX@?^&X\0_\`R#7I5[I-CJ-S87%W96]U<6$QN;.6:)7:
MVE,;Q&2,D91C'+(FX8.V1QT8@VZ_6#@/G#_A>.A_]"_\0/\`PWFO_P#R%1_P
MO'0_^A?^('_AO-?_`/D*NYL/VB=(U:[DTVQ\.^(KKQ!'-<QR:$+:&.\1((;6
M:24AY57:$OK3C=O#3JC*KAE6+3OVG/"&O7=Y!HJWFL^1IJ:I%+:F!8[F$PV<
M[[&DE4#RX=2L9&>38@6=2&.&"_S_`/\`$%.'O^?];_P*'_RL]7^TJO9?C_F3
M?\-+>$?^@1\0/_#<>(?_`)!KBOV?_B]H7B'XM?%[3[6P\417&J^+8KBW>^\)
MZK:0HJ>']*4B>6:V5+=LPOA)F1F!C*@B2,M[QX:UZW\5>'-*UJUBN8+74K2*
M\BBO(&@G1)$#JLD;`,C@,`5(R#D'I4]EI-CIUS?W%I96]K<7\PN;R6&)4:YE
M$:1"20@9=A'%&FXY.V-!T4`?T`>4>$:)\?\`Q9J5I]N70[2\M!IFD>(I5@B,
M4D-C?/?*;4;YL2W49M(D(7&7F`"=*]=^'GBC_A+O"=C?R7=G=WQC07AL%=84
MF**Y5`_S;<,I4G[RLK#AA5VQ\&Z!I8NA9:'IMH+NY%Y<""TC3SIQ)Y@E?`^9
MP_S[CSNYSFK6D:'IOA^U:VTO3[73;9G,AAM(5B0L>K84`9/K0!>HHHH`****
M`"BBB@`HHHH`\`_:+L;V_P!>M[#PYXD\3IX]U6P%GX=TO1;R:&STJ42,9=5O
M$C98Y(D!CRMSN5O(\N)2\K*W`>'/&^SP?\*O%R?$&^N/BIXEU>Q6^\,W.NM)
M#<QS7\<&JV2:<7\H"Q1YOWD4:R(;,%W8-*)/H[Q1\'?`/C?6UUGQ'X'\.:_J
MZP"U74-4TFWN;@0ABPC$CH6V!F)VYQDD]Z;?_!GP#JGB9/$=WX)\/3^(DF6X
M76&TR'[8)%96#>=MWYRB=^=H!XH`^6-#\:?9O#/PRUOQ=XV\56MAXG\(CQ'X
MGM+#5+LW,VJF6T2WL+6-',T!EFO+A%@MMA8VBICAL_4'P3TSQ'I/PSTF#Q5+
M=OK+/<3&&_N%N+FU@DN))+:VFF4L)9(8&BA>3<V]HV;<V<E=3^!?PVUO[7_:
M/P]\*W_VN\74+C[5HMM)YUTN_;.^Y#ND'FRX<_,/,?GYCGI_#_AW2?">D0:5
MH>F6>C:7;[O)LM/MT@@CW,6;:B`*,LS$X'))/>@#1HHHH`****`,GQ9;O=^%
M=9@CUA_#TDME,BZO'Y>ZQ)0@3CS`4RGWOF!7Y>017RYI-QK%U<Z;'I&N>+=-
M^$?BC7K'0H[W7=5O#J+PQV6H237D%U/(;FWCN[E=/MD)96.UGB"^>DA^K=8T
M;3_$6DWFEZK8VVIZ9>PM;W5E>0K+#/$PPR.C`AE()!!!!!KFM)^#/P_T#0]3
MT73/`OAK3M'U2%;>_P!/M-(MXK>[B4$*DL:H%D4!F`#`@;CZT`?-&E^++7Q/
M^T=J7PSTSQ]K.I?"^WT2ZU;^V+'Q)</-8ZQ$T<4VF-?))YS>5&QNC%+(Q!<@
MC:@5;_PD\7>(?$>K?`/QA<>)=0O9O&5OY?B!#JDK1)>QZ--)+IXTP!8;=$FB
M:4W`S,'C6)LK*"/>+3]GKX6V-G=V=M\./"<%C=SI=3V<>BVRP2S*'"RM&$VF
M0"1QOQNPV,XKIK7P/X<L?$<_B&VT#2[?7[A!%-JL5E&MU(@``5I0NXC``P3V
M%`&W1110`4444`%>/?M+G7[+P_X1U/1O$U[H-M:^,/#T5[:V*JK:C%/K-C;M
M#)*?F6+9+)N5,%\A6.S>C^PU4U/2;'6K9+?4+*WO[=)H;E8KF)9%66*198I`
M&!`9)$1U;JK*I&"`:`/B'XU_%_XM^#/V3_'GBC1((+@Z3XZOTL=637KE]3D2
M+Q=)%';"V%L08RJBV\OS\&'C&/W==_JMUIOAS7_$^C:AXZ\7S>`],T_P_KB-
MIVJ7MUJ.JW=S_:4;V4,Z.UR1)]GL9_)@9><C`CD<'Z4;PCH3:8=..BZ<=/-Y
M_:)M#:Q^4;K[1]I\_9C'F?:/WV_&[S/GSNYKG)_@5\-;K0X]%F^'OA6;1HKP
M:@FG2:);-;I<A=@G$93:)-OR[\9QQG%`!\$M,\2:1\,='M_%DMU)K3&>9HK^
M=9[BUADGDDM[:65682R0PM%"TFYM[1EMS;LGN:SO#_AW2?">D0:5H>F6>C:7
M;[O)LM/MT@@CW,6;:B`*,LS$X'))/>M&@`HHHH`****`/D.UU_XA^'OB,=)B
M\2S^+]63XN/8B+5+Y]-LY;5_!9O#:XACE$<$<K>8D>Q\O&C,6<M)4>E>(?%'
MC/XZ>,?"OC37+[PQHT5_JUZZZ%K]T(K.6WT;PXUO''=!8&\L+?7MP82BHS[V
M*MM)/U5_PB>A_P!H_P!H?V-I_P!O^V_VE]J^RIYOVK[/]E^T;L9\W[/^YWYW
M>7\F=O%4==^&GA#Q3#=0ZSX4T35XKN[6_N([_3H9UFN5B6%9G#*=T@B1(PYY
M"*JYP`*`/F_X:^*/$.O>+O@3XOG\0ZA*_BZWDMO$%J=7EFABO4TF6633_P"S
MAM@@2.:%Y#=`&;?&L1)27-?6E8EKX'\.6/B.?Q#;:!I=OK]P@BFU6*RC6ZD0
M``*TH7<1@`8)["MN@`HHHH`****`"BBB@`HHHH`****`"BBB@#G_`!QX*L?'
M^BVVF:A+<0V\&IZ=JJM;,JL9;.]AO(E)92-IDMT##&2I8`@X(\OB_9-\/Q7E
MN_\`PD?B&2RT^PBT_1;"1[9H=#2&ZM;J`V8\CY=DEC:?+)YBD01Y!P=WN%%`
M'$^'OA#H'A;4_!EWI@N;6/PEX?N/#6FV@<&$6DK61._*[BR_8(`I!`P7R#D$
M=M110`5Y?=_`.PO9]6NYO$VOMJ=[K!UNVU(&T6YTV<PR6^VW<6XP@MY6@`DW
MD)WW%F/J%%`'D'@7]F/PSX&US0-:74-4U;5](,TOVR_>$O>3O)?O]HGV1KF4
M?VKJ'*;5)N7)4D+M[_X>^"K'X:^`/#7A#3);B?3=`TRVTJUENV5IGB@B6)&<
MJJ@L50$D`#.<`=*Z"B@`K+\3Z%_PDNB7.FB_NM,\\`?:K+RS(N""1B1'1@0,
M$,K`@D8H_P"$ETW_`)^?_'&_PH_X273?^?G_`,<;_"OE/];.'O\`H8T?_!L/
M_DC?V%7^1_<SRP?LL^'K.30X]+UW7]*TG3+O2[V71XKB*6UU&:P2WCMI+GS(
MVDD<+9VOS!P<P(?[V[3\'?LX>%/`UOX8ATN6_1/#VL#6;0,\7SNNE/I444F(
MQNCCM'2-<8;]S&69CNW>@?\`"2Z;_P`_/_CC?X4?\)+IO_/S_P".-_A1_K9P
M]_T,:/\`X-A_\D'L*O\`(_N9J45G1>(=/FE2-+C<[D*HV-R3^%:->Q@<SP&9
MQE/`5X55'1N$HR2?GRMV,Y0E#XE8\L^*G[-_A#XN^)-"\0:N=1M-;T6\@OK2
M\L;K;B6".Y6V9HW#QDPO=R2H=N0X!R5+*V3H_P"RMX<L=6@U74M;USQ%JL6K
MMJ[W^J26[SW+;K%TBF985#(DFEV#*5"L/LT8+$;@W>^*/BWX&\#ZJNF>(_&?
MA[P_J30K<K9ZIJL%M,8F9E60([@[2R.`V,$HP[&D'Q>\"-XGB\-CQKX=/B*9
MTCCT@:K!]K=GB$R*(=^\EHR)``.5(8<'->F07?`_@JQ\`:+<Z9I\MQ-;SZGJ
M.JLURRLPEO+V:\E4%5`VB2X<*,9"A023DGH*XW7?C/\`#[PND3ZSXZ\-:0DT
MTMO&U]J]O"'EBF,$J#<XRR2JT;`<JZE3@C%49/VA/A9%<K;O\2_!Z7#-$HB;
M7K4.3(%:,8\S.7#H5]0ZXSD4`>@5Y1XA_9UTC6=?U_7[#Q%XA\->(=8NY;J3
M5M&G@2X@$EG8VLD,1DA<"-AIEI(003OCSG:=M>COXATJ/6K;1WU.S75[FW>[
M@T\SH+B6!&57E6/.YD5G0%@,`NH)Y%:%`'@WA+]CKPGX%\+6VA>']9UK1[2*
M2R8BT%H5>*VEN+B.W*26[J8OM5W/<$$%M[`;M@"5[S110`5ROQ$\`I\1=)L=
M/FUG4M&AMKZ&_8Z:(#]H,1+)'*)HI%:,/L?``):-><9!ZJB@#QCQ)^RQX:\5
M:O))?ZQK4GA^634YG\+^9!_9PEU"&XBNIE41>8LCB\NCN\P\SR<<C&]X2^!N
MG^#O$FE:O::_K-P;""\3[%<_96@GGN[F6YN[E\0!EEEFEW-Y;(O[M`%`W!O2
M:*`"BBB@#SGQ=\#-$\;^([K6]4U'59+M[=(+14FC":>RW%M<K+"#&<NL]G;R
MKYA<*RMM`#N&YS1_V5O#ECJT&JZEK>N>(M5BU=M7>_U22W>>Y;=8ND4S+"H9
M$DTNP92H5A]FC!8C<&]IHH`Y7X;>`4^&_APZ2FLZEKY>YENI+_5A!]HEDD;=
M(SF&*)6)<LV2N<L1G``'5444`<3\7_A!X?\`C=X)U#PQXC^VI9W5O<0+<:?=
M/!/`9H)('="/E+>7-(,.K*0Q!4@D'BM<_91\,>(+\)>:SKLWAPG4G;PQ+<1/
M8>9?P7$-U,,Q^;YKB[NB7,A),\F<Y&/:Z*`/-O"7P-T_P=XDTK5[37]9N#80
M7B?8KG[*T$\]W<RW-W<OB`,LLLTNYO+9%_=H`H&X-Z3110`5QOQ+^%&@_%FV
MTBU\0QRW%EIUQ<W'V1"HCN1/87=A)'*"IRAAO9N!@[@IS@$'LJ*`/"]3_9'\
M/>)9-:D\2>)O$GB>?5!#&]SJDMLTT4"6]Y;/;HR0*/*>'4;U"""P^T2%64[2
MO>>'_A/9:'X_OO%\NLZOJVISI<001W\T9BLX)F@:2&,)&K,NZVC*^:TC)\P4
M@,0>XHH`****`/'U_9NLX=`M+.#QMXJM=:MC>[/$]L]E'J96[>.2Y4NMJ(R'
MEABD/R9W(HSM`6H_#?[+GACPB@;1]0U/2[I=*ATJ.>U%N/*1(;*!V17A9<RQ
M:;91NKADVP#"J2Q/LE%`&3X2\,V7@KPKHWA[3?-&G:390V%MY\K2R>5$@1-S
MMRS;5&6/)/)K6HHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`\QH
MKI_^$*_Z?/\`R%_]>C_A"O\`I\_\A?\`UZ_S_P#^(6\7_P#0%_Y4I?\`R9]5
M]=P_\WX/_(YBBNG_`.$*_P"GS_R%_P#7H_X0K_I\_P#(7_UZ/^(6\7_]`7_E
M2E_\F'UW#_S?@_\`(PM+_P"0G:?]=D_]"%>B5SMKX1^S74,WVO=Y;A]OEXS@
MY]:Z*OZ0\*^&\UX;P6)I9K1]G*<DU[T9725OLM_B>1CJT*THN#N?.7CO5O$_
MA']I+Q+J>F27&F:;J'A+0[9;QO`^J>((;B6&\U=GC5[.1!$R+/&65R21*A&,
M<^:?$VW\;2>(OBG'I5GJ-SYGC/0_%>EZ,O@G4I/[<ELM/T:6.--1#>1:QR3V
M9A8NI,11RQQD#[8HK]P/,/FK_A$]<_X4-_9_]C:A]O\`^%L_VE]E^ROYOV7_
M`(3K[5]HVXSY7V?]]OQM\OY\[>:FNO$VG^#];^/VG>)/!/B?Q/:Z[KD<]MI5
MAX7O;ZWUBW?0=+MS&LRPFWPTD4L1+R*JE6WE0":^CZ*`/A?PSX'^*WAX>'/'
MM_X?GU"Y\"-HVC3$7%T-2OK.RLY+34C#8BU;SUEEO;R9"D@,OV:V9=P"9^Z*
M**`"BBB@`KC]?^*NB^&]6GTZ[LO$DUQ#MW/8>%]3O(3E0PVS0V[QMP1G:QP<
M@X((KL**N#@G[ZNO)V_1B//_`/A>/AS_`*!OC#_PBM9_^1*/^%X^'/\`H&^,
M/_"*UG_Y$KT"BMN:A_*__`E_\B&IY_\`\+Q\.?\`0-\8?^$5K/\`\B4?\+Q\
M.?\`0-\8?^$5K/\`\B5Z!11S4/Y7_P"!+_Y$-2OIU]'JFGVUY"LR0W$2S(MQ
M`\$@5@"`\;@.C8/*L`0>"`17D'QI^+]]X"^)'@WPY'XK\)>"M-UC2=5U"?5?
M%ENTJ-+:S:?''#'_`*5;@%EO)6.2Q_=C`')KV>N&\;_"P>+_`!=H7B:T\4:W
MX7UC2+&]TZ*;2%M'$L%U):R2JZW-O,,[K.$@J%(^;KGCG?D,\3^*?[2_B+P/
MKFJ6.G^+O`-S+8^$=*U_3+2ZM)!+XJN[J>^C^SV+"^`02?98%0@3[6N`QW#`
M/3?$KXQ>-M&\$_'C7=`FT"UD^&]Q<-;PZEIL]T+V&+0K/4=CE+F+:YEN9%WC
M("!1MR"3T'B[]FZR\;W.LRZKXS\32Q:]H%OX;URWC%@B:K9Q/=L!(1:[HV87
MTZEH#'P5Q@C-;^N_!30_$'AKXI:)<76H):?$3SO[5>*1`\'FZ;!I[>02A"_N
M;9&&\/\`.6/((4(#D8-?^+&I?$[Q#X,M?$W@VWETCP_INK&^F\+7<BS2W=SJ
M,6WRQJ2[51;%/XB27;D<"N1F_:MUVUM/!LMQH=B'BN;F'QJ+7S)X].2#5AH[
MO`^5.S[299M[H1Y%I-D`X(]8\3?!^76O'&I>*]*\;>(_"6IZCI5KI%RNCI82
M1O%;2W4D+XN;68APUY-R"`1MR..>2T[]C/X7P:7J]CJVBCQ6NHV*:<+GQ%'#
M>W-K"$</Y4SQ[PTDLL]P[EF8RSNV0-JJ`:7Q2^,>J?#_`.-?PQ\-)!I__",^
M(8-0?5KNY#>?`Z3Z?:V8A8.%&^YU")&#`D[AC!&#RG@W]JB\U&Q\=ZCJ?AFX
MU.RTKQ--INDG1#!"LNGBPLKN&>>>[N(H5>07>5&]=P*A5.UFKO/%'P#TGQCI
M^D1:IKNNS7^F>';KP[#JJS0K=,)WLI&O&(BV_:5DT^"16"A`Q;Y""`N+<_LJ
M>%O[<35K#4]7TFY2\-W&D'V6:*,'3[*Q\M4G@D50(M.MV$@`E5O,VR*DC(0"
M#P_^UKX9\4Z9JVK:7X?\1W6@V,>F^7JWV>W2&\N;^"QFLK2%6G$AFE74K<`,
MBJK;@S+\I:A??M;:/:0^'-3.B:]':ZH=2LCHK:="VH?;+;7;#1MI<701,7%Y
M]S#[T.[=&8_+EL0_LP6'@CX):[X*\(7EY=W=RVF75E<:Q>1Q/#=:?:6%M:2+
M*ENXC95TRVD#&&0"3+%&7Y*J^#?V4;6/PSX37Q9KE_?^(-$O[_4S<6<T>R66
MZ\06NN%9&,*^85FLK>,NJ1!E,I"(77RP#U/X=_$:W^(4.N(NDZEH.I:'J)TO
M4=,U40^?;S>3#<+\T,DD;*T-Q#("KGAP#A@RCK:Y_P`,^"K'PKK7BS4[26XD
MN/$NIIJMXLS*5CE6RMK,+&`H(7R[2,X))W,YS@@#H*`"BBB@`HHHH`****`"
MBBB@`HHHH`XKXG?$Y?AK'X<CC\.:QXJU+7]3.E6&FZ(;59GE%K<73,6N9X8U
M416LIR7SG``.:Y__`(7)XN_Z(3\0/_`[P]_\M:/C)_R47X$_]CG<_P#J/:S7
MJM`'E7_"Y/%W_1"?B!_X'>'O_EK70?#'XG+\2H_$<<GAS6/"NI:!J8TJ_P!-
MULVK3)*;6WNE8-;3S1LIBNHCD/G.00,5VM>5?!O_`)*+\=O^QSMO_4>T:@#U
M6BO*?VK]:U#PY^S)\5-5TF^N=+U.R\,ZA/;7ME,T,T$BV[E71U(96!`((((-
M'QLUK4-*\9_!6"ROKFSAU#QHUK>1V\S(MS#_`&-JDGER`'YTWQQOM.1N13U`
MH`]6HKY(^$OQ:\>#QCX%TCSXM8T/4)_'UUJ,FI:@_P!I*V.O^3;A"8G)$4<J
MQHF]5*N?N^4@?J_#G[4?B3Q!X'\)^(9O!_AK0G\3:9:ZQIUEJ_C#RY)K:6&-
MV"HEH\C2*7("B/81L)=&<HH!]&45X?X=_:4F^(FE:->^"/"_]L&X\-6'BO4;
M?4=0%G)9V=XLQMXTQ'(LL[-;S#82B`+DR#(!YC5OVR?[,^&&C>.#X>TA+*?P
MK;>+-0TN?Q(JZE';RV@N62U@2!S,5&4#3&W5BI(.!0!]+T5X]X]^+/COPSXR
MT32]%\&>'/$&GZW<1)I^_P`37%OJ+P[4-Q</;#3WC2.'>26,^"-@R'D5*]AH
M`****`.$^.'QATCX"?#'5_'.NV6H:CIFFO;1R6NEI&]Q(T]Q';H$$CHOWY5)
MRPX!^E?,O_#UKX;_`/0A_$#_`,!M,_\`DZO0/^"C?_)GOC3_`*_=&_\`3O9U
M^2E?89'D^'S.G.=:333MI;]4SGJ5'!Z'Z5_\/6OAO_T(?Q`_\!M,_P#DZH;O
M_@K)\,K&UFN9_`OQ`2&%&D=OLNFG"@9)P+[T%?FU65XL_P"16UG_`*\IO_0#
M7T%7A?!4Z<IJ<M$WNO\`Y$R5:39_0K1117Y>=H45XMX/T67XT3>(M=UK6/$>
MF#3_`!#J&F:98:9JMQIJ6L=I,UMO=(743^8T3RCS@Z[9$PHQSS^@?M)7WA;X
M>Z5JGB?2KG5[<:MJOA<ZO9LIEO=2M+^:RM5\H(J+]K,!P^Y465@F,,&H`^B:
M*^7/CC\:/&'A'4M6MM"T>&Q\8PV'@Z6Y6YU^5[!5U#7)K22WCC\AD5OE=&N%
MC#LDJG!,"*UWQ'^W)X-\+^(-9M[[6/!EKINA7DNG:I'=>,+>'5UGB<1S>18,
MFZ5$<2#+/&[;,JC9&0#Z6HKP_4OVC[[2M?\`%2S^$T/AOPYXMT_PG>:FFIYN
M&EO%T_R9DM_)P563445P9`0J[EWDE5U;3X]BZNH=3&CPKX'GU]_#$>MM?XN#
M?K>M8_\`'L8P/):Y0Q!Q*6)(.S:<T`>MT444`<_\0O&MC\-?`'B7Q?J<5Q/I
MN@:9<ZK=16BJTSQ01-*ZH&906*H0`2!G&2.M>0?\-:S_`/1'/B!_W_T+_P"6
M==5^UC_R:Q\9/^Q,UG_TAFKRR@#J?^&M9_\`HCGQ`_[_`.A?_+.C_AK6?_HC
MGQ`_[_Z%_P#+.N6HH`]X^$WQ,LOB]X&M?$]AINH:1#-=7EF]CJ@B%Q!-;74M
MK*K^5)(A_>0O@J[`C!SS785XK^Q[_P`D1'_8S>)O_3]?UJ?M(ZUJ&A>#/#4^
MFWUSI\TOC3PU:R26LS1,\,NLVD<L9*D91T9D93PRL0<@F@#U:BO'?B+KNI6/
M[0G@+3;;4+JWT^Y\)>);F>TBG98I98IM)$4C(#AF02R!6(ROF-C&XY\`^#W[
M2OQ#\+>&-,N]:L(O%V@V_@/X>R1>;K##4)[S59S:2W#E[<[W=V=FWS$?Z-$0
M<SR>4`?<-%>`_$O]IG5?A1HUY>Z[X<\/Q76CZ4VK:SI<7BD/>")(W=OL<0MB
MT_"$!IA;`D'!P":[.3XKZOK/BO5M,\)>&8/$-EH4D$.L3S:H+2XCEEMTN$BM
MXC&RRN(IH6/F20J!(,,2"*`/2Z*\/\2?M)MX6\>0Z1=Z3I#:0^LVF@O);Z\)
M]4BN;FY2WA=[..%HTB9I8VR]PL@5AF,'BH?#G[1VM>(=*^W#P;:6J:CX@O?#
M&@1RZW\^HWMK=WD,A<>1^YB$5E)-N&]N'4(=JLX![M17ANF_M'ZC<ZUK/AJ[
M\)0V?C"V\2Q^%['3QJIDM[RY.DIJ;RM.(08X5B,OS>6S$(IVAGV+Z/\`#SQV
M/&]IJT=Q:)IVM:+?MI>JV,5P+A(+D1QRX23:N]6CFB<$JIPXRJG(H`ZNBBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@#BOB=\,5^)4?AR2/Q'K'A74M`U,ZK8:EH@M6
MF24VMQ:LI6Y@FC93%=2C!3.<$$8KG_\`A3?B[_HNWQ`_\`?#W_RJKU6B@#RK
M_A3?B[_HNWQ`_P#`'P]_\JJZ#X8_#%?AK'XCDD\1ZQXJU+7]3&JW^I:V+59G
ME%K;VJJ%MH(8U416L0P$SG)).:[6B@"AK^A:?XHT+4=&U:TBO]+U&VDL[NTG
M7='-#(I1T8=PRD@CT-</X8^"%AH/B+3]7O\`Q#K_`(IETDN='@UVYBFCTLO$
M8F,.R)&9C&SIYDK2/MD<;L,:]'HH`\JTC]G3P_H-[X?N[#5-8M[G1KG6YHY!
M+"WGQ:K=&[N[>0-$1Y?G>6RE0KJ(4&\@OOCT/]G/2/"UGX6MM#\2>(M'70_#
M]GX8=[::WWZC86J,L*3LT)*L"[MO@\ILMUP`!ZS10!\X>(_@E??#ZQT+1?`>
MC^(I;&U\/V_AQ;_1M4L89IK>`3B&"_-RH80)YI*RVV9PTCX`!.;_`(=_9"T?
M3_ADG@VZ\2Z]#I-_X:M/#^NZ?I\\,<&HF&PBLA,7,)F1O*A4;8Y%0_Q(V37T
M!10!Y%J'[/\`?2^,]1\2Z7\4_&?A^[O;>"T,%E!H\T4,,2!5CC-SI\KHI.7*
MAL%F)],>NT44`%%%%`'"?'#X/:1\>_ACJ_@;7;W4-.TS4GMI)+K2WC2XC:"X
MCN$*&1'7[\2@Y4\$_6OF7_AU+\-_^A\^('_@3IG_`,@U]JT5U4<5B,.FJ-1Q
M3[-K\B7%/='Q5_PZE^&__0^?$#_P)TS_`.0:AN_^"3?PROK6:VG\=?$!X9D:
M-U^U::,J1@C(L?0U]MT5L\QQLE9UI?\`@3_S%R1[!1117GEG!:Q\)4N]:N]1
MT;Q3K_A/[?.+G4;71I+?R;Y]@3<PGAE,9*JH+0F-CM!)S574OV?_``;J]EHN
MG7MC)=Z-HUC-96&ESR;X8&E0QR7()!<W!1G7S2Q8"20CEV)]'HH`\AUS]FG1
M/$L%^VJ>(O$-[JEYI&CZ4^K236XN5;3+R6]M+L`0",SB>7>VY#&VQ08\;@VJ
M_P`$;9-2FDL_%?B32])N[EKV^T2QGMXK6\N&</)*S>3YT9=P69898U8NV5^8
MUZ310!YKJGP#\/ZO8^*[6:\U)8_$GB;3_%=V4EC!2ZLS8F)(\QG$1_LZ#<#E
MCNDPPRNV6U^!VC6?B$7L>HZF-%34&UB/PSNA&G1Z@TKS/=`"+S2YE=I-IE,>
M_P"8(&YKT6B@`HHHH`R?%GA;2_'/A76?#>MVOVW1=8LIM/OK;S&C\Z"5#'(F
MY"&7*L1E2",\$&O*_P#ACWX;>GC#_P`+W7O_`)-KVJB@#Q7_`(8]^&WIXP_\
M+W7O_DVC_ACWX;>GC#_PO=>_^3:]JHH`YSX??#[0OA;X4M?#?ANUFM-(MI9Y
MTCN+N:[D,DTSSRN\LSO([-)+(Q+,3EJL>,_!VE^/O#EUH>L0-/8W#1R'8Y1X
MY(Y%EBE1ARKI(B.K#E652.16W10!Y_X5^#EEX>U6ZU?4=>UKQ9KLMG+IT6JZ
MY)"TUK:R.'>"(0Q1HJEDC).TLWEIN9MHKC[?]D?PI9:7HNG6VLZ_;V6G:1X?
MT=XEFMS]MCT:[2ZL))2T)(D5U=6\LHK+,^5R$9/<**`/*_''[/&C>.Y_&"76
MO:]I^D^+[1K77=(T^>&."])MUMQ(7:)ID81(JX214./F5LG-_6_@CINLZA-/
M'K>M:7:7T44.L:?8RPI!K"1Q^6@G+1,ZG8`I:%XBP4*Q(&*]%HH`\?N_V9="
MN8FLT\0>(;71%\0P>*;;1H)X!;VVH)J']H/(I,)D=9)RQ:.1W0!OD"$*0>(O
MA''X0^&":1X:LM6UJ>RUR[U^W:UO+:'4H9[F[N+J5K5Y56`NK7,B*DV$9"5=
MCDD^P44`?/OPV_9_N[S3O%&L>)+O6=(\0ZUXA3Q%IMY-+:2ZMI$RZ9!8"1F1
M9+8S,L<VY55X0LVP*5%>Q>"_!=GX(TR>UMI[F^N+JX>\O=0O65KB\N&`#2R%
655<D*HPJJH"J```!7044`%%%%`'_V3\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>aug0803_6kx10x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx10x2.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"A`0P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`.67QWIS*&6SOB",CY8__
M`(NE_P"$ZL/^?*^_[YC_`/BZX.W_`./>+_<'\J?7<L-!JY-SU;2]0BU33X[R
M!)$CD+`+(`&&&*G."1U%6ZP_!G_(L6O^_+_Z,:MRN)JSL4%%%%(`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`/&[?\`X]XO]P?RI],M_P#CWB_W!_*GUZT=D9GHO@S_`)%BU_WY?_1C
M5N5A^#/^18M?]^7_`-&-6Y7E2W9H%%%%(`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/&[?_CWB_P!P
M?RI],M_^/>+_`'!_*GUZT=D9GHO@S_D6+7_?E_\`1C5N5A^#/^18M?\`?E_]
M&-6Y7E2W9H%%%%(`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`/&[?\`X]XO]P?RI],M_P#CWB_W!_*G
MUZT=D9GHO@S_`)%BU_WY?_1C5N5A^#/^18M?]^7_`-&-6Y7E2W9H%%%%(`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`/+],L;:72()I8[@R,51`)%42,2!A>">!R3^%6+G3;,6=[/;2
M2'[/)M4,P.0"@]!G)8\]L#UK*M+Z[CL884NIEB55(02$*#USCZ\T":58FB$C
MB-CDH&."?7%>G&,K)W(/0?!G_(L6O^_+_P"C&K<K#\&?\BQ:_P"_+_Z,:MRO
M-ENRPHHHI`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110!XW;_P#'O%_N#^5/IEO_`,>\7^X/Y4^O6CLC
M,]%\&?\`(L6O^_+_`.C&K<K#\&?\BQ:_[\O_`*,:MRO*ENS0****0!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%8NL>)K31[U;6>WN97,8DS
M$%(`)([L/[III-Z(#:HKE_\`A.K#_GROO^^8_P#XNKVC^)K36+UK6"WN8G$9
MDS*%`(!`[,?[PIN$EJT!M4445(!17+?$%0VD6@8`@W8X(_Z9O7">1#_SRC_[
MY%;TZ+J*Z8F['LE%>+SPQ""0B)`0IP=H]*]HJ:E-TW9@G<****R&>-V__'O%
M_N#^5/IEO_Q[Q?[@_E3Z]:.R,ST7P9_R+%K_`+\O_HQJW*P_!G_(L6O^_+_Z
M,:MRO*ENS0****0!1110`4444`%%4-3UFPTDQ"^F,9ESL`C9\XQG[H/J*I?\
M)?H?_/W)_P"`\O\`\332;`W**QH?%6C3SQPQW3F25PB`P2#))P!DKCJ:V:&F
MMP"BBBD`4444`%%<3HWB[4[V=5FMK>0.FX+$I3!XY+%B``,\XJ_<^(;M=,GN
M;<VCLC$HQ!P5\S:/EW9Z8.<XK3V4NPKG3T5B^%M6N=8L)YKM8E>.<QCRE(!&
MU3W)_O5M5#5G9C"O/_''_(Q)_P!>B?\`H<E>@5P7C)Q'XH@<YPMM&3C_`'WK
M6A_$0GL8KZ;?HK,]E<JJ#+$Q,`H]3Q6OX&_Y&%_^O1__`$..JM[J=O)]H:WC
M82SJ$:0HJ9&YF;@=_NCWP:M>!O\`D87_`.O1_P#T..NJJVZ;N);GH%%%%>>4
M<OX__P"03:?]?8_]%O7,)HETZV[;D'VC[H(;^[N].>!T&373^/\`_D$VG_7V
M/_1;US":S<(D2B.([``20?G`4H`>?[K$<8KMH<W)[O<EE#5+9[,W$$I!=$.<
M9[C/?GO7KU>0:G</=^=,ZJI*8PO0`+@#GV%>OU&)O=7!!1117*4>-V__`![Q
M?[@_E3Z9;_\`'O%_N#^5/KUH[(S/1?!G_(L6O^_+_P"C&K<K#\&?\BQ:_P"_
M+_Z,:MRO*ENS0*X7QI>7<.NI'!=W,*?9D;;%,R#)9^<`^PKNJX/Q@L3^*H%G
MD\N(VT8=\9VC>^:THI.:N)F'_:%__P!!&^_\"I/\:WO!=Y=S:Z\<]W<S)]F=
MMLLS.,ADYP3[FHI/[,\S4"AMMC6Z-%MP<'RSP,X.=VTY'/KWPG@;_D87_P"O
M1_\`T..NFHH^S;2ML);GH%%%%<)1Q?Q!_P"/C3?]R;^<=<S'9W4T?F16TSQD
M[=RH2,^F?6NF^(/_`!\:;_N3?SCK-TW5K:UM(XYHW=TWA3Y:G9N_B!)ST[=*
M[J+:IZ$O<S[*-XM9L8Y49'6[ARK#!'[Q>U>K5Y>)X[GQ%9RQ`A&NH,9`!X90
M3@=/I7J%8XCXE?L-!1117.,KW=_9V6S[9=P6^_.WS9`F['7&?J*K_P!NZ/\`
M]!6Q_P#`A/\`&K36R->Q71+;XXWC`[88J3_Z`/UJ:@#QRQOS:QHT%V87V!24
MDVGZ<5(^HM)&8Y+TNC,7*M+D%O7&>M>OT5TK$-=!6.,\$:II]KIETES?VL+-
M<E@))E4D;$&>3[&NC_MW1_\`H*V/_@0G^-:%0W5LEU$L<A8!9$D^7U1@P_51
M7/)W;8RK_;NC_P#05L?_``(3_&N'\97]G<ZZLEO=P2I]F1=T<@89W/QD?4?G
M7I%%5"7)+F!GC?GP_P#/6/\`[Z%;G@V_L[;76DN+N")/LSKNDD"C.Y.,GZ'\
MJ](HK6==SCRV$D9_]NZ/_P!!6Q_\"$_QH_MW1_\`H*V/_@0G^-:%0V=LEG90
M6L98I!&L:ENI`&!G\JYQG)>-]4T^ZTRU2VO[69EN0Q$<RL0-CC/!]Q7'>?#_
M`,]8_P#OH5[)16].LZ:LD)JYXO/-$8)`)4)*G`W#TKUC^W='_P"@K8_^!"?X
MUH45-2HZCNP2L9_]NZ/_`-!6Q_\``A/\:/[=T?\`Z"MC_P"!"?XU::V1KV*Z
M);?'&\8';#%2?_0!^M35D,\7@FB$$8,J`A1D%AZ5)Y\/_/6/_OH5[)174L2T
MK6)L<MX2U?3+?P[;13ZC:12!I,H\ZJ1F1B."?2MG^W='_P"@K8_^!"?XUH5#
M=6R742QR%@%D23Y?5&##]5%<S=W<HJ_V[H__`$%;'_P(3_&N'\97]G<ZZLEO
M=P2I]F1=T<@89W/QD?4?G7I%%5"7)+F!GC?GP_\`/6/_`+Z%;G@V_L[;76DN
M+N")/LSKNDD"C.Y.,GZ'\J](HK6==SCRV$D9_P#;NC_]!6Q_\"$_QH_MW1_^
M@K8_^!"?XUH5#9VR6=E!:QEBD$:QJ6ZD`8&?RKG&</XYU&QNI]/-M>V\P19=
MQCE5L9*8S@^Q_*N9\^'_`)ZQ_P#?0KV2BMZ==P5K":/(K"Y@34[)VGC55N8F
M8EP``'!)->F_V[H__05L?_`A/\:T**BI4=1W8)6*]I?V=[O^QW<%QLQN\J0/
MMSTSCZ&K%0K;(M[+=`MODC2,CMA2Q'_H9_2IJS&%%%%`&($O(Y;KS9+J2`7N
MXG!W&+R5(";<<!\#CT.>YJG%+?26\TDGVT/Y_P"XVI(,6^><C'W]N[KR3MKI
MZ*`*.E>:;9WF\Q2\A*QR;B8UXP,MR?7OR2`<`5>HHH`*R-6-TURL=D9UFVAA
M)AO+7&<#I@ECP<]!SP<9UZ*`.>GEN#,L5HM\(A&IG,JR9(\R/.T^NTR9V^WM
M3].:Z>^@1_MBJA=F>4/M9#N$:<C&=NUF)YR,<Y(&]10`4444`5K\_P"CX_?#
M)QF(,2/3.WG&?2N>>75(M%B"I>?VNVT`N&:,=/O$?+]TG)_O9]JZJB@#`B\]
MIHT1K]8S<`Q,XDXC`C+;\C/+;E&>Q)[5OT44`%-8D*2HW$#@>M.HH`YZU:_$
M]R;]+PP^>S83.<^7&0%VG.S.\<=\9YS45M+?R0222_;%D^T?N/DDXMPW.X8^
M_MW=1G.VNFHH`H:.96M&DF$J&1RRQ2EBT8P,+EN3ZGKR2`<`5?HHH`*S-76]
M\ZT>RDDW;W4H!\G^JDP6]MP7VK3HH`YV260W]O%"-1%HO_'T9%EW'Y3MVGK]
MXC.WVJ?1S>_:(/M0N-QMOW_F9P)05Z=CGYL;<8P<YR,;=%`!1110!GZSO-F$
MB:X21VVJ\`8[20?F.!T'7W(`[UGZE+>QI(ML+K^T'D?RFVN80O\`#G'RCY2/
M^!5T%%`'/.;G['.(?MW^LS;;O,W8V)D-GD'=OQN^7UXKH:**`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
5HHH`****`"BBB@`HHHH`****`/_9
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>aug0803_6kx11x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx11x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`$5`C,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BLV[T#3
M+VY>XN;;?*^-S>8PS@8['VJ'_A%M&_Y\_P#R*_\`C5VCW_#_`((&Q16/_P`(
MMHW_`#Y_^17_`,:/^$6T;_GS_P#(K_XT6AW?W?\`!`V*SY]3\FUU2;R<_P!G
M[N-W^LQ$LGIQ]['?I5V&)((8X8EVQQJ%49S@`8%9]UI<D[7:)<*EO>C]^AC+
M,?E"':V1C*@#H:@"66^F\^9+:V$RVY`E._#9(!PHP<G!!Y(ZBJ]UJUQ!]OD2
MTB>"R<*[&8AF&Q7)"[2.C<#/.*-0T8W@ND2:-(KL@RAXMY#;0NY#D;3M`&<'
M&,U.FD6GVRYNIX(9I)I5D5GB!*815`!/NN?QH`2'5$EU:6PV8V*=KY^^0%+#
M'MO7\SZ4ZUU%;K4;JU2,A;=4829X?<6!P/8H1^=5HM"6/R)1<R?:4E,KR;GV
MN6SO`3=A<@G'IQUQ4UAH\&GWDDUNT@1H4A6-I&8*%+'N3_>'TP?4T`:-%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%9K?VT&.PZ>5SP2'!(^E5&/-U+A#FZI&E169_Q//^H=_P"/T?\`$\_Z
MAW_C]7[+S1?L?[R^\TZ*SHO[9\U/-^P>7N&[;OSCOCWK1J)1Y>I$X<O6YCP:
M_`]S-#/&T0BS\X#..)9(\G`^4?N\Y/\`>]JM/JUE'(8VE((;;GRV(SD`@'&"
M03SZ<YZ&J1T&3-VHO%\F[5HY4,7.UI)'.#NX.)2,X[9^DKZ(LI,4\P>T\R65
M8MF#ND#!LMGD?._&!U'I4D%J;4[2'=OD;*N4(6-F.0`3@`<@`C)Z4V35[&+S
M-TQVQ(9'949E`"[C\P&,[2#CKBJDFA,T-MMO'6>%9`TGS`2&0AF.%8'J.!G`
MJK?^'9/LMQ]DE'%HT,<:IM9_W1159L@%><\C(/?'%`&L-5M#&7#OPP7;Y3[R
M2,C"XR>,]!V/I5BVN(KN!9H&W(V0"0000<$$'D$$$8-9\VDSS.TKWB^<Q0-B
M,A&1=V%(#9ZN3G/7'&.*LZ79?V?9"W\P28=WR%VCYG+8QD],XH`N4444`%%%
M%`!5::^MX+@02.1(0#@*3C)(&2!@9((&>IZ59K/NX+N;4;<A(7LX\,P,I5MX
M/!QM(('!`R.?H*`);74K:Z\[RS*OD@&3S87BVY&?X@/2I+6[AO(C)`S%0=I#
M(5(/N"`>A!^A%46TZ5M.N;23:S7SS">53C:K!@IZ<D#8OX>U3V=K,([HW>U9
M+E]S"&1L*-BIPW!'"YXQC/XT`7J*R=(MEBO]2Q+<N(IQ$@EN))`JF*-NC,1U
M)YZ\UK4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%9.KVRRW^FYEN4$LYB<17$D891
M%(W16`Z@<]>*`+]W=V]C;/<74JQ0H,L['`I3<PB[6U+CSV0R!.^T$`G\R*@U
M&R-SHUS91$;G@:*-I&+8)4J"2<GOUY-5?[-O(]<?44F@E4PR(J,I5N=FU=V3
MQE.N.,G@YX`+1U2U'G?-+B$X9O)?:3G&%.,,<\8&3FE35+.1XD64[I1E08V&
M.2,-Q\IR",'!R".U9QTB[$LS1,B)YAE6/SW*R-YJR`D$83HP.W.=V>V*6/1[
MGS%+M%ME=)9L.Q*,LS2@+D<@EL9..!T]`#<HHHH`****`"BBB@`HHK.O)+A=
M0@C@G)+;280@P%S\[,3STP!C'/KV`-&BL"PU.ZN-&N[G<_VC[*+B))510NY"
M5P0<;<@_>Y&#GM5_3KAS:SAOM4T]NY5TF$8DSM#`#;A>01CGOS0`:;_Q_:M_
MU]K_`.B(JT*Q]%N)9=0U0/93P`W`8M(4(!\J(;3M8\]_3'?/%;%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`4=4OWT^%IA;&6*.-I)&WA0H'8>I/8>W6FV^IBYU&6U2+Y8^"Q
M<!LX!^[UQSC/J#3=6TZXOY+<Q74<4<+;S')"9%=NQ.&'3KCU^E,_L=EO9+J.
MYVNS-(H*9"R%`F3SR,`';Z]ZM<MM=Q#I=59-7-BJ0;50.S//M<YSG:F#G``[
MCK5%=5&H:AI*F`Q%I%N$RV=R/#-CZ'CD?K5^ZTMKJY1Y;@&(,KL@C`)9>F&[
M#U'-95I9)!?:;(LSS".X^R(S(%^6*&8>O)R6!/&=O`Q@E^[R@=/15;4+Z'3K
M*2ZN-YCC!)"*6)_`4&^A&I+89)G:)IN!P%!`Y]_F_0UF,LT5FMK$2O(OD3G:
M2L9`7$I#A"%Y_O,!\V.OIS2IK$#O&IBF7<0KE@N(F+E`K<]2RD<9''N*`-&B
MBB@`HHHH`****`"J\EE:2W*7,MK"\\8PDK1@LOT/4=35BB@"L-/LQC;:PK\Y
MDPJ`98@@D^I(8_G4D$$-M$(K>*.&,=$C4*!^`J6B@#/TW_C^U;_K[7_T1%6A
M6?IO_']JW_7VO_HB*M"@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`**CFE6&,NP)Y``'4DG`'XDBJ^RZNT82,UHAR`L9!DQZEN0/H/SJE&^K+C&
MZN]$.DN9<G[-;^>J-ASO"\YY"YX)'?D>F<YP[[9;B+S'F6-=VT^9\A!ZX(.,
M''-3*JHH5%"JHP`!@`4TP1-,LQB0RJ,!RHW`?7\33O'L.\.J(/M\88#R;G:0
M?G\A\9],8SW],>]'VE[EC%;I+&,`M+)&5`]@&')_#`_0VZ*+QZ(.:/1%1`UI
M,%>1Y(I3]^0Y*OP,>P/X`'CN!5NF21K*A1QE3^'X^Q]ZK1I>2#RIV5$7Y3(A
M^:48ZC&-GZ]\8X-'Q:L-)ZMERBJGV-XF+V]S*I(`VRL9$/OR<]^Q':I;:5I8
MR)`!-&=L@'0-@'CVY!'U]:3BMTQ.*M=.Y-1114D!1110`4444`5[^Y^QV4UP
M$\QHT)5,X+MV4>Y.`/<UCW>CV:OHL5S;P7,@E,<DLD0)D_<RL2<YZM\WUYZU
MHW_[^]LK3^$N;B0'H5CQ@?7>T9^@/T*:E_Q_:3_U]M_Z(EJGH@)KRR2XTJ>P
MCVPI)`T*[5X0%<#`]O2JO]DNFJOJ$-Y(':.11'(BLH9MF#Q@X&P<9^A'.=2B
MI`QWT5FD=OM"`*S/`/)^XS2K*=W/S#<HZ8X_.ECT0K(C-<*0S*\X$6-[+(TH
M*G/RC<QX.>,<]<Z]%`!1110`4444`%%%%`!6/J"QR:S:IY$HD^5C<")V"@,2
M%#`84DYR3CCUXQL44`<QIJW<>D7,/E&&^GAV)((G3=/Y;9SG()!7[_0Y'M6G
MI,12VNQ:Q&VB:4FW62$J%^1024.#C<&/;/XYK3I:`,?14O%U#5/M$\$B_:`&
M$<)0EO*BY!+'`QQCUYSVK8K/TW_C^U;_`*^U_P#1$5:%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%5I;M%F\B+$MQC
M)C#`;1QRWH.1[\\`TTF]AJ+EL6:*J>3>2,"]V(EP?DAC&<^[-G./H*6U+1.U
MM*[2.,NLC=74D_J.G''3UP*<=-&4X:73N6J***@@****`"BBB@`HHHH`**BF
MGCAP&.7;[D8^\Y]A_G'>H?\`B8.PP+:%<')RTA)[<?+CO5*+>I:@WKL6Z*KV
MLLCJR3[?.1B&"C`QD[2!D\$?U':I9)%B0NYPH_'\/<^U)IIV$XM.Q`W[Z_0#
ME+=2Q_WSP/Q"[LC_`&A5JJUBK"V5W4K)*3(P8<@GG!^@P/PJS3EO;L.>]NP4
M445)`4444`%%1Q3PS[_)E23RW*/L8':PZ@^A]JDH`*JW/[B5;H?=X27_`'><
M'VP3DGTS[5:HIIV*B[,J_P!HV/\`S^V__?U?\:M4R6-9HGCD&4=2K#U!J*SD
M:2W42G,R?))V^8=3]#U'L13:35T-I-718HHHJ2`HHK.U%TNKF/2MZ_OXV>=<
M\^2."/;<6`^F[!!`II78!IH>YN9]2W+Y%S'&L"@8/EKN(8\]RY('88SSD"#6
MK^SMM0TM;B[@A9;@NPDD"D+Y4HR<]L\9]:V*S]2_X_M)_P"OMO\`T1+0W=@/
MU#45L]*DOXHS=(D9D`B889<9SGIC'.?RS36OW354LWA0))G8WFC>V%R6V8^[
MVSGKV[U9O+9+RRGM9"P2>-HV*]0",''YU!/IPFN1.;F=2A+1J"I".5*[AD'G
M!/'3GI2`J+KF\W.Q+9C%+Y*(+GYRWF>6-R[?E!;OSQVI8];+2(K6Z@*RI.1+
MG8S2-$`HQ\PW*>3CC''7$TFD12R/(]Q<%N?+)*_N<LKG;QS\RJ?FSTQTXH31
MX$>-C+,VTAG#%<2L'+AFXZAF)XP.?84`:-%%%`!1110`4444`%5;B^6WN$B>
M*4JQ4&0*-BECM49SSSZ9QQG&:M50N[&>YOX9OM$8@C7_`%+Q%CN.<L#N`!QQ
MR#CGUH`2VU5)]+;47MYX+<1><#)LRR;=V1M8]O7%6K:9YXM\EO+;MG[DI4GZ
M_*2/UK-@T5K>WF@C>V5+A?+D6.W")MVL`=N2"V2N2>"!C`JS8::EK:S02"&1
M)V+/&D6R(94`@)DX!QDC)R2?6@!--_X_M6_Z^U_]$15H5CZ+86=MJ&J-;VD$
M++<!%,<84A?*B.!CMGG'K6Q0`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%0W4K10_NP#*QVQ@]"QZ9]AU/L#32N[#2N[(CD=I
MYVMX]RQIQ+(#@YP#M'?)!SG\N>D\<:Q($084?C^/N?>D@B6"%8U)(4=3U)[D
M^YZFI*;?1;%2ET6P56O%8*L\:DR0G=@#EE_B7WXZ#U`JS123L[DQ=G<KO=PK
MM"MYKNH94C^8L#T/L/<\>]202K/"LB@@,.AZ@]P?<=#26]O#;(4@C6-2Q8A1
MCDU%:_NY[F'H`_F*/]EAG/\`WT'_`/U8JFHM.Q;46GR]"U115>ZG:'8D47FR
MR-A5W8`'=B>P']0.]2DV[(A)R=D6**J-;W,ZD2W1B!'2!0",_P"T<Y^H`_P;
M+:I;#[3;QDS(/F/+-(O&02>2<#CW`[9JE%;7+4([7U+M4W-Q<RR+!,L,*,%+
M[-S,1][!)QCMT/.?2IIKA8[8S)B3(&P`\.3PHS[DCFEMH?(@6,MN89+-C&YB
M<DX[9))H7NJX1]U7$@MUA9G+O)(X`9W/)`SC@<#J>@J:BBI;;U9#;;NR*:'S
M,,K;)4^Z^,X]CZ@]Q_4`U'#`Q83W*H9P3MP<B,>BY'IU/?Z8`LT4^9VL/F:5
M@HHHJ20HHHH`*IW4TCW"V=NVR5T+O)C/E)G&<?WCSC/'#'G;@VI'2*-I)'5$
M0%F9C@`#J2:I:1!BW-Y+%LNKS$LVY<,./E0_[HPO;H3C)-4NX$<$,>EZBL42
M[;>\]\GSE&223DDLHR2>Z=RU:=5[ZV^UVCPA]CG#(^,['!!5L=\$`X[XJI!K
M4,\*B.)YKL?++;0X9HG'#*S'"C!!P21NQQFG9RU`TZ*SEMKZ[9_M\JP19^6&
MTD;D8'WI,!NO3;M]\YIVGEK65]/E=W9,RQ22.6+HS'C)Y)7(!Z\%3WP%R@7Z
MJC]S?D?P7"[O^!K@?F5[?[!]ZM5%<0+<1%&++_==#AE/J#V-$7;<J+2>NQ+1
M51KU8!LN<+-D!57_`):D\#;G^7;OQ@D\BZ9A*;D)(`0(U7,8!]1U)]\CZ=<O
MD[E<G=V'W5SY&V.-/-N),^7'G&<=23V49&3[@<D@$L[;[-"0S^9*[F21\8W,
M?Z#@`9.``,\5GI-<RZM-(+02-;HL"XD`5&8AWR3@D%3$>AZ$#WN_9[E&,JW1
MD<@9210$_#'*_7GWS5.-E:XN3NU_7H6ZS]2_X_M)_P"OMO\`T1+4OVY8V*W4
M3V^`,NW,9_X$.!^.#R.*H:O?P17VDY$SCSS(&B@>0$&&4#!4$$^PYQSTJ'%K
M<4HN.YM450U2^EM=&GOK6(2-'$90LN4P`,\C&<^W'X4V6[N8=7A@?RO(G)5`
M$;=PI;);[N<@C;C..<]0))-&BL.35KM9&`$.V5WCAS&V4*S+%EN?FR6SQCI^
M-$>L7/F*'6+;$Z1381@79IFB!7)X`*YP<\'KZ@&Y1110`4444`%%%%`!116-
MJ=S%'J]M`MX4N6"N(C-M7:"<X7^(M]W'.,9&,<@&S17-:7=RQ:)<1Q2B>]6#
M]W)]J:<32[&.!OZ-E22HZ"M'292]M=FUE-S$LI%NTDQ8-\BD@N<G&XL.^/PQ
M0!)IO_']JW_7VO\`Z(BK0K'T5[QM0U3[1!!&OV@%C',7(;RHN`"HR,<Y]>,=
MZV*`"BBB@`HHHH`***KW]S]BT^YNMF_R(FDVYQNP"<9_"A*^@%BBJ=E??:,1
M3PO;703<\+\X]=K=&`R.1TR,X)Q5RFU8`HHHI`%%%%`!1110`444R218D+N<
M*/Q_#W/M0"5Q],DDCA0O*ZH@ZLQP!3;>83H6V,C*Q5D?&5(]<?G]"*B_X^;K
MU@A_)GS_`.RX^F3ZK5*.NI:CKKT&OJEDO2X63"ECY0,F`.I.W.!]:N450E\Z
MT@>&!6._(@95SY9)X!'91GKTP,=AEV4M$-1C+2.C'A/MDLCN\@B1MB!)&3)'
MWCP1WXP?[N1UIT%GY,J2-<33%$*+YFW@'&>@!)^4=:GBC6&)(XQA$4*H]`*?
M0YO9;`ZCV6P4445!F%%%%`!56;]W?6\@_P"6FZ)AZ\%@3ZXVD?\``C5JHKB$
M7$/EEV3YE8,N,@@@CK[BJB[/4J#2>H]F5%+.P55&22<`"H+569I+AU*M*<*"
M,$(,[?SR3ZC=CM36LG<;9;R>1,C<A"88>APO0]ZMTW9*R&[15D]PHHHJ""A'
M;RI=1QE?]'A9I(V!'!(P%^@W/VZ!>>M7Z**J4G+<J4G+<****DD****`"BBB
M@`HHHH`H7_\`I5Q#IXY1OWMQ_P!<P>%/^\>,'@J']*OU0L/W][>W?\)<6\9'
M0K'G)^N]I!]`/J;]5+30`IJHB,[*BJ7.YB!C<<`9/KP`/PIU%2`55OK=YXXW
MA*B>"02QENF1D$'ZJ67.#C.<9%6J*:=@,J[OM4L[.>YDL+,I#&TC!;MLD`9.
M/W?M6K15#1/DTR*V/W[3-NV>IV?*"1VW`!L>C#KUINS5P+]%0&[@#2KYJYA`
M,G^SGI_*J6L7$4VAW(5\),!;LQ&/+WD(20?3=G''3M0H-O8KDEV)=%^?3EN3
MR;IVN`3U*N24!]PFT>V,#@5?JL;ZW$?F;G90VT[8V)!Z\@#(H%];'R_WH_>`
M%<@C@],^F?>FXR;O8?LY]BS69?QQQWVE^6BINO&9MHQD^1+R?>KDUU%!(D<A
M;>X)`5"W`QZ#CJ*HW]Q%)JFEQ(^76Z8D8_Z8R@_S%+EE;87+*U[:&C<01W-O
M+;S+NBE0HZYQD$8(XJ"33K:6<S,C^8<\K*RX)7;N`!P&QQN'/O5NBI)*3:59
ML\S&-LR_>_>-QSDE>?E.0#E<<C/6E32[.-XG6([HAA29&.>2<MS\QR2<G)R2
M>]7**`"BBB@`HHHH`****`"BBJ\M];PW*V\DA$C8XVD@9)"Y.,#)!`SUQ0!,
M5#$$@$J<CV-.JN+VV9+EQ*"MJQ68X/R$*&/Z$4ZVN$NHO,C$@7./WD31G\F`
M-`%73?\`C^U;_K[7_P!$15H5GZ;_`,?VK?\`7VO_`*(BK0H`****`"BBB@`J
MAJO[S[';]/.ND^;TV9EZ>_EX_'/;%7ZH/^^UV->JVMN78'IN<X4CW`209]&]
MS51WN!9N;6"[C"7$:N`=RYZJW9E/4$=B.151(KO3E*PB6^MR2=LDH,R9/12W
M##G^(@@`\MP!HT4E)[`9SW]\5`AT>XWD@#S98E0<\DE68\#G@&A]-FF42S7L
MOVI2"K1,Z1#!R!Y8;!![Y))R>1QC1HI\W8"O:W/G[HY$\JXCQYD><XST(/=3
M@X/L1P00+%8^LLS21R1L8TMB!-*APRJY"D;N@`!WMD?PJ>.HNMIMFX^:$,V0
M?,)._(Z?/][]:IQBDFV7RQ7Q,MT543?;7*1O*\D4HVIOP2C#)QG&3D9Y/]WK
MS5NH:L*4;!54?Z5<$_\`+&%L8[._'/T7I]<]"HIUW(R1!(CB65MB'T)ZG\`"
M<=\8J6.-8D"(,*/Q_'W/O36BN->ZKC)K<.PD1C',!@,,X/L1W'7\SC!YI;:'
MR+>.+=N*K@MC&X]S]2>:EHI<SM87,[6"BBBD2%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!4-W<)9V<]S(&*0QM(P7J0!DX_*IJH
M:O\`O(;>U'6YN$0@]"H^=P?8HC#'?.#Q3BKL"73;=[6PABE*M-C=*R]&D8Y<
MCZL2?QJU110W=W`****0!1110`50@_T?6+F(_=ND6X0GJ64!''L`!%U[L>O:
M_5#5%DC-O>Q1/*;9V9TB'[QT*,"J],\[3C/.WN0*J/8!&AEMY[R:"V5]Z)L7
M(`9@6SG\P:H-`;JX2UEA;S(U>XE5R`69E**<C("D%QZC:/QU9+^W6P:]CD6>
M$`E3"P;><X"KSR2>`/7BC3[=[>V`F*M<2$R3,O(+GK@GG`Z#/0`#M6BJ-*[1
MK[9]OZ166UN!;S@AB\\BAMS#=M^4,3CCH#TI]XDTEU%&+=FMAAF*%1D@\`Y.
M<#K6A14^U=[V'[9WO8S[N*XF=)(HGCEP5#"0`+SU([BLZ]26UU>RG-O/-_I$
MGEI$R`'<C$@;B.>"3DXXX]*Z&L_4O^/[2?\`K[;_`-$2TU5:5@59I62$UBYN
MH="N;JUQ!/'`TN)5#%<*3C`.,]NI'UIK27)UQ(XKDO&.980@"QIM."6QG>6Q
MWQC/'<Z,D:2QM'(BNC@JRL,A@>H(JO)IMA+<-<265L\S@JTC1*68$;2"<9Z<
M?2LC$QSJ%VLDR237"233%(>(C&$$ZQEEP,Y`93\W<]#BEBU&\\X`S,XAD2(K
MM7]\&G>(L<#J%4-Q@=?PV?L-IF;_`$6#]_\`ZW]V/WG^]Z_C2K9VJ-"RVT*F
M!=L1"`>6/1?0?2@">BBB@`HHHH`****`"LZ^M[RXOH=@A-H@W'=(0P?/!V[2
M&`X(&1S]!6C10!@VND7=M8WUI*UO<+>.06`9,`PA26&2225&<'N3GL+]A:31
MVLT5T[8E8E56=W,:E0"!(<,><G/&,X'2K]%`&/HMG%;ZAJC(\Y*W`0>9.[C'
ME1'D,3D^_7''2MBL_3?^/[5O^OM?_1$5:%`!1153S+BY8&W9([?!_>$99O=1
MTQUY.<^F.2TKE1C<LLRHI9V"JHR23@`5'!=07#,L,@?:`25Z8.<8/0]#T]*C
M%C$7229I)I$;<#(YQGL=HPN?PJ`WMO\`VK(D4F9(MD5RNT_+NYC.>_)(X_O<
M]*M13T6Y2C%Z+<T:H:?^^N[ZZ/(:40QM_L(,$8]I#)_^K%3W]S]CLIK@)YC1
MH2J9P7;LH]R<`>YHL;;[):)"7WN,L[XQO<DEFQVR23CMFI6B,RQ1114@%1SR
MK!"TC`D*.@ZD]@/<]!5<QQW\I,J+);Q,0BL,AG&0Q(]!T'X^QI4L(XS&$DE$
M49!$1;<N1TZY/'&!G&0#5\L5NS3EBOB8AL1-ILUK<,=URC"9D/.6&#@GTZ#/
M8"G:;</=6$,LH59L;957HLBG#@?1@1^%6JH6'[B]O;3^$.+B,#H%DSD?7>LA
M^A'T!?F3(;N[LM7,/GP-&&VL<%6QG:P.0<=\$`U775;00[IIXHI%!\R,N"RD
M=1CJ>?SJ[1235K,I25K215MLSRM<NK+C*1*RE2%XR2#W)'Y`=.:M444F[BD[
ML****1(4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`#9'2*-I)'5$0%F9C@`#J2:IV:/<2)J$Z-&[1E8HB,&)&P2&_P!HX7/I
MC`[EF7R"YU2QM9"WE`/<D*Q&YHV0*#ZC+YQZJ/QT:K9`%%%%2`4444`%%%%`
M!1110!5;3[9KU+LHWG(=P(=@N[:5W%<X)VG&2,X^E6J**;;8!1112`*S]2_X
M_M)_Z^V_]$2UH5CZU<2Q:AI82RGG`N"P:,H`3Y4HVC<PY[^F.^>*`-BBLS7'
MG_X1Z[FADEM)4MVDXV[E(4G&>1[9'X'O56:\MD\1^7_:/EO$#).DMP%0)Y9^
M0)G_`(&6QD`=<'``-VBN6FNG$\X^U2`[W%V//8>2@G15./\`EG^[+'(QGK[T
ML%U,;B`)<R.=Z"U4S$B6,SNKG_;Q$%.3G'![\@'44444`%%%%`!1110`50O;
MJXM[N%4,/E.5&P@EVY^8^BA1@YYSTXXS?JK-I]M/=K=2"3S579Q*X4KG."H.
M#U[B@"E!K+/8ZI>20XCLV8HHX+H(E<$^YW?RJS9W4QCNA=[6DMGVL88VPPV*
M_"\D\-CC.<?A1!I%C;;A;6Z0*[[W2(;5?Y=N"!QC!Z=,\]:GM;2&SB,<"L%)
MW$LY8D^Y))Z`#Z`4`9VBWD5QJ&J*B3@M<!QYD#H,>5$.2P&#[=<<]*V*S]-_
MX_M6_P"OM?\`T1%5JYE:)46,`R2,$0'IGJ3^`!/OC%-*[L-*[L1/NNYC&"/L
MR'$G&?,/.5^@XSUST[$5;JA]ML['%J'DEDC`WK%$TKJ3SE]@.">O.,\T?VQ;
M?\\KW_P!F_\`B*MIO9:#E)/1;$]]<_9+1Y@F]QA43.-[D@*N>V20,]LUF75B
MMA8+<%RQB0_:G`V[P6W/)[,K%G`YQE@!R"+$,HU'4T<1SI!:)O4RPO'OD;<N
M1N`/RKGU!\SV%:=";@2G9W1C?;8[R_M+>:6(>3N>9-V`90=J+@]1G<P'4%4/
M'&=FJ-GI5M9PW$*@RQ3RF4I+@JO``4#'"@*`!VQ3T5;%DC10+>1L*`,>6QR?
MR)_(D#N,.7++X31J,OAT9;JM/))(6@MF"R`?-(1D1^G'<^WXGL"F]KOY8MR0
M'K*#@N/]GN![_EUR)H(8[>%8H4"1H,!14_#ON%E'??\`K^K"Q1K#$D<8PB*%
M4>@%/HHJ#-NX51O+6<W,5Y9LHF0%'C9MJ3*>@8X)&T\@X]1_$:O44T[`4[?4
M(YK@6SQ3P7&POY<L>.`0"0PRI^\.A/6KE5[JV\_;)&_E7$>?+DQG&>H([J<#
M(]@>"`14A:;55VW-N]M`F%FA<',KX!*YQS&,XR/O$'^'[SLGJ@)/[8M#RJW4
MB]GCM)75AZA@N"/<<59M;F*\@$T!8H25^92I!!((((!&"#4U4(O]#U-X>D-U
MF6/T60??7T&1A@!R3YA-&CV`OT445(!1110`4444`56U"T344T]IE6Z>/S%C
M((W+D]#T/0\=>*M5F6,,=]#=7$R[DNI3LYY")\J%6ZX)4R`CH7R/4NM_-LM1
M^SRW$LMO-'^X\W!V,I.Y=V`3E2",DD[6)/%6XKH!HT445`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110!0L_WNK:A-TV>7;X]=J[\_P#D7&/]GWXOU0T7
MY[$S]?M$LDRN>KHS$H3_`,`VCGH`!VJ_52W`****D`HHHH`****`"BBB@`HH
MHH`****`"L_4O^/[2?\`K[;_`-$2UH5GZE_Q_:3_`-?;?^B):`-"BBB@`HHH
MH`****`"BBB@`HHHH`*B>XACF2%YHUE?[B%@&;Z#O4M9=]'-+J4*K9.T'RO)
M.A09*L2JMD[L`\\`]?K0!=BN[:99&BN(I%B)60JX(0CJ#Z4MM=6]W%YMK/%/
M'G&^-PPS]16/]DG,%[$;26-+J$6\:!D'E`(_`*\!><`GG)Y&*OZ>EXUK,MT\
MT;,Q$3.(_-1=HZ[04R&W8Z\8SWH`33?^/[5O^OM?_1$55)@^J:L(EFECMHXM
MQ:%MC,"PQ\W7:Q5AQS^[!!`;F.QM[B.[U-!>W,QDNEB)8(,9AC)?*J"#C(';
M...]/6,2Z3J%VA*+*'\O;VB12J`'^Z<%QCCYS]3M377N:P6R[FQ!!#;0K%;Q
M)%$O1$4*!WZ"I*SKI3YFG-N;'F@;<\?<:HM6GMF1$,J"1]T:,SX6,]V^H_G2
M5-R:\QQH\S274UJ*SO(MY-4WB)2\48=G"_,Q;('/T!_.DT]H8I95C($;,HC/
M."<$D<\[N.:'3TN@=+2Z-*FLJNI5U#*PP01D$5D6A7$BW"@DI^^9=WRMNZ-S
MSU_+VJ[I7_'D.N-[8/8C<>GMZ>U$J?*KW"=+D5[EI55%"HH55&``,`"G445D
M8A1110`4444`%%%%`!5/4X9)K3=`NZ>%UEB`."Q4YV@]MPRN?1C]*N44T[.X
M&=)K=G%&TDBWB(@+,S64P``ZDG96C15"P_T6XFT\\(O[VW_ZYD\J/]T\8'`4
MIZT[)K0"_1114@%4]5FD@TZ5H&VS/B*)L9"NY"J3[`L"?;UJY5"?_2-8MHA]
MVU1KAR.H9@40>X(,O3NHZ=ZCN!;MX8[:WC@A7;%$@1%SG``P!4=[;?:K<HK^
M7*OS12@9,;XX8?GT[C(/!-6**5W>X&9!KVG-"OVF\M;:<?++"\Z@QN.&7G&<
M$$9[]:OP3PW,*RV\J2Q-T=&#`]NHJ2J,B/8R-/`C/`Y+2PJ,E2>KH/U*]^HY
MR&>CV`O45#;75O>1F2UN(IT!VEHG#`'TR/K4U3L`4444`%%%%`!1110`4444
M`%%%%`!5/5II+?2KN6!MLRQ-Y7&27(PH`[DG``[FKE4-2_?W%G9C^.43/CJ$
MC(;(_P"!^6/HQ^HJ.X%NWACMK>."%=L42!$7.<`#`%2445(!1110`4444`%%
M%%`!1110`4444`%%%%`!6/K3WBZAI?V>""1?M!*F28H2WE2\$!3@8YSZ\8[U
ML5GZE_Q_:3_U]M_Z(EH`9KC7*^'KN5)3;3QV[2$Q'."%)P"1TSWP#]*)Y7M]
M>B:6Z*VQM)G9&(")M:/YB?HQY)_KG3HH`Y9KMDEO$>9B3*?-E2[D(AC$Z@AE
M.!$=C<$=0I.1UI8+J8W$`2YD<[T%JIF)$L9G=7/^WB(*<G..#WYZBB@`HHHH
M`****`"BBB@`HHJG=WDEM<1)Y`:)V1-^_!+,2,*N.<8R>G'K@T`7**RX-7S#
M>R74*P_9$\R0))YA48)VG`X<`<@9ZCDYJQ:WQDAN&NECMVMF*R_O-RK\H;.[
M`[,,_C]:`,]YI($UMH&VS/=I%$V,A7>*%5)]@6!/MZUL6\,=M;QP0KMBB0(B
MYS@`8`K'TJXT^^U._,5S!/)'=":(1R@G'D(A8`'D<L/3/O6I>O/';EK<Q*V>
M7E^Z@[DCC/TR*KI8"Q2!0O08YS6+_:MX;6RN1#$$G=4*G.6RV,@]%&WYAGKG
M'6K6K7UQ9&U$$`=9;B..1V/"!F"\#J3S_GI1RN]@N:-%9-MJ$\NLSVTDD*1*
MQ6.,PN&<`#)WD[3SG@#I6M2:L`4444@"BBB@`HHHH`****`"BBB@`HHHH`*I
MW]O-)Y,]J$^TP/E0[%593PRD@$X(Y_WE4]JN44T[`9T>KQQQK_:4;:=(0"1.
MPV9]!(#M/?C(/&<8K1ILB)+&T<B*Z."K*PR"#U!%9DUZ^E*\,NZ8$`6A=N97
M)P(BW/.<?,>H.3G:S4[<VP$UQ+<7-V;2T?RDCP9YQ@LN02%4$$;N`3GHK#U!
M%FVM8+2,I;QJ@)W-CJS=V8]23W)Y--L;;[):)"7WN,L[XQO<DEFQVR23CMFK
M%#?1`%%%%2`4444`4Y[%6F:XMG^S7+?>D101)CH''\0X'H0,@$9-.T^X>XM@
M9@JW$9,<RKP`XZX!YP>HSU!![U:K.O733KE+UG6.VD/EW))PH)P$D/T("_1@
M2<**I:Z`:-%4/[<TG_H*67_@0G^-']N:3_T%++_P(3_&CEEV`OT50_MS2?\`
MH*67_@0G^-2VVHV-Y(8[6]MYW`W%8I58@>N`?>CE:Z`6J**C\^'[1]G\U/.V
M;_+W#=MSC..N,]ZD"2BBB@`HHHH`*H6?^DZA<WG6-?\`1XL\_=)WD>F6^4CO
MY8/(Q4NI7J:=IUQ>2;2(8R^&;;N..!GW.!^-.L+;['90VY?S&C0!GQ@NW=C[
MDY)]S5+17`L4445(!1110`4444`%%%%`!1110`4444`%%%%`!6?J7_']I/\`
MU]M_Z(EK0K'UI+QM0TO[//!&OV@A1)"7(;RI>20PR,<8]><]J`-BBLS7+:6X
M\/7<1+O/]G8CR-R[W"G``!)P3VR?3FB>(PZ]%=XG:,6DP?`9E&&C(`4=S\W0
M9..^*`-.BN6FM7,\Y^RR$[W-V?(8^<AG1E&?^6G[L,,#..GM2P6LPN("EM(A
MWH;5C"0(HQ.[./\`8S$5&#C/`[<`'44444`%%%%`!1110`53GL/.U"*[^TSH
M8TV"-=NT@]>JD@GCD$=!5RB@#/&EKAQ)<2S+*-DPE"GS$VL`IP!_>SGKQUJQ
M9V@M$<>;),\C;WDD(W,<`=@!T`'3M5BB@#/TW_C^U;_K[7_T1%4FIZ>NI6OV
M>2:6)-P8F+;EL=CD$8J/3?\`C^U;_K[7_P!$15H4T[.Z`SVTE)4B6>YN)@A4
MMN8`2;6W+N``'!],=!G-2S6"3P1Q32ROY<RS!B1G*MN`Z=.WT_.K=%',P*8T
MZ,7PNFEF<J2R([95&(P2._3CKCTJY110W<`HHHI`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%5[JV\_;)&_E7$>?
M+DQG&>H([J<#(]@>"`18HH3L!G?VB\L<<44:K>/(T1C8[A$5^\QZ$KC!'3.]
M/N[LB.XMTTZ2WOE+.(RRW$C\LROMRYZ="J$]`%#8'``T?(A^T?:/*3SMFSS-
MHW;<YQGKC/:G2(DL;1R(KHX*LK#((/4$5?,EL!'=7"6L!E<,PR%"KU9F("@?
M4D#GCGFJWEZLWS?:K*//.S[,[[?;=O&?K@9]!4>G6ETLQ-\WF"V_=VQ+;BPY
M_>$_WR"%.>A5L<,:TZ3]W1`4/)U;_G]LO_`-_P#X[36M=4E9!)J<42`Y;[/:
M[7/!XR[,!S@].U:-%',P*-KI=O;R"9]US=`DBYGPT@SG@''RCD\#`_,U>HHI
M-M[@%%%%(`HHHH`****`"BBB@`HHHH`****`"BBB@`K/U+_C^TG_`*^V_P#1
M$M:%9^I?\?VD_P#7VW_HB6@#0HIKND:,\C*B*,LS'``]33/M,'VG[-Y\?VC;
MO\K>-VWUQUQ0!+15;^T+(/,AO+?=`,RKYJYC'JW/'XTY;RU=H56YA8SKNB`<
M'S!ZKZCZ4`3T444`%%%%`!1110`5CZA<1+K-K;K>F.Y?:PC:;:H0,<X7^(M]
MWOC&>,<[%%`'.6U['+IFH26>I"0&,QP-)/O8R!&)<@<KG&=H'1<X'2K^CW`>
MPF:*-Y1$Y"E+DSB7Y0?D=\9ZX[`$$5I%0Q!(!*G(]C3J`,?1;B674-4#V4\`
M-P&+2%"`?*B&T[6//?TQWSQ6Q6?IO_']JW_7VO\`Z(BK0H`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`*Q]:MY9=0TLI>SP`W!4+&$(!\J4[AN4\]O3';/-;%9^I?\?VD
M_P#7VW_HB6@!NLV!O=!NK3;]IE,#!/,P"S[3M)Z#.>>P!]*ADM[E-4:5;:22
M-9S<AU9,,/(\O8,D'=GGGCW[5L44`<\;/4%:9(TF:W$QG\MVC.]O/60>61@\
MC<#OQSC'K1%IUYYP)A9!-(DI;<O[D+.\I4X/4JP7C(Z_CT-%`!1110`4444`
M%%%%`!56XOEM[A(GBE*L5!D"C8I8[5&<\\^F<<9QFK54;BSGFU&"X$\7D1#_
M`%+Q%CNYRP.X8...0<<^M`"Q:G"\4TDJ2VZPQB5O.4`A""0V,\?=/!P1CD5+
M9W8NT<^5)"\;;'CD`W*<`]B1T(/7O5&+2[C[)/;75Q#.MT6$[K$R,RE2/[QY
M^[CL`,8JU:V310W"W$WF27+%I'C!C_A"\8.0<*.<]?2@"/3?^/[5O^OM?_1$
M57(IXY7F2-LM"^QQCH=H;'Y,/SK+MM`ABGNWDFN]LLH=-M[,#C8J_-\W)R#Z
M\8^@+;0(8I[MY)KO;+*'3;>S`XV*OS?-R<@^O&/H`#4@GCN$+Q-N4.R$XQRK
M%2/S!J/[=;_V=]O\S_1?*\[?M/W,9SCKTK/L=`A@@9)9KO<99'&R]F`PSLP_
MB'.",^^>O6J__"-#_A'OL7G3_:OLGE9^V3>5OV8^[G&W/;'3M0!N3SQVZ!Y6
MVJ75`<9Y9@H'YD43SQVZ!Y6VJ75`<9Y9@H'YD5EWV@0SP*D4UWN$L;G?>S$8
M5U8_Q'G`./?'3K1?:!#/`J137>X2QN=][,1A75C_`!'G`./?'3K0!J2SQQ/"
MDC8:9]B#'4[2V/R4_E0T\:W"6Y;]ZZ,ZKCJ%(!/_`(\/SK+N=`AEGM'CFN]L
M4I=]U[,3C8R_+\W!R1Z<9^A'T"%M1AF$UWY212(V;V;=DE",'=T^4YY].N.`
M#46>-KA[<-^]1%=EQT#$@'_QT_E0L\;7#VX;]ZB*[+CH&)`/_CI_*LM-`A74
M9IC-=^4\4:+B]FW9!<G)W=/F&.?7IGD30(5U&:8S7?E/%&BXO9MV07)R=W3Y
MACGUZ9Y`-19XVN'MPW[U$5V7'0,2`?\`QT_E1!/'<(7B;<H=D)QCE6*D?F#6
M6F@0KJ,TQFN_*>*-%Q>S;L@N3D[NGS#'/KTSR6.@0P0,DLUWN,LCC9>S`89V
M8?Q#G!&??/7K0!J6\\=S;Q7$+;HI4#HV,9!&0>:C^W6_]G?;_,_T7RO.W[3]
MS&<XZ]*S]/T"&WTZVAFFNS+'$B/Y=[,%R``<`,,#\!5?_A&A_P`(]]B\Z?[5
M]D\K/VR;RM^S'W<XVY[8Z=J`-RXGCMK>6XF;;%$A=VQG``R3Q1//';H'E;:I
M=4!QGEF"@?F167J&@0W&G7,,,UV)9(G1/,O9BN2"!D%CD?@:+[0(9X%2*:[W
M"6-SOO9B,*ZL?XCS@''OCIUH`U)YX[=`\K;5+J@.,\LP4#\R*)9XXGA21L-,
M^Q!CJ=I;'Y*?RK+OM`AG@5(IKO<)8W.^]F(PKJQ_B/.`<>^.G6BYT"&6>T>.
M:[VQ2EWW7LQ.-C+\OS<')'IQGZ$`U%GC:X>W#?O4179<=`Q(!_\`'3^5"SQM
M</;AOWJ(KLN.@8D`_P#CI_*LM-`A749IC-=^4\4:+B]FW9!<G)W=/F&.?7IG
MD30(5U&:8S7?E/%&BXO9MV07)R=W3YACGUZ9Y`-19XVN'MPW[U$5V7'0,2`?
M_'3^5$4\<KS)&V6A?8XQT.T-C\F'YUEIH$*ZC-,9KORGBC1<7LV[(+DY.[I\
MPQSZ],\EMH$,4]V\DUWMEE#IMO9@<;%7YOFY.0?7C'T`!J03QW"%XFW*'9"<
M8Y5BI'Y@T6\\=S;Q7$+;HI4#HV,9!&0>:R['0(8(&26:[W&61QLO9@,,[,/X
MAS@C/OGKUHT_0(;?3K:&::[,L<2(_EWLP7(`!P`PP/P%`&A]NM_[.^W^9_HO
ME>=OVG[F,YQUZ5)//';H'E;:I=4!QGEF"@?F16'_`,(T/^$>^Q>=/]J^R>5G
M[9-Y6_9C[N<;<]L=.U6+[0(9X%2*:[W"6-SOO9B,*ZL?XCS@''OCIUH`U)9X
MXGA21L-,^Q!CJ=I;'Y*?RH:>-;A+<M^]=&=5QU"D`G_QX?G67<Z!#+/:/'-=
M[8I2[[KV8G&QE^7YN#DCTXS]"/H$+:C#,)KORDBD1LWLV[)*$8.[I\ISSZ=<
M<`&HT\:W"6Y;]ZZ,ZKCJ%(!/_CP_.A9XVN'MPW[U$5V7'0,2`?\`QT_E66^@
M0MJ,,PFN_*2*1&S>S;LDH1@[NGRG//IUQP)H$*ZC-,9KORGBC1<7LV[(+DY.
M[I\PQSZ],\@&HL\;7#VX;]ZB*[+CH&)`/_CI_*B*>.5YDC;+0OL<8Z':&Q^3
M#\ZRTT"%=1FF,UWY3Q1HN+V;=D%R<G=T^88Y]>F>2VT"&*>[>2:[VRRATVWL
MP.-BK\WS<G(/KQCZ``U(IXY7F2-LM"^QQCH=H;'Y,/SJ/[=;_P!G?;_,_P!%
M\KSM^T_<QG..O2L^VT"&*>[>2:[VRRATVWLP.-BK\WS<G(/KQCZ"O_PC0_X1
M[[%YT_VK[)Y6?MDWE;]F/NYQMSVQT[4`;EQ/';6\MQ,VV*)"[MC.`!DGBBXG
MCMK>6XF;;%$A=VQG``R3Q67J&@0W&G7,,,UV)9(G1/,O9BN2"!D%CD?@:-0T
M"&XTZYAAFNQ+)$Z)YE[,5R00,@L<C\#0!J3SQVZ!Y6VJ75`<9Y9@H'YD42SQ
MQ/"DC8:9]B#'4[2V/R4_E67?:!#/`J137>X2QN=][,1A75C_`!'G`./?'3K1
M<Z!#+/:/'-=[8I2[[KV8G&QE^7YN#DCTXS]"`:C3QK<);EOWKHSJN.H4@$_^
M/#\Z&GC6X2W+?O71G5<=0I`)_P#'A^=9;Z!"VHPS":[\I(I$;-[-NR2A&#NZ
M?*<\^G7'`^@0MJ,,PFN_*2*1&S>S;LDH1@[NGRG//IUQP`:BSQM</;AOWJ(K
MLN.@8D`_^.G\J(IXY7F2-LM"^QQCH=H;'Y,/SK+30(5U&:8S7?E/%&BXO9MV
M07)R=W3YACGUZ9Y+;0(8I[MY)KO;+*'3;>S`XV*OS?-R<@^O&/H`#4@GCN$+
MQ-N4.R$XQRK%2/S!H@GCN$+Q-N4.R$XQRK%2/S!K+L=`A@@9)9KO<99'&R]F
M`PSLP_B'.",^^>O6BQT"&"!DEFN]QED<;+V8##.S#^(<X(S[YZ]:`-#[=;_V
M=]O\S_1?*\[?M/W,9SCKTJ2XGCMK>6XF;;%$A=VQG``R3Q6'_P`(T/\`A'OL
M7G3_`&K[)Y6?MDWE;]F/NYQMSVQT[58U#0(;C3KF&&:[$LD3HGF7LQ7)!`R"
MQR/P-`&I<3QVUO+<3-MBB0N[8S@`9)XHEGCB>%)&PTS[$&.IVEL?DI_*LO4-
M`AN-.N889KL2R1.B>9>S%<D$#(+'(_`T7.@0RSVCQS7>V*4N^Z]F)QL9?E^;
M@Y(].,_0@&HT\:W"6Y;]ZZ,ZKCJ%(!/_`(\/SH6>-KA[<-^]1%=EQT#$@'_Q
MT_E66^@0MJ,,PFN_*2*1&S>S;LDH1@[NGRG//IUQP)H$*ZC-,9KORGBC1<7L
MV[(+DY.[I\PQSZ],\@&HL\;7#VX;]ZB*[+CH&)`/_CI_*A9XVN'MPW[U$5V7
M'0,2`?\`QT_E66F@0KJ,TQFN_*>*-%Q>S;L@N3D[NGS#'/KTSR)H$*ZC-,9K
MORGBC1<7LV[(+DY.[I\PQSZ],\@&I%/'*\R1MEH7V.,=#M#8_)A^=$$\=PA>
M)MRAV0G&.58J1^8-9=MH$,4]V\DUWMEE#IMO9@<;%7YOFY.0?7C'T!8Z!#!`
MR2S7>XRR.-E[,!AG9A_$.<$9]\]>M`&A]NM_[.^W^9_HOE>=OVG[F,YQUZ5)
M<3QVUO+<3-MBB0N[8S@`9)XK#_X1H?\`"/?8O.G^U?9/*S]LF\K?LQ]W.-N>
MV.G:K&H:!#<:=<PPS78EDB=$\R]F*Y((&06.1^!H`U)YX[=`\K;5+J@.,\LP
M4#\R*IZE_P`?VD_]?;?^B):KWV@0SP*D4UWN$L;G?>S$85U8_P`1YP#CWQTZ
MT7.@0RSVCQS7>V*4N^Z]F)QL9?E^;@Y(].,_0@%_4+Z'3K*2ZN-YCC!)"*6)
M_`4S^T(_M_V3RI?O;/-P-F_;OV]<YV\],>^:=>60N=*GL5D9!+`T(=B7(RN,
MG)R?Q/-5Y--E-\US'/&H+F95:+)$OE^6"3N&5V]N#[T`#:Q$KR+Y$YVDK&0%
MQ*0X0A>?[S`?-CKZ<TJ:Q`[QJ8IEW$*Y8+B)BY0*W/4LI'&1Q[BH'T5FD=OM
M"`*S/`/)^XS2K*=W/S#<HZ8X_.ECT0K(C-<*0S*\X$6-[+(TH*G/RC<QX.>,
M<]<@&O1110`4444`%%%%`!1110`4444`<UX@NKFTU!Y+:::+%NI?]ZJJP!?&
MT-&^3G@XQ]Y!WKI:XR]NH7U>>&VEU03+(P=))+GR^O)18^<>G(%=G0`5S']N
MN=:9+74].ELWGC386W2Y8(,)AL$9/7L<\'%=/7/1-JSZC;MJ#.;8YYLN8]VY
M=F2/GQC=G/R_AF@#H:CGGAMH6FN)8X8E^\\C!5';DFI*JZB7%C+Y=U]E?`Q,
M4#;.>N#Q0!A^&-0\^>.W%^;B/[/NCC-Q%*R*"H^?:BD-R.[#KSTKIJPM!MY4
MNIYK@K=,Y/EW23^:%3"@IS@C)!;`&/?@5NT`8?B2_@M_LL(ODMKHR[DS<)'@
M;7&6W*WR]1]T\XJ[HEU]LTN*8RM,274R%E;<58J2"H`(XX.!D8JKKK:QATTL
MQ8$)("X\W?SC[WR[?UK0L-OV--GGXR?^/C._.3G.??IVQC'&*`+-<KK6KPPZ
MG,UMJBQ&*$"9%NHESM9OE561LOUR,K_#^'55S-]!<7.I8:[2_MUD8R60E$;;
M=I`39P&Y(.6/:@#IJ***`.8_MUSK3):ZGITMF\\:;"VZ7+!!A,-@C)Z]CG@X
MKIZYZ)M6?4;=M09S;'/-ES'NW+LR1\^,;LY^7\,UT-`%#6[FVMM)N6NI_)1X
MV0$2!&)*GA2>-WI5/P[?/=O<QR7JW;1A&W1SQRHH.[C*HA!XY!'ICO5S6#(+
M,>5?"R)<9D9001SQD],^M5O#UO)!#*TZ!YG8L;A9O-$B[F*J&//R@XY`Z\=Z
M`-BN?\4&Q:)899["*=RI;S_*+[0&"D"3C`8^G0MCFN@K!U_[:UU&L%M;&$)D
MSR!]ZG)^ZRHP7MR?6@"WX>"#1H1&8RFY]IC\O&-[8_U8"YQUQWS6G5+2-W]F
MP[Y1*PR"XF\W/)_BP,_D/2KM`'%!K2]UJ&XT^`O$L\2(8].`5%4J.7,>1C:P
MX(Q\O3!-=K7*PQ:M/JEO<ZG91*5D`62WE(&,C^ZA8CV9@I[UU5`$=QY/V>7[
M3Y?D;#YGF8V[<<YSQC%<KI_V63Q,D\%Q82.\LAQ#]GR5P_(('F$D%<\]=^>,
M9ZFY,BVLIB19)`A*HW1CC@&N>T<78U*(W/V:WSG]Q!*\2MP>1&T8W'WW>]`'
M35B>)[BSBM$BN%#33G9&/LWG%@&5F4#:1G`!&>,@'M6W63KW]J&*)--MX9T?
M(F$C`,!VVY!'KU!^E`$7A6(PV$ZF)HQYYP&MA`6^503M"+P3G!QTQGT&W65X
M=@:WT]HGA:$B0_*79NPZ910![*-OIWK5H`Y?Q+_9\EW'%)<6",A9IE?R#+N(
M3'$@/501]=G:MW2@1I-F"4)$"<QD%?NCIMXQ].*Q]9BU634&,-C";8`;;B.3
M;,..>=K'KZ"MVTW?8X-X8-Y:YW$DYQW)`)_$`^U`$U<4&M+W6H;C3X"\2SQ(
MACTX!452HY<QY&-K#@C'R],$UVM<K%#J\VJP7&J6,2LD@"O;RD#&1_=0L1[,
MP4]Z`.JJ&[DMHK<R7CQ)"A5BTI`52",')XZXQ[XJ:JFIBY.GS"SAAFGP-L<Q
M^1N><_AF@#GO"T<":F3#-8NYMV\P6_V<8.4Z>6-VW(;J>A7/.<=96!H,=]'>
M.+VW-OF,XC24F-3D=%"!1_WT36_0!0UNWDNM*EBA4NY9#L"AMP#`D$%E!!`(
M(R.":@\/+LM)XS:16KQS$-'%`L(SM4YPKN#P1SG\*DUG<T21"^AM%?.YI`X)
MQ@C#*Z%?SYI-"C:*WG1DZ3$><=_[_@?/\Y+?[(R3PH(XQ0!IUB>(;.:YEM9(
MK-+L1JX:.2!)5&=N#AI$YX.",]3T[[=8&MQM-,YGCLY(XAF);C3C+V&0'+A1
MDCOCM]:`-73'273+22-55'A1E"*%`!4=`"0![9/U-6J@LF+V-N[+&I:-25C.
M4''0'N/2IZ`.:O+:6'7S=264<T,EQ%MGEM8W,?"KA7,H91GG[O!)Z]^EKFS'
M)+?0W#7<-^QFC!@B$RA>1\Q7S65=H&[E>H'<BNDH`K:C$T^FW4,>[?)"ZKLZ
MY((XR1S^(^HK,\/(8)[J"2Q@M)0L;%8K9(=P.X`G;(^>A],<U?U7S3:%8]F'
M.UP]NTX*D'(*@@_S^E4]`58I+J%(;)$0H=UM`(2Q(.=R;B1CU.,\\<9(!LU0
MUNWDNM*EBA4NY9#L"AMP#`D$%E!!`((R.":OUFZSN:)(A?0VBOG<T@<$XP1A
ME="OY\T`1^'EV6D\9M(K5XYB&CB@6$9VJ<X5W!X(YS^%:U9FA1M%;SHR=)B/
M.._]_P`#Y_G);_9&2>%!'&*TZ`.:\1VT@NWO6LHKJ".W&XS6L<RQ[2Q)&Z5"
M.#S@=ASZ=+7-:LK^?)<S0Z?-)$V(A<V!!QG@>:S[1USGZG&>*Z6@`KFKRVEA
MU\W4EE'-#)<1;9Y;6-S'PJX5S*&49Y^[P2>O?I:YLQR2WT-PUW#?L9HP8(A,
MH7D?,5\UE7:!NY7J!W(H`Z2BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`P;N>:6YGM[G4-'2(2!(XYH=['(X!!D'S=>,<XS[#>K/;1[9H9XB6Q,9
M,DX)59""Z@XZ$C/.>O';&A0`5R]J[7%Y$RO;0W(D0O;P$1O][YQ(-V2``<$<
M-GICKU%9<>E2K%!;-<H;2!D:-1%B3*G(R^[GISP">?6@#4JIJ<DT5A))`ZHZ
MX)9B!A<C=@GC.W.,\9QFK=07=LEY;F&0L!N5@5ZAE8,#^!`-`&+H,\MUJ$LK
MR13$(P:0-"Q`W#8`4YZ`[L\;NG%=#5."P\JZ%S+<S7$JHR*9-@VJQ!(^51_=
M'7TJY0!F:E9W5U=1>2MEY00[GG@,CJW;&&7@\_3'OQ<LH9+>U2*:02.N<L`P
M!YS_`!,Q_4_TJ&\TFPOKF.XN[6*>2-2@\Q`PP>>A^G\_4U9@@AMH5AMXHX8E
M^ZD:A5'?@"@"2N>U&+5YG:'R&FC+R,I`A,?4>6K!N=N,[L#=GH<<5T-9QT'2
MGN)IY-/MI9)FWN9(E;G&.,CV_KWH`T:***`.9M!+<M%=I]GA*S('2WQ&0Q;#
MI)SSC'!!^8D<8Z]-6,V@(8;-$N&1[9HP7"_ZV-'#*K>OW1SZY]2#LT`9VMW,
MEI:)*DRPQB0"5RZ*VW!^Z7^7.[;U[9[U7T$7(DG-VL8F9(W8CR\L26R1L_@_
MNEN>&S6E<VJ7+0,S.C02"1&7'7!!'/8AB/Q]>:AL],M[*ZGG@WKYP52F<JH!
M8_*.W+GCI0!=K%U.-)-3^6&:YE6%3LA"AX?F;:ZLS*!G#`CG.!V'.U5>YLK2
M[*FZM89RO3S(PV/SH`@T48TX?OVG)EE+.R[3N,C$C&3T.1^%7Z9'&D4:QQHJ
M(HP%48`'TI]`',Z6([.TL/)?4(K8B*,2@QF.8G"CY"69<G&0`,9Y[FNFJLEA
M9QW1NDM(%N&ZRB,!S^.,U9H`AO$#V<Z%W0-&P+("6''4`<YK$T[[+<7-@]E+
M<)&#YI1+*6."0^6PRI(PH.[/4@X'?FNAIJJJ+M4!1Z`4`.K$\1%5,(^UR6\D
M\<MNNVVDFW;@I.`F"&`7(_&MND(!QD`XYH`SM%CACMYOLZLD32DK&;9H%CX`
MPJL!QQG/<DUI444`<U?I"^JW+2)`T8D59)[JU$JPL47"@[P5&"#TQECSS6UI
M+I)I%D\;2.C0(5:7[Y&T8+>_K4_D1%W?RDWR*%=MHRP&<`^HY/YTZ.-(HUCC
M141`%55&`H'0`4`.KD[:/3HH;.<PO'*\L/DSM&H:92X`92K8!.5W$X)4'([#
MK*B^S0;`GD1[%?>%V#`;.<_7/.?6@"6L_7-G]ER!R^"\8`4`[F+J`I!(!!.`
M<D<$\BM"F2Q1S1-%,BR1N,,KC((]"*`.>T*.&WU4Q;]MPT<C/"(!&R?,G#G<
M<@;@$QP%R,FNDJ/R8O.$WEIYH78'VC<%ZXSZ<"I*`,G6683VP::X2%ED!%MD
MR!N"K;0"6`YR,$<C(IOASSC#>-,L2DW''EKM!Q&@)V]5)()P>1GOP:OW5F+A
MTD662"9`RK+'C(!QD?,".P[=J=:VJ6JOM9G>1M\COC+M@#)QQT`''I0!/7.Z
MC-<?;Y8/,DEM_.#N(6F#(/*`$9,:''S8;[PZ].>>BJI+IMM+,TI\Y'<Y;RIW
MC#'&,D*0"<`#\!Z4`/L&9M/MF>99V,2DRIT<X'S#V/6K%,BC2&)(HD"1HH55
M48``Z`4^@#`6PN9);<S6\S74;HTEQ)*&A.#EMJ;C@D=/E&..>*WZS;;0=)M6
M#PZ=:JZN9%;RE+*<YX.,C!Z>E:5`&=K+*D$+27D=K")AYA>;RMZX/`8<@]#[
M[<=#4.B-"TEP+?4UOHPJ`D7'FG=SEC_=S_=''R\5IS0QSQ[)4#KD-@^H.0?P
M(!J2@`K/U>+4I8E&F3I$V#N+$#GL>5;(Z\<9SU%:%4[[3++46A-[;1SF%BR;
MU!QD8/7M[>P]*`(M&M6M()E,)A5Y=ZHS!F`VJ#N()R<@GZ8K1J&UM+:SC,=I
M;Q0(3N*Q(%!/K@?2IJ`.7N9%;[:[ZG.DL1F9&$DJ1X!SD#&&,8#`JN0<?-ST
MZBJ4^E6-Q;36TT`>&9R[H6.-QZD<_+GGICJ?4U=H`*Y&*XDNKV#S6,GV<P8F
MD<;-QE.Y@O!8/D!3MP".#775FOHEH\%I$3(!9NK0L&P0%8,$/JORKP?0=QF@
M#2HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
AHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/__9
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>aug0803_6kx13x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx13x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``]`'P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#OZ"<#)H)P
M*RKZ>2240KA=P!7<I(<YY&1T]Z`+3ZA$LGE@[GW;2HY(.,X/X`U##J\<HB/E
MNGFYV[ACH,]??^AJ**QB!5Y`7=>`=Q.!G(&>^/?TJ9H(638T2%0,8*CI_DT`
M26^I03HK`E=W`#<<XR1^%6P<\CI65<6$<P^48/\`=SA6R1D>V<8)]*=IUQ)Y
MKPR*Q*`%W/3)Z`#L*`-6BD!R**`%HHHH`S++5Q=ZU?:=Y)4V@4[]WWMP]*JP
M^)[<V6I75S&88["=H3SN+D<#'UK+-]#H'C'4Y]2WQ07<:&*4(64X'(X'6LU;
M&[OO"FJW4-O)B>^-U%&P^9T!]/I_*@#H;?Q)=":W.H:1-:6MTP2&;>'Y/3<!
M]W-1R>*+O[;>06NC37,=G(4DD20?RK+U'Q))<M!<Z1J-QRT8EM1;_+$"<'<Q
M'X4[3](EU/6M>"ZA=6D?VG:RPD`..:`.LTK48-6TZ*]MMWER#HW4$<$&KE5M
M/L;?3;**TM4V11C`&<_C5F@#(U?539W$<*>1ED+L9GVC`/0?K5:TUV)K3S+J
M!D9W,<:19;S,=P*=JEC%+JJSM>&*39A5,0<`#ZU#_9EM$D4]O?M'-`6;?L!^
M\>FWM6;Y[G7'V'(D]_F6X];L)9(T"S!Y)/*VLF"K>]$VM6$6_P"29PLOE;E7
M(9O0<U4FTJT^RB-KR43O*)S/L^8GZ=NM+<:597$5K!'=>6MOG`,>0S'J3GOQ
M1[X6P]]RTVLV:B(&&Y\R7.V,1DL0.^/2@ZU8+>?9F24,'\LOM^7/IFJDFGQR
M?99#>MY5L0%V0A3D<\'L#Z?2B32[+[)@W!#R2-(;CR^0#R1[>F:/?%;#]S3L
M-5M+ZXD@M]^8QG)&`PSC(/>M"L73-,MK74O-MKJ5ML?EF-^>/K6W5QO;4QJ*
M'-[FP5B>,+^YTWP]/=6<GES*R`-C.,L`:VZQ/%^GW.J>'Y[6T0/,S*0"0.C`
M]Z9F<;+KFO)?:?:_VJ&-ZL;*WDK\F\X&>*DFUC7X+.:XDU;Y(YFA#+`",J>=
MQQ\N>WK3VT/7FFLY3HMOYMHL2HWGCD(<COW[_2D&B>(UBNUCTR%'N]XD83#E
M7.2",X)'8]LT`))K.KJ;79KJM]K(\K_1P-P+[,GCCGGZ4IU;7DNIX6U<KY,+
MS,3;`9"D@X&/;BHSX=\0$Z:3I<1^P#"_OQ\_S;N>?6IO[$U\W$\IT>$F>.2-
MP;G)PY!.#G\A[F@"SHVKZTWB'38;F_2ZLKQ&='5``P`/'3(((Q7>5P>BZ)KB
M>(M/N;RTC@M+5#&BI("$7!]\DDGK[UWE`#&C5N2`3[BJYP,@JN,Y^Z*M57N(
MW".T.W?C@,<#-`#2V3R%)''2C/\`LK^54!.]M&%D5RL4>7W_`'BQ/08X]3^5
M2+=@AB87"B/S-V1@C'_UJ`+8/0;5QZ8%(&_AVK@'IBJ(NWGEC2%`8Y5!'][G
MAOH5.*O6$$L<*BXD,C#ID<CZ^M`%E$5>0`#["G444`+7.>/6*^%K@JQ4[TY!
MQCYA71UD>*-,GU?1);.V9%E=E(+D@<$&@#A+VXGM/#%[H]Q*WGV5Q&\;9P61
M@3Q_GO6OJMS+X2\027L:O+9W\1(0'@2__K_0FK/BKP?<:M/;7%G)"DJQB.;>
M2`V.AX'U_2M+Q7HEUK-I9Q6KQ*T,P=O,)'&.W%`'-ZAIFHV/AZTGE6XF%Q,9
M]16)B&(."![`#/XU9EETF3P7JDNC2S!2JEXI'),9S[]*ZK5AJVV)M)^RD@GS
M$N,X([8(KGH_"E^VGZN\\EL+W40`$CR(TP<^G]*`#PHFD&XM&@M+Y+SR<F25
M7V$XY.2<5V58.CP^(+8VUO>#3S:1)L9HR^_`&!UX]*WJ`$HI:*`&-&CC#*"/
M0BF&V@+$F)26`!..H'05-10`Q8T0850HSG@4ZEHH`****`"BBB@`HHHH`***
(*`"BBB@#_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>aug0803_6kx7x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx7x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`#*`4$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BL[^V+?
M[/;S!7(N)6A4;E!##=GDG!^Z>A.>,5+_`&C#]N^R[7W;_+W\;=^S?MZYSMYZ
M4`7****`"BBJQU&R%W]D-Y;_`&G./)\U=^<9^[G/2@"S159+^S>26-+N!GA!
M,JB0$H!UR,\?C3K6\M;U"]I<PW"*<%HG#`'TXH`GHHHH`*R+G7X;34H[.>SO
M$$LRP)<&(>4SD<`'.?;IZ^E:]<WJFD:CJ.M6D^RUA2UG$BW*.WF&,?P;<8YS
MSS0!8_X2:`7$ENVGZBLRHTB1F#YI@#@[!GGUYQQ4^BZ]!K+W*0VUU`]L0LBW
M"!3DYXZGTK-MM,UY-6NM2G_LZ2XEB,43>8^(5P2H`V\C=C)K4\/Z4=)TU89'
M$EQ(QEGD'.^0]3_2@#3HHHH`*Y#7I9+'7K"X@O[HQ2WB),JW.Y%[;/*]..O;
M/TKKZI_V78?;?MGV*#[3G/F^6-V?7/K[T`<GI.L7M_XKG2:XN;9+BS?RHFC8
M+;D-P2#P3@9W'C)Q6SX,N9[G1Y#=7+7,RW$BEV.3C/'T'M6S):6TLC226\3N
M\9B9F0$LAZJ3Z>W2FVEA9V6_[':06^_&[RHPF['3./J:`+%%%%`!114-U]H^
MS2?9/*\_'R>;G;GWQS0!-17+:5KFK:G:WIB.G*]M,%\YUD1-FTDDJ3N!Z=<#
MD^G-:?Q)K0\-VVL1PV$:N,/'*'+.V[`V`'H1SR:`.RHJ&T:=[.!KI52X,:F5
M5Z!L<@>V:FH`****`"BBB@`HHHH`***ANKF&SMI+BX?9%&,LV"<#Z#F@":BL
MN#Q%I,]I/<I>H(;<[92X*%3Z88`YHN_$.E64%M-<781+I`\1V,2RXSG`&0,'
MO0!J44U'61%=&#*PR"#D$4Z@`HHHH`S3HT+6<EL\T[K*3YK$C,@*A2#@8&0.
MP'K4_P#9\/VW[5N?=O\`,V<;=^S9NZ9SMXZU;HH`S=3C0ZEH\A12ZW+J&QR`
M89,C/O@?D*TJS]2_X_M)_P"OMO\`T1+6A0`5QVN1_:O$-A]CL9C+#>(\JFUV
MJP'63S`.<<=\<=*[&B@#RE]*OWL8[>+2[DW5M!,MT?+9?-)?Y<-_%C(;'?%=
M5X+MYX;O4WD5Y(Y/*"7+P&`R87&-G;'3/?WKK**`"BBB@`HI&Z4W)]:SE/E=
MAV'T4S)]:<O2B,^9V"PM%%%:""F[C3J9651M6L-"[C0#DTE`ZUG&3NM0'T44
M5TB"H+N`W-L\*SRP%L8DB.&7G/&:GIA/-3*7*!@R>$[>>VNHKB^O7DNW5YY@
MZAG"@A5/&,<^E61X>MV:Q,]U=7"V3EXTE9=I/;("CICCTK5R?6E!YJ%43=AV
M'4445J(***IZLUHNEW)O_P#CT\L^;UY7N..:`+E%>8P?99=/EN8)[=+'[<LI
MTZ6<JNS!V@GGDX)V\CCVQ55R?[/M?[4+):?8KA[%69N)-QV_7C;C/;%`'K%%
M4](,QT>Q-QN\XV\?F;NN[:,Y]\U<H`*@NY98+9Y(+<W$BXQ$K!2W//)XZ5/2
M4`<9:Z5J"Z7KBG3YI/MN!`EQ*CS9V%2S,3C`.,<YZU!=:5J_D6CIILCO_9;:
M>\?FI\C8P'ZXP<_I7=9'K1D>M*Z`JZ7;/9Z59VLA!>&!(V(Z9"@'^56Z2EI@
M%%%%`'-S:;?RZ*MM'$8V65V1&9=P#(V"<':-LC9`'0*,<\5=^Q7']M_:-GR^
M=O\`-X_U?E;?+ZY^_P#-TQ6O10!FZF'_`+2T<AEV?:7R-O)/DR8YS]>W<=,<
MZ59^I?\`']I/_7VW_HB6M"@!K4E*U)7-4^)C04X=*;3ATITMP8M%%%=`AK=*
M2E;I4!NK=8Q(UQ$(RQ0,7&-P)!&?7(/'M7/4^(:)J5>E0O<0QRI$\T:R/]U&
M8`M]!WJ9>E%/X@8ZBBBN@04RGUFR+.-<@8/*;<VTH91]P,&CP?J06Z^AQWK&
MKT&B_0.M<_)+-%ILY\K4)2;@+"@,@9@5'WB/F50<DGU!QP0*V[-76U@621I'
M$:AG9<%CCDD=JS2U0RQ111742%,/6GU0O;F:"^L8D1#%<2M&[$G(Q&S#`_X#
M_GME5V&BY0.M9G]HSK;:M(\46ZR9A&N[`8")7&XGI][\/UJSIER]W:++)MW;
MG4[00#M8KT/(/'(/(/':LHK5#+M%%%=1(4E+36ZU,I<JN`.J.,.JL.N",T,%
M;&X`X.1GL:2BLO:L=AU+2#I2UNA!36Z4ZFMTJ9_"P$HHHKE*'#I2T@Z4M=4=
MD2%%%%4!S:ZM.^F)>Q7)DA,S,OW!+)&$)"X"D;B>0,`XP/6KOVRX_MO[/O\`
MD\[9Y7'^K\K=YGK]_P"7TK7HH`S=38C4M'78Q!N7)?C`Q#)QUSSGT['VSI5G
MZE_Q_:3_`-?;?^B):T*`(YF*1LRH7(!(5<9;VYK/CU-Y+'3[I;;*W8C)4/RF
M_'`X^;&2>W"D^U:35473[9%M51'5;1=L($C`*,`<\\\#OGOZFN>=N9C&17KO
MJ3VCPJNU"^Y9-Q`S@;ACC/)')Z'I5\=*IVUA;VL\\T*N))V+R$R,P8^N"<=A
M]*N#I3I_$#%HHHK<0UN1BL;^RI$T=K%(H&5YI24WE`(W=C@$#@[6`QC'45LM
MTI*YZC]X:,J:ROIKFS$IMY(8U1IV!*O+(IR.,'Y0?FQGK^NLO2DI5Z44W[P,
M=11170(*93Z96-7H-!0.M%`ZUE'=#'T445UDA43QH[*S(K%&W*2,[3@C(]."
M1^-2TP]:RJ[#0P11CS,1J/,.7X^\<`<^O``_"EAC2%%CB141>`JC`'X4Z@=:
MQCNACZ***ZR0J.61(P&D=4!(4%CCDG`'XD@5)5'5+,WD,2J$WQSQ2@MVVR*Q
MQ[X!'XU%38:+!D02B(NHD92P3/)`QDX].1^="2)(NZ-U=02N5.1D'!'X$$56
M>RW:O#>@(`MO)$Y_B.60C\!M;\Z-+M#8VA@(0#SI74)T"M(S`?D17,,O#I2T
M@Z4M=:V)"FMR*=36Z4I_"P,*33)F\,7UB$<RO]I,:^9RVYW*9;/?(ZGZ]ZO7
MUJ\U_ILZ`GR)F+_-@!3&XSCOR5'X_6KU%<URAPZ4M(.E+73'9$A1115`9LNM
M6\-N\LT<L?ER&-T(&00F\G@X("@G@]L=>*F_M&'[=]EVONW^7OXV[]F_;USG
M;STJNNA6O]FI8O)+)&C%@S;=QRI5LD#G(9LGK\QYJS_9\/VW[5N?=O\`,V<;
M=^S9NZ9SMXZT`1:E_P`?VD_]?;?^B):T*S=3C0ZEH\A12ZW+J&QR`89,C/O@
M?D*TJ`&M24RXN((-OG31Q[LXWL!G\ZA_M"R_Y_+?_OZO^-<\TW(:+-.'2JG]
MH67_`#^6_P#W]7_&K,,B2QAXG5T/1E.0:=--/4&/HHHK<0UNE)5#7;^73[-)
MH51F:0+AP2,8)[?2L'_A)[W_`)Y6_P#WRW^-1*C*;N@N=;2KTKD?^$GO?^>5
MO_WRW^-;VA7\NH6;S3*BLLA7"`@8P#W^M$:,H.["YI44458!6#_PD]E_SRN/
M^^5_QK>KS6JC3C/<+V.L_P"$GLO^>5Q_WRO^-3V.O6M[=I;Q1S!WS@L!C@9]
M?:N,K2\._P#(;M_^!?\`H)JG0@E="N=Q11168PK,EUK3XI7C>XPZ,58;&X(_
M"M.O/M3_`.0G=_\`79__`$(TU3531A>QUG]O:9_S\_\`D-O\*EM=7L;JX6&&
M?=(V<#8P[9[BN%K2\._\ANW_`.!?^@FG]7BM0N=Q1114@%-;K3J:W6LZGPC0
ME%%%<XQPZ4M(.E+76MB0IK=*=65XBNY[*P22W?8YE"DX!XP?7Z4.+EH@-*BN
M*_M[4_\`GY_\AK_A1_;VI_\`/S_Y#7_"I^K3[H+G;CI2U1T6XENM*AFF;=(V
M[)P!_$1VJ]5I6T`****`(&O+945VN(0C.45BXP6&<@>_!X]C3_/A\_R/-3S<
M9\O<-V/7%9)TB>/35M[9HXI(YYI(F1V41;V<J0`.<!A\IXJ?^SYO[4^T;E\K
MS_/SN.[/E>7MQCIWZ]:`'ZE_Q_:3_P!?;?\`HB6M"LW4P_\`:6CD,NS[2^1M
MY)\F3'.?KV[CICG2H`YKQA_RY_\``_\`V6N:KI?&'_+G_P`#_P#9:YJNFG\(
MF%=OX=_Y`EO_`,"_]"-<17;^'?\`D"6__`O_`$(U-78$:=%%%8#,/Q;_`,@R
M/_KL/_06KD:Z[Q;_`,@R/_KL/_06KD:Z*?PB85UWA+_D&2?]=C_Z"M<C77>$
MO^09)_UV/_H*T5/A!&Y1117.,*\UKTJO-:VI=1,*TO#O_(;M_P#@7_H)K-K2
M\._\ANW_`.!?^@FM);,1W%%%%<I05Y]J?_(3N_\`KL__`*$:]!KS[4_^0G=_
M]=G_`/0C6M+<3*U:7AW_`)#=O_P+_P!!-9M:7AW_`)#=O_P+_P!!-:RV8CN*
M***Y2@KD?%O_`"$X_P#KB/\`T)JZZN1\6_\`(3C_`.N(_P#0FK2G\0F8=%%%
M=`CT#3/^09:?]<4_]!%6JJZ9_P`@RT_ZXI_Z"*M5R/<H*P_%O_(,C_Z[#_T%
MJW*P_%O_`"#(_P#KL/\`T%J</B0'(T445U$G;^'?^0);_P#`O_0C6G69X=_Y
M`EO_`,"_]"-:=<DMV4%%%%(`HK!FUJZ@T=;IX8S-Y\\;*N2H$?F'CW(CQGU.
M<=JM_P!H3?VI]GV+Y/G^1]T[L^5YF[.>G;IUH`?J7_']I/\`U]M_Z(EK0K-U
M-P-2T>/#9:Y<@[3CB&3OT'7IWY]#6E0!S7C#_ES_`.!_^RUS5=/XL4/)8JSA
M`2^6/0?=K&&G9>]7S?\`CU8C.W[V-W)YX^[COR171!VB(HUV_AW_`)`EO_P+
M_P!"-<G<V)M[6.8N27VDC`P,C(YS_,"NL\._\@2W_P"!?^A&E4=X@C3HHHK`
M9A^+?^09'_UV'_H+5R-==XL_Y!L63@></Y-6"+.W^V21AG:-8ED7<RH6R%/)
M/`ZG\L5O3=HB9GUUWA+_`)!DG_78_P#H*U@_8(@+Q=Y:2%V5!G&0H))Z'/3I
MQ6]X2_Y!DG_78_\`H*T3=X@C<HHHK`85YSY$OD^=Y3^5TW[3M_.O1JX(7,"Z
M8T*F3SWX8L,J%SG:.>.>>G6M:8F5Q;3F3RQ!(7(SMV'./7%7O#P(URW!&"-V
M0?\`=-.EU&WENV<J_E-&RD%<G)<OV(X!/KVIVC2B?Q*DP&T2/(V/3(8UHV[,
M#LZ***YAA7!:A!*]_>R)$[(LS[F"D@<GJ:[VN+N+F"&?458R>>TLBIQE5!.#
MWZGIGTK2F)F8891LS&X\S[F5/S?3UK1T!'CUZ!)%96&[*L,$?*:CDOT)LV0.
M#`RLV0.H5!Q_WQG\:M:5,D_B2!XU*IMV@$8Z1X]3Z>IK5MV8'84445S#"N1\
M6_\`(3C_`.N(_P#0FKKJY;Q+;O<:H`A4;+;>=QQP"Q_I5T]Q,YZBIQ;$VC7`
ME3"L%*G.<G\,=L]:+NU>SE$<A4D@G*GC@D']0:Z+B.YTS_D&6G_7%/\`T$5:
MJKIG_(,M/^N*?^@BK5<KW*"L/Q;_`,@R/_KL/_06K<K#\68_LV+/3SA_)J</
MB0'(T5J1VL#W[QI#E?(1T1BS<E5)SMY[GI3EL[8Q79"@K&\H#G=P`/EP1QU]
M?PKHYB3H?#O_`"!+?_@7_H1K3K,\._\`($M_^!?^A&M.N:6[*"BBBD!$;:`Q
M^688RF[?M*C&[.<X]<\Y]:7R(?/\_P`I/-QCS-HW8],U7U&^^PI$^P,KN0[,
M2%C4*26)`.!QWP.>M1_VF/[1^R^5\GG>1OW<[_+\S&,=-O?-`!J7_']I/_7V
MW_HB6M"LW4Y$&I:/&74.UR[!<\D"&3)Q[9'YBM*@#FO&'_+G_P`#_P#9:P1>
M3AICOYG),GRCDG.?IU/3UK>\8?\`+G_P/_V6N:KIA\(F3274TL*Q.P*+CC:`
M>!@9/4X%=CX=_P"0);_\"_\`0C7$5V_AW_D"6_\`P+_T(U-38$:=%%%8#,/Q
M;_R#(_\`KL/_`$%JY5)YD?>DKJ^-NX,0<=,5U7BW_D&1_P#78?\`H+5R-=%/
MX1,>LTJJZK*X5_O`,<-]?6NK\)?\@R3_`*['_P!!6N1KKO"7_(,D_P"NQ_\`
M05HJ?""-RBBBN<85YK7I5>:UM2ZB85I>'?\`D-V__`O_`$$UFUI>'?\`D-V_
M_`O_`$$UI+9B.XHHHKE*"O/M3_Y"=W_UV?\`]"->@UY]J?\`R$[O_KL__H1K
M6EN)E:M+P[_R&[?_`(%_Z":S:TO#O_(;M_\`@7_H)K66S$=Q1117*4%<IXGE
M:'5HV4`DVY7GT.X'^==77(^+?^0G'_UQ'_H35I3^(3,<S,;=8.-@<O[DD`?T
M_4T^[NI+MU>0`;5V@#/3)/<^]045O81Z!IG_`"#+3_KBG_H(JU573/\`D&6G
M_7%/_015JN5[E!6'XM_Y!D?_`%V'_H+5N5A^+?\`D&1_]=A_Z"U.'Q(#D:**
M*ZB3M_#O_($M_P#@7_H1K3K,\._\@2W_`.!?^A&M.N26[*"BBBD!!=6D-W'Y
M=PF].<C)`((P0<=1['BD^QP?:OM.P^;USN.,XQG'3..,U8J/SX?/\CS4\W&?
M+W#=CUQ0!3U+_C^TG_K[;_T1+6A6?J7_`!_:3_U]M_Z(EK0H`YKQA_RY_P#`
M_P#V6N:KI?&'_+G_`,#_`/9:YJNFG\(F%=OX=_Y`EO\`\"_]"-<17;^'?^0)
M;_\``O\`T(U-78$:=%%%8#,/Q;_R#(_^NP_]!:N1KKO%O_(,C_Z[#_T%JY&N
MBG\(F%==X2_Y!DG_`%V/_H*UR-==X2_Y!DG_`%V/_H*T5/A!&Y1117.,*\UK
MTJO-:VI=1,*TO#O_`"&[?_@7_H)K-K2\._\`(;M_^!?^@FM);,1W%%%%<I05
MY]J?_(3N_P#KL_\`Z$:]!KS[4_\`D)W?_79__0C6M+<3*U:7AW_D-V__``+_
M`-!-9M:7AW_D-V__``+_`-!-:RV8CN****Y2@KD?%O\`R$X_^N(_]":NNKD?
M%O\`R$X_^N(_]":M*?Q"9AT445T"/0-,_P"09:?]<4_]!%6JJZ9_R#+3_KBG
M_H(JU7(]R@K#\6_\@R/_`*[#_P!!:MRL/Q;_`,@R/_KL/_06IP^)`<C11174
M2=OX=_Y`EO\`\"_]"-:=9GAW_D"6_P#P+_T(UIUR2W904444@"LS^SYO[4^T
M;E\KS_/SN.[/E>7MQCIWZ]:TZ*`,_5+2\N9[&2SF@B^SRM(WFQE\Y1E&,,/[
MQX_'/&">3K'_`#_6/_@&_P#\=K0HH`P=2T74=3\OS]1M5\O.-EFPZX]9/:J/
M_"(77_03A_\``0__`!RMV2:===@@\P?9Y+:5]FWG<K1C.?HQX_R,N#5[EH9`
MDHGNA8O/)#@#R91C"<#GDL.<_=JE)H"M_P`(A=?]!.'_`,!#_P#'*U;+3]4L
MK5+>+4+,HF<%K-L\G/\`SU]Z@EU&9=/G9+],BX$5O.X3$V4!&>@P&)SCLI[\
MUO4G)O<#/\G6/^?ZQ_\``-__`([38XM;,:F2]T]7(&X+:.0#WP?,&?R%:5%(
M#$U'2M3U&!89M0M%56W92S8'.".\GO6=_P`(A=?]!.'_`,!#_P#'*W-:N6M;
M(-'<I!*SA(RX&&8@X!SV[GV!JK=ZE)#J+1&;8_VB*.*`@?O$;;N;.,\;F[_P
M52DUL!F_\(A=?]!.'_P$/_QRM'3M*U/3H&AAU"T96;=E[-B<X`[2>U0R:M)"
M]R]S=^1#&)C(=JDPA90J8&.KJ21G/-:NDRRSZ=%+.X=WR<@@\9.`=O&0,`XX
MSFAR;W`C\G6/^?ZQ_P#`-_\`X[34BULJ?,O=/4Y/"VCGC/'_`"T';'T]^M:5
M%2!G^3K'_/\`6/\`X!O_`/':P_\`A$+K_H)P_P#@(?\`XY71:C,+>QEE:<0!
M1GS#CC\2"!Z9Q68^IR"TLY+FZ%K&T4GG7`48,BD+@9!^4_,P]A33:V`H?\(A
M=?\`03A_\!#_`/'*GLO#5]9727$6I6Y=,X#6C8Y&/^>GO4_]IW;O9L2(VEBM
MG\D;3YA=B)!Z_*O/%7M/N6N+V]47*311.$```*-D[AQV'`Y[AJ?,P#R=8_Y_
MK'_P#?\`^.TTQ:WYB@7NG[,')^R/D'C''F?7OV'7/&E14@9_DZQ_S_6/_@&_
M_P`=K&G\*WD\\DSZG`&D8L0+0XR3G_GI74U@2:I=_;=10!HXXE@*;H\;%,C*
M[Y(YX&X>P^M--K8"E_PB%U_T$X?_``$/_P`<J>R\-7UE=)<1:E;ETS@-:-CD
M8_YZ>]3C4Y)(24N\6XN_*-W\O">5NSTQ]_Y>E%CJDUSJ-I;M<`3&!9+FW(4"
M/*9"^I;//I@=.AI\S`O>3K'_`#_6/_@&_P#\=IK1:V&39>Z>03\Q-HXP,'I^
M\YYQZ?T.E14@9_DZQ_S_`%C_`.`;_P#QVLW4?#]_J,ZS3:E;*RKMPEHP&,D]
MY/>NBJA)-.NNP0>8/L\EM*^S;SN5HQG/T8\?Y#3:V`PO^$0NO^@G#_X"'_XY
M1_PB%U_T$X?_``$/_P`<JS!J]RT,@243W0L7GDAP!Y,HQA.!SR6'.?NU)-J$
MZ:;=RI>;O*EVP2A5/G#8#C`&#R6&!@G;C(SFGSR[@6X+35H((X4O[(K&H4$V
M;YP!C_GK3GBUL*/+O=/8Y'#6CCC//_+0]L_7VZUI45(&?Y.L?\_UC_X!O_\`
M':J:CI6IZC`L,VH6BJK;LI9L#G!'>3WK;K/UJY:UL@T=RD$K.$C+@89B#@'/
M;N?8&A.P&'_PB%U_T$X?_`0__'*/^$0NO^@G#_X"'_XY6E=ZE)#J+1&;8_VB
M*.*`@?O$;;N;.,\;F[_P46]]<27D\<D^U0LY<84^1M<*AZ9^9<MSZ57/+N`^
MRT_5+*U2WBU"S*)G!:S;/)S_`,]?>I_)UC_G^L?_``#?_P".U)I,[W.GQRRO
MO8LPW8QD!B!TX/`'(X/7C-7*D#/\G6/^?ZQ_\`W_`/CM%:%%`!1110`4444`
M%)@9SCFEHH`****`"BBB@`I"`>HS2T4`%%%%`!1110`4444`(``,`8`I:**`
M"BBB@`HHHH`3`&<#K2T44`%%%%`!1110`F!G..:6BB@`HHHH`****`$(!ZC-
M+110`4444`%%%%`!1110`4444`%%%%`!1110`4444`8?B34+JQ^S?9I?+W[M
MWR@YQC'4>]9=YJ,SQZ5)<72)YD5P6,EXUJK,&0+RHY(&>,>M=A1575K`8!U:
MY@M;3C+FUCDQ.N)+AR#E%`(`;C)Z]?QILE_?+J9B^TQK&-26(JT?2(P[@.O=
MN`?7UZ5T-%2!SRZG<6NFM(#O9[^>+S)3E8U#OC.2./E"CD=1]*;>ZI=2M"A*
MVI^T6N8L_O&#,A8@@XV\E3QS@\UT=%`!1110`4444`%%%%`!1110`4444`(>
M!61XEF>'2"ZR^7^_A#-YQB&TR*#EQRHQG)]*V**FSO>X'.V&J306-KYDD<D;
M74D+S>89$V[69-K\;N=BY/).1UJG+JE[+`+I"[2/#I\HAC<J"SR-N49/&>GT
MZUUU%4!7L)S<V,$Y()D0,<*5Y[\'D?0U8HHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
L*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>aug0803_6kx7x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx7x2.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`#F`6H#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBL.T\037TFIPVVFRF>
MR9%$4D@0R;NY[+C!/?C\J`-RBN;/BLIHUY?2:;-YMI.UO)%&X8!AWW8^[[X[
MUT%O+Y]O%,!CS$#8],C-`$E%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%5-4OAING37AADF$2
MEBD>,X]>>U8MWXL:&QLIH;`S2W-LURT?G;1&BKD\XY_*@#I:*YF/QA!<:C;6
MMM"F)5B:1YIUCV;P"``<[B`>WTKIJ`"BBB@`HHHH`****`"BBB@`KG(?#VHP
MSZE/'K")-?A0[I:XV%>,CY_0D?CGM71T4`<VOAJZ7P])I`U&()(<&06O..^?
MFY).#G-;EA!+;6,,$\RS/&NTNJ;`0.G&3VQWJQ10`4444`%5-0U.RTN$2WUR
MD",=J[CR3[#J:MUSOC6PN]3TC[)961N)78$/N1?+P1_>(Z^WI0!KR:E9Q:A#
M8/<(+J8$I$.6P!GG'3@'K45IK>G7MV;6VNE>89XVD!L=<$C!Q[9K*OX+^?Q%
MI.H1:3($MED\X^9$#\ZX`^]SC_\`55+1="O8-=M&V31:=IQF\D3E"3OR,+MY
MQSG)_2@#LJ***`"BBB@"&ZNH+.W:>ZF2&).KN<`55FUO3;>PAO9KM([><`QL
MV06SZ#KW].*3Q!#+<Z)>006WVB66)D1,J,$C`.6(''6N;U'2]3N_!EMI:Z2_
MVJ,*F3+%A=N.<[NAY'X<]J`.CN-?TNVOQ937:I/N52NUL`MT!;&`3CN:TJX*
M_P!&U>ZUJXNTL9HI)IX9(\R1F'"CGS%SR1^/?%=[0`4444`%%5-4OAING37A
MADF$2EBD>,X]>>U95]XG%EX>M=6:QED6=58HC#$><=6_'CCGVH`Z"BLNYUG[
M/KUEI?V60_:@Y$Q("C:N[CU]^G7O6I0`4444`%%%%`!6%I>IW=SJ^LV=Q+;@
M6@C,3(.!N4DD\\XXK=JI'I>GQ-(T=A:HTJE)"L*@NIZ@\<@T`<W_`&_J$>C:
MA=">VN$BG2*WNO+VJP+!68KGH#D`YYK8\-ZA<7]K="Z9'DMKJ2W$J+M$@7&&
MQSCK5R+2]/@BEBAL;6..48D1(5`<>XQSU-36]O!:Q"*VACAC'1(U"@?@*`((
M[\MJ/V.2TGA8H[I(Y0JX4J"1AB?XAU`JY6?-_P`C#9?]>D__`*'#6A0!3U6T
MDO\`3;BTBF6$SH8RY3?A2,'C([5@2^$KI[.VB74T$D$+VV_[/PT3+C!&[J.3
MG/>NKHH`Y.3P6,M#%>[;280"96CRY\H8&UL\9'M76444`%%%%`!1110`4444
M`%%%%`!2$XI:8>M1.3BM`0NX4;A245E[20[#Z***Z!!24M(>E)NRN`9'K1D>
MM-HK'VK'8=2TU>E.K:+NKB"BBBF`44TGFDR?6LG42=AV'T4P'FGU<9<P@HHH
MJ@*>JVDE_IMQ:13+"9T,9<IOPI&#QD=JQ;GPQ=W/AZ+1WU.(11X&\6IR5&-H
M^_UR#SWSVQ7344`8=UHU]=:G87S:E$'L@V%%KPQ888_?[]O3WK<HHH`****`
M"BBB@`HHKF%UV^CE\1+)Y$C:?$LD(C!QRA//.3VS^-`'3T5QB>)=133=29Y;
M>62W-MLN`F$`E`)R,_PYZYK<\-ZA<7]K="Z9'DMKJ2W$J+M$@7&&QSCK0!/-
M_P`C#9?]>D__`*'#6A63YTDOB6W5[:6$);3A7<H1)\\7(PQ/Y@=:UJ`$HR/6
MD;K25C*HT[#L.R/6BFTX=*J$^8!:***T$%%%>::Y(?\`A+;N?<&>&ZMU6,N1
M<8Q_RR[8.>GTH`]+HKC-#TJQF\87-]IT'E6MCNBW;F/FS'(8\GH`2/RKLZ`"
MBBB@`IAZT^F'K6578:"BJ*:QISV4EXMY";:)MKRAOE!XXS^(_.K%K=07ENL]
MK*DL3_==#D&L+#+-%%%=A(4AZ4M(>E3+9@-HHHKE*%7I3J:O2G5U0^%$A111
M5`,/6B@]:*Y);LH!UI],'6GUM2V$PHHHK40C=*;D^M*W2DKGJ/WAH,GUIR]*
M;2KTHIOW@8ZBBBN@04444`%58=-L+>1Y(+*VBDD!5V2)5+`]02!S5JB@"K%I
MUC#;O;Q6=ND$GWXUB4*WU&,&I;>W@M8A%;0QPQCHD:A0/P%2T4`9\W_(PV7_
M`%Z3_P#H<-:%9\W_`",-E_UZ3_\`H<-:%`#6ZTE*W6DKEG\3*"G#I3:<.E72
MW$Q:***W$%-**6#%06'0XY%*>*3<*3DEN`ZBF[A2@YI*28"T4450!5/4[1KZ
MQFM4G>W,J[?,3J!W_3C\:N4P]:SJ[#1RMKX7NH-'U"S>:*5YKKSX"K>6$Y&&
MR%X/'0`C@5K^']-ETK2UMYY1+.SM)(RYP68Y.,UIT5@Y-C'T445UDA2'I2TA
MZ5,MF!S4NJ7T/BI;664+8RR".$*BN6.P$@G=N7G/:I-*U.ZD\176GW%Q%-&L
M`FC98]N1NQP02"/K@Y[5KK8VBW1NEM8!<'K,(QO/X]:+>QM+1W>VM8(7?[[1
MQA2WUQUKGNBBRO2G4U>E.KHA\*)"BBBJ`QO$]Y>6>F.UC#*\C9#/&H8Q+@DM
MCN>,?CGM@\UJ.MZ@/#NCR1SRPRSQR&220A`Y5,@[NV3R!W]J[L]:*YF[/894
MTF62?2[.68N9'A1G+KM).!DD=JO4P=:?6E+J#"BBBM1#6Z4E*W2N7M?$CW/B
MW^S\>7;;755:-MS,I^]G'`/./IZG%835Y#1T]*O2N7\.ZWJ5]J\MG?PA,0&5
ME"8\MMY4*#GD%<'/UKJ%Z405I`.HHHK<04444`%4-=O7T[1;N\C*!XHRR[P2
M,]NGO5^F2Q1S1-%*BR1N,,K#((]"*`.2B\0ZDNBW3SF)+N*[2#<\>/+5L?,P
M!QW/0^E;7AS4)]0LYS<E7DM[F2#S47:LH4\,![_TJZFGV4=JUJEG;K;O]Z(1
M*$/U&,5+!!#;1+%;Q)%&O1$4*!^`H`S?.DE\2VZO;2PA+:<*[E")/GBY&&)_
M,#K6M6?-_P`C#9?]>D__`*'#6A0!GZY&9=(NHU:52\94-$A=AGN`.37+P6^H
M+X7N8DMKE%%X#\HD66:$%<D*S%@3CH#T_7MFZTE<\I6;&8WA>.YCTZ47"S)'
M]HD-NDV=ZQ9^4-GG/7K6V.E-IPZ55-W;!BT445L(0]*R+S5)K;7M/T_[.IBN
MQ(?-+<C:N<`?E6N>E9UUH]E=WT5Y/&[7$/\`JV$KKM^@!Q_C6%2W-J-&8_B2
M5?$PTS[,GD^:(O-WG))7=UQCVQG/-=&O6LYM%T]K[[88#YWF"7/F-MW@8#;<
M[<X[XK17K4QMS*P#J***Z1!3#UI],/6LJNPT%%%%8#'T445V$A2'I2TAZ5,M
MF`VBBBN4H5>E.IJ]*=75#X42%%%%4`P]:*#UHKDENR@'6GTP=:?6U+83"BBB
MM1#6Z5$8(C.LYB0RJI42%1N`],^E2MTI*YZGQ#1!;VEM:[_LUO%#O.7\M`NX
M^IQUJPO2DI5Z44_B!CJ***Z!!1110`4455U.^33=-N+R12ZPH6VCJ?:@"U17
M,Q>)IFT:2Y:"$W8N$@6$%U"EL8W;E![D\"M30]3?4[:<S1K'/;3O;RJA)7<O
MH3VY%`#IO^1ALO\`KTG_`/0X:T*R?M,<_B6WC1908K:<,7A=`?GBZ$@!NG49
MK6H`:W6DI6ZTE<L_B904X=*;3ATJZ6XF+1116XBGJUT]EITMQ$%+IC`;IR0/
MZUS?_"3WO_/*W_[Y;_&MWQ%_R!+C_@/_`*$*XBM80C)7:%<VO^$GO?\`GE;_
M`/?+?XUI:%K-QJ%X\,R1*JQELH"#G('<^]<G6YX2_P"0G)_UQ/\`Z$M.5*"5
MT@N==1116(PKCM>O+J+6)TBN9D0;<*KD`?**[&N'\1?\ANX_X#_Z"*TII-ZB
M96_M"]_Y_+C_`+^M_C1_:%[_`,_EQ_W];_&JU%;<J["/2J***Y2@IDTB11EY
M75$'5F.`*?69XB_Y`EQ_P'_T(46OH!/_`&A9?\_EO_W]7_&C^T++_G\M_P#O
MZO\`C7`T4_JJ[AS'HL$T4Z%H9$D4'&48$9_"I:P_"7_(,D_Z['_T%:W*7+RZ
M`%%%%`'*ZUJ]]:ZK-##/MC7;@;%/\(/<51_M[4_^?G_R&O\`A1XB_P"0W<?\
M!_\`016;70H1:V%<V;'6M0EO[>-[C*/*JL-B\@D>U=C7GVF?\A.T_P"NR?\`
MH0KT&LZD4MD""BBBLQC6Z4E17MW!91"2X?8A;:#@GG\/I5+^WM,_Y^?_`"&W
M^%8SA)NZ0S2I5Z5F?V]IG_/S_P"0V_PJ[97<%[$9+=]Z!MI.".?Q^M$(23NT
M!8HHHK804444`%1SP17,$D$Z!XI%*LIZ$&I**`,X:%IHL9;/[-F&9@SAG9F8
MC&#N)SQ@=ZLV5E;Z?;BWM8_+C!)QDDDDY))/)-6**`,^;_D8;+_KTG_]#AK0
MK/F_Y&&R_P"O2?\`]#AK0H`P==UFXT^\2&%(F5HPV7!)SDCL?:LW_A)[W_GE
M;_\`?+?XT[Q;_P`A./\`ZXC_`-":L.MHTH-7:%<VO^$GO?\`GE;_`/?+?XUU
M5G*T]G!,P`:2-6('3)&:\[KT#3/^09:?]<4_]!%3.$8[("U11168S,\1?\@2
MX_X#_P"A"N(KM_$7_($N/^`_^A"N(K>EL)A6YX2_Y"<G_7$_^A+6'6YX2_Y"
M<G_7$_\`H2U<_A8CKJ***Y2@KA_$7_(;N/\`@/\`Z"*[BN'\1?\`(;N/^`_^
M@BM*6XF9M%%%=`CTJBBBN,H*S/$7_($N/^`_^A"M.LSQ%_R!+C_@/_H0IQW0
M'$4445UDG7>$O^09)_UV/_H*UN5A^$O^09)_UV/_`*"M;E<L_B904445('#^
M(O\`D-W'_`?_`$$5FUI>(O\`D-W'_`?_`$$5FUU1V1)9TS_D)VG_`%V3_P!"
M%>@UY]IG_(3M/^NR?^A"O0:RJ[C04445D,P_%O\`R#(_^NP_]!:N1KKO%O\`
MR#(_^NP_]!:N1KHI_")A77>$O^09)_UV/_H*UR-==X2_Y!DG_78_^@K14^$$
M;E%%%<XPHHHH`*KW][!I]E+=W3[(8EW,?Z?4]*L4UT21"DBJZGJK#(-`'+VG
MBR6XT:XNOL\'VE+L6J1K+N4DD`,6';D\CKBMC0]3?4[:<S1K'/;3O;RJA)7<
MOH3VY%`T+3!:W-L+11#<R>;*H)Y;KD'.1T[8Q5JRLK?3[<6]K'Y<8).,DDDG
M)))Y)H`H_:8Y_$MO&BR@Q6TX8O"Z`_/%T)`#=.HS6M6?-_R,-E_UZ3_^APUH
M4`<CXM_Y"<?_`%Q'_H35AUN>+?\`D)Q_]<1_Z$U8==4/A1(5Z!IG_(,M/^N*
M?^@BO/Z]`TS_`)!EI_UQ3_T$5%78:+5%%%8#,SQ%_P`@2X_X#_Z$*XBNW\1?
M\@2X_P"`_P#H0K'TQ[)=%D1YDBD<.)6R-W3C`/)'TK:#M$3,"MSPE_R$Y/\`
MKB?_`$):D6YLO^$;*/Y:R;-HC!4L6S][U%1^$O\`D)R?]<3_`.A+52=XL#KJ
M***YQA7%ZY#)<>(9HHEW.VT`>ORBNTKBM=\O_A()O-W>7E-VWKC:,XK2GN)E
M633+R.XC@>!A+("57(YJ"XMY;:4Q3H4<=C5RYO;>\U199ED%JH"JB8W!0.!_
MGUIFK7<=[>>;$7V;0`'4#;CL,$\5LF^HCO:***Y2@K,\1?\`($N/^`_^A"M.
MLSQ%_P`@2X_X#_Z$*<=T!Q%%=!%96W_"/&5$0R-&SM*ZYP0?N@YX-)K=E;V^
MG1FW2-55U`<K\TN5SD'/(Y]*Z.=7L(O^$O\`D&2?]=C_`.@K6Y6'X2_Y!DG_
M`%V/_H*UN5A/XF,****D#A_$7_(;N/\`@/\`Z"*S:Z*>0Q^+)CYZ0IA?,9\8
M*[5..?7`ING7L,]Y>W#-!#)(\?E^9@80'YAS_LUT)V0C(TS_`)"=I_UV3_T(
M5Z#7#J8F\1H;?'E&Z7;CI]X=/:NXJ*G0$%%%%9#,/Q;_`,@R/_KL/_06KD:Z
M[Q;_`,@R/_KL/_06KG)-.GBLENI#&B/@JI;YB#T(%=%-^Z)E2NN\)?\`(,D_
MZ['_`-!6N<N-/EM[5+@O$\;-MS&X;:V,X/O71^$O^09)_P!=C_Z"M%1WB"-R
MBBBN<84444`%%%17+%+:5EE2$A"1(XRJ''4\C@?6@"6BN237=17P_-=-)"[&
M[6&"Y,>U3&6`\PKG@=<<^E:_AS4)]0LYS<E7DM[F2#S47:LH4\,![_TH`FF_
MY&&R_P"O2?\`]#AK0K)^TQS^);>-%E!BMIPQ>%T!^>+H2`&Z=1FM:@#F]9<1
M^)+1VV86,'YVVCJW4TR66SDUZVEGFCD7RN1N4HC<X&X``U!XM_Y"<?\`UQ'_
M`*$U8==$8W2$:.N/')?!XY1)F-2V""%/ID<&NOTS_D&6G_7%/_017G]>@:9_
MR#+3_KBG_H(J:BLD@1:HHHK$9F>(O^0)<?\``?\`T(5Q%=OXB_Y`EQ_P'_T(
M5Q%;TMA,*W/"7_(3D_ZXG_T):PZW/"7_`"$Y/^N)_P#0EJY_"Q'74445RE!7
M#^(O^0W<?\!_]!%=Q7#^(O\`D-W'_`?_`$$5I2W$S-HHHKH$>E4445QE!69X
MB_Y`EQ_P'_T(5IUF>(O^0)<?\!_]"%..Z`XBBBBNLDZ[PE_R#)/^NQ_]!6MR
ML/PE_P`@R3_KL?\`T%:W*Y9_$R@HHHJ0.'\1?\ANX_X#_P"@BLVM+Q%_R&[C
M_@/_`*"*S:ZH[(DLZ9_R$[3_`*[)_P"A"O0:\^TS_D)VG_79/_0A7H-95=QH
M****R&8?BW_D&1_]=A_Z"U8L^L&;3!9F$C]VB;M^1A3U`QP3WK:\6_\`(,C_
M`.NP_P#06KD:W@DXB9H7>H0SV,=K#:F%4.X8DR">Y(QR:WO"7_(,D_Z['_T%
M:Y&NN\)?\@R3_KL?_05HFK1!&Y1116`PHHHH`*9+%'-$T4R+)&XPRN,@CT(I
M]%`%2/3+"*"2"*QMDAD^_&L2A6^HQS4\$$-M$L5O$D4:]$10H'X"I**`,^;_
M`)&&R_Z])_\`T.&M"L^;_D8;+_KTG_\`0X:T*`.1\6_\A./_`*XC_P!":L.M
MSQ;_`,A./_KB/_0FK#KJA\*)"O0-,_Y!EI_UQ3_T$5Y_7H&F?\@RT_ZXI_Z"
M*BKL-%JBBBL!F9XB_P"0)<?\!_\`0A7$5V_B+_D"7'_`?_0A7$5O2V$PK<\)
M?\A.3_KB?_0EK#K<\)?\A.3_`*XG_P!"6KG\+$==1117*4%</XB_Y#=Q_P`!
M_P#017<5P_B+_D-W'_`?_016E+<3,VBBBN@1Z51117&4%9GB+_D"7'_`?_0A
M6G69XB_Y`EQ_P'_T(4X[H#B****ZR3KO"7_(,D_Z['_T%:W*P_"7_(,D_P"N
MQ_\`05K<KEG\3*"BBBI`X?Q%_P`ANX_X#_Z"*S:TO$7_`"&[C_@/_H(K-KJC
MLB2SIG_(3M/^NR?^A"O0:\^TS_D)VG_79/\`T(5Z#657<:"BBBLAF'XM_P"0
M9'_UV'_H+5R-==XM_P"09'_UV'_H+5R-=%/X1,*Z[PE_R#)/^NQ_]!6N1KKO
M"7_(,D_Z['_T%:*GP@C<HHHKG&%%%%`!1110!E>([^;3M,\ZW*+(\J1AW&50
M,P!8BD\.:A/J%G.;DJ\EO<R0>:B[5E"GA@/?^E:4T,5Q$T4\:2QL,,CJ"#]0
M:(((;:)8K>)(HUZ(BA0/P%`&/=:G`GB&VS'=GR[>=#MM)3D[XNF%Y'!Y&1T]
M15S^V;7_`)Y7W_@!/_\`$5<:"-KA+@K^]1&16ST#$$C_`,='Y5)0!QGB*5KV
M^22VM+YT$04G['*.<GU7WK*\FZ_Y\;[_`,!)?_B:](HK15&E85CS?R;K_GQO
MO_`27_XFNQL=5@BL;>.2&^#I$JL/L,_!`_W*UZ*F4W+<9G_VS:_\\K[_`,`)
M_P#XBFQZ[92QK)&MXZ.`RLMC,0P/0@[*TJCMX([:WBMX5VQ1($1<YP`,`<U(
M&+K6HQ76ES0P07S2-MP/L,PS\P/=*Y7R;K_GQOO_``$E_P#B:](HJXS<59`>
M;^3=?\^-]_X"2_\`Q-:OAV5K*^>2YM+Y$,14'['*><CT7VKLZ*;J-JPK&?\`
MVS:_\\K[_P``)_\`XBFC7;(R-&%O"Z@,5^PS9`.<'&SO@_D:TJC6"-;A[@+^
M]=%1FSU"DD#_`,>/YUF,I_VS:_\`/*^_\`)__B*Y76C+=:I--!9WS1MMP?L<
MHS\H'=:[JBJC)Q=T!YOY-U_SXWW_`("2_P#Q-'DW7_/C??\`@)+_`/$UZ115
M>U8K&?\`VS:_\\K[_P``)_\`XBFR:[911M)(MXB("S,UC,`H'4D[*TJCN(([
MFWEMYEW12H4=<XR",$<5F,I_VS:_\\K[_P``)_\`XBJ.M:C%=:7-#!!?-(VW
M`^PS#/S`]TK>HIIV=P/-_)NO^?&^_P#`27_XFCR;K_GQOO\`P$E_^)KTBBK]
MJQ6.:\.WJ65B\=S;7R.92P'V*8\8'HOM6K_;-K_SROO_```G_P#B*T**AN[N
M,S5UVR=G5%O&*':P%C,=IP#@_)QP0?QIW]LVO_/*^_\``"?_`.(JY%!'$\SQ
MKAIGWN<]3M"Y_)1^524@.%UHRW6J3306=\T;;<'['*,_*!W6J/DW7_/C??\`
M@)+_`/$UZ116BJ-*PK'GUBL\5];R265\$2568_8Y>`#_`+M=C_;-K_SROO\`
MP`G_`/B*T**F4G+<9FOKME&H:1;Q`2%RUC,.2<`?<[D@4[^V;7_GE??^`$__
M`,15R>".X0)*NY0ZN!G'*L&!_,"I*D#FO$5ZE[8I';6U\[B4,1]BF'&#ZK[U
MSGDW7_/C??\`@)+_`/$UZ115QFTK!8\W\FZ_Y\;[_P`!)?\`XFNC\.WJ65B\
M=S;7R.92P'V*8\8'HOM72T42FVK!8S_[9M?^>5]_X`3_`/Q%6+.]@O5D:`R?
MNWV.)(VC93@'!#`'H0?QJQ4<4$<3S/&N&F?>YSU.T+G\E'Y5`$E%%%`!1110
M`4444`%%%%`'-6>K%O%][9_V@MPOE?N8<@!7!.Y1CN,<YK.T;5KZ:_L`+Z6Y
MNI_-^V6;H%6#&=N!C*X.!R><UVU59-/M9+Z.]:,_:$&`ZL1D>A`.#U/7-`'*
M>&-7N[BZF%WJ$LD(L3-<O(H'V>4.01T&/E&<'TK2\(W[7_VYEOWN[=9!Y(F(
M,JCD$M@#`)!P,=!71T4`%%%%`&3XEO(+#2))KB[GM5!`5H"-[-V49!ZUAR:E
M=?8-%6]U7R;:9)/M%[;XY=?NKNP0/<]R#795'-#'<0O#,BO&X*LK#((-`'"7
MFMZF-%TZ>XO9;99(;AA,J!?.=?\`59R#C..G?-7]:U>6&UTD-J3V>I31QNT9
MVK$O=FD!'3@@`'K74V=I#96ZP6X81KT#.SG\R2:GH`****`"N/L=4NFU75HK
M&\EODCLVEA#8<"3)P#@#:>VWGZUV%4;G6+"UG:&>?;(N,C8QQQGL*:3>P',:
M3JM\\@%I>3:C*;!IKB.11B&?'"@@#&3D8J7PWJ<]S'>>?J4TMNMFDDL[`9MY
M2"7`X[>G/2M1[K3HM6>[CM)VD\E)9;E"`@1LA2RE@2<*>=I(%:QN8%N!;M/&
M)V&1&7&XCUQUI`8GA&_-]#=D7[7<2RYB\Q@953MNP!C)!(%=#57^TK'<5^VV
M^X,%(\U<@Y(QUZY!'U%3>?%YY@\U/-`W>7N&['KCTH`DKE/'.IZE8V?^@)/#
M&H#O<H`1G<`$.>G7.?H.YK?GU6P@MGN7NX?)1Q&SJX(5B<8..G/Y4]KV"/[0
M9I$B2!@KN\B@#(!]>.HZX_+!H`Y'6=8O8KV^;[;/:7$/E?8;/RP1/NQG(P=Q
MR<<'BGW>JZBGBI;<7,B.;N"-;3`*F%D)=NG.".N>*ZJ\L;74H42X3S$!#HRL
M5(/J&!!'X594!5"CH!@4`<S9:B)/&$UK#JKRQ*'62&9E_P!9G.V,``_*`<FN
MGHHH`*:YPC'=MP.OI3J*`.(MM=O)-`UEX+[[3<PWA5)54,4A)4;PH[8W&DDU
M:\CT_5_L&H37=I;M#LO&4,R;B/,&0,-@<].,UW%5+;3[2SGFEMXS&TQRX#';
MGU"YP/P%)M+<#E5U29O#5V\FJ2(4O)([2X,BH9T7IEMI![G@#.,<5T^B3RW.
MBV<\Y<RO"I<NNTDXY.*+O4?LUU%;1VD]S+(C2!8B@PJD`D[F'=A5G[1"'$;2
MHLAP-A8;LD$@8_`_D:8$M%5XKZTG1GANH)%4!F*2`@`]":/MUIY4<OVJ#RY3
MB-_,&'/H#WH`P_&5_P#8X+=8-1DM+R1L1*&54;D99R0>`/SSWK.UO5KN&_OL
MZC+;F**)M/CB0%;EF'/&"6YP*ZF+5+&6"28740BCE,+NS!0'!QCG_)XI]Y96
MVHP+'<QB1`P=2&((/8@CD'GJ*`.4U35=2BUSRC/)!*#;"WM5`*SAO]9GCMTZ
M\5<349!XUBM(+Z6:&19/-BR&$;*.`1@%![Y.:Z9%"(J*,*HP*=0`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7.:KH%U>Z
MC+<120A'Q@,3G@`>GM71T4U)K8#$.B3/N5KF,0S6L5O/'Y18L$W?=;(QG<>H
M-67TLO>/*)\123).R;?FWJ`!AL\+\HXQZ^M:5%(#"E\."2"2+[2!OAN8L^7T
M\Z0/GKVQCW]JMKI*KJKWOG,0S^9L)/#;`GKC&!T(Z]ZTJ*`,5-!:.RFMTNL!
MGC>,;"4C*,&'!;H<#(!`]`*FETEFGGGCN`LKW"W";DRJD1B/!&1N&`3U'7VK
M4HH`CAC\J%(R=VU0,X`S^`Z5)110`4444`%%%%`!32,FG44I14MP,G5=&_M&
MZ@GS:-Y*.FRZMO.4[BIR!N&"-OZFIGTUFU6*_P#.4-$GEA!'P5YSWZYQ@]L8
M[FM"BFE8#G]-T*;^R[6.[E\N6*V2,(BXV$%6.[!PW*CTXSZU=323YUO-).&D
MCN&N'PF%9C&4P!D[1R#W_6M.B@#(DT4O:20>>.;EYXWV$%-Y)(R&!S\S<@CC
MCGG.G!&8H(XV=I"BA2[8RV!U.*DHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
G`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__9
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>aug0803_6kx8x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_6kx8x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`$@`48#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`,/Q9)=IIL`L9FAN)+J)%8,1R6Q@^WK6?!XD7[;<7L[.D<-@GFV^_
MA)O-92.>,YP,^F*Z*^L8KY85E9P(9DF7:1RRG(S[55DT"QDO+RY97W7D8CE4
M-@<=&'<'ISGM0!E7/B::>W3^ST@:=;N&*0+<*Z%7/&&`/7D=..:U=?\`MIT]
M/L(<OYJF5(G"NR?Q!6/0_P#UZ)-$AFMC%+=7;MYJS"5I,LK+TQQ@=/2K-]80
MW\*1REU,;AXY$;#(PZ$&@#&T[5#;Z?>2`W,C0R*/(OF$3P`@#YG8G*\$YY/U
MHDUA[^'2YH=T!.I>1*J29#85\C(QE<@&KQ\/VS1ONGN6G>193<EP9-RC"]L8
M&3QC'-.CT*VC6,"28^7=F\&6!RY!!SQTY)H`JV'BBUOKQ8(PA$@<Q;)E=VV^
MJCE<@9']*GT/6UUCS,11Q[`&PLP=AG/#+@%6&.1C'N:GMM(@MI"8YKCR\,%A
M,IV)N.3@#^N<=L46.DPV5RUP)9II2GEAI6!*IUQG'/3J<GWH`YS4[Q4UC5UF
MN=21T:-;802.(U8QK@'G:,MV/6M"[\2C2]MO=K$]Q!;I)<DS+&22#D(I^\>#
MQ[BM.31[67^T/-#NM_CS5)X&%"C'IP/SJ)]#A8JPN[Q)/+6*1TDVM,JYQN('
M7D\C!H`BD\0!&FC%ONF$T4<*>9_K5D`*MTX&-V>OW33?^$FM?[6^Q?N\>?\`
M9]WG+OW_`.YUQGC/KVJ[+I-K+JMOJ+!O/@0HO/!ZX)]2,G'U-"Z5"EZ;E);A
M0TGFF%9,1E\8SC^F<=\4`5+'7_M=Q:(UHT<=V9$CDW@_,F<C'IP>?:D@\0K)
M'8R/;[%NI)T)WYV"/=STYSL]NM6+?1+:V^Q;'E/V.222/)')?=G/'^T<4R'P
M]9PSQ2*\Y6&222.-GRB[P0PQCI\Q/KG\J`(-(\2P:I=QP!(U,T9ECV3K(0!C
MAP/NMSTYZ&JOB"^G,.MF"=XA96Z(NQBI#M\Q/'MMP?<UKV&DQ6#J8[BY=(TV
M1QR292->.`._3ODU7O-(^UW5_%*7%K?0(KLA`*LI([^H([?PT`4-+G,FL^3I
ML]\T4<+_`&E+UG)5CC9@/R._M3/"]Q.NIW=KJ%Q=?;!]Z*4[D;"1[F4].IS@
M=F'%;L^F03:A'>DLLJQM$VW&)$/\+<<@=1572M`M],NY9TDEE).(A(Q/EJ50
M$>_W!SZ`#Z@$-]XB>SFO5%@\L=G+&DCK(`2'"XP#U.6`Q^.>U,N-9:1O)FMY
M89H;^"%ECGP#O(*DD#D8(ROX9J[<:);7/VW>\H^V21R28(X*;<8X_P!D9HFT
M2VFN99V>4/)<17!`(QNC`"CITXYH`Q[*[N6U:T1KB4HVIWB%2YP556VCZ#'`
M[59T_6G>VMH+2UEN+B7SI-LMQG:BR%22Q'KT&/;M5^'1+:&YBG5Y2\=Q+<`$
MC&Z0$,.G3GBHT\/VT44*PSW,4D/F;94<!\.VYE/&",^U`$<>OFZ>&.RLS-)-
M`TP5I`FTJVUE)P>AXXS1::K]KO-,N8RRP:A`X\MST=?F&.W3=GZ"KEMI%K:7
M4,\&]3#;FW5=V1M+!B3W)R.N:K6>D?9+JPBB+FUL8'5"Y!+,Q`[>@![?Q4`;
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%<[XJU.6T6*&(SQ#?%(\D<;
MG(\P#;N48'&<C/H.<TWS;YM7>&.=BTS3)O\`-!C1=I*83.0RDJ#P.O?L`=)1
M6-;W36DL<5Y,SG>R*5)(RS@`$GJ%WHF>N<ULT`%%%07%W!:[1*^&?.Q%!9VQ
MUPHY./84`3U'/YHA;[.$,O\`#O)Q^.*2WDDE0M+"8>>%9@6Q[XR!WZ$\8^@E
MH`R_#\L\ME-]JF,TJ74R%\8SM<@8'8<=*IZK=;-5E2>:[$,<*O&MH6RC9;)?
M;T'3&[Y>#5VVM[G3=.O"BI+,T\TT:`G!W.6`/'7FB2SO(;VYFLC;LMUM+B8G
M*,%VY&.HP!QQWYYH`SGOW<V=G?W3J_V-9IEM`Q>5B<#;LYQPQ./;M5E$MI])
M-S<:C<R00&1A+',\3!<]'P021C'/-.ATB73Q:R:>T<DL%L+9A,2H=1R#N`..
M<]CUI7TJX?3YH3+&9KFY6:8C(7;N7<HZ_P`*X]_;-`$V@VTMOIX:>29I)CYA
M265I#&#T7))Z#K[YK2HHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!DL4<R;)45UR#M89&0<@_F`:
M18(DE:58D61QAG"@%OJ:DJ"XNX+7:)7PSYV(H+.V.N%')Q["@!_D1?+^Z3Y"
M67Y1P3U(IEQ=P6NT2OAGSL106=L=<*.3CV%0_P"FW7_3E%_P%Y3_`#5?_'L@
M]C4UO:06NXQ)AGQO=B6=L=,L>3CW-`$/^FW7_3E%_P`!>4_S5?\`Q[(/8U-;
MVD%KN,289\;W8EG;'3+'DX]S4]%`!1161?:H[N]M8@[@=KW.`50CJ%_O,.G3
M:#G.2"I`->BN4?3;.9S)<V\5S,W+RS1JSL?<X_3H.@P*3^R=-_Z!]I_WY7_"
M@#K**Y";3M)@C,DUG91QKU9XD`'XD5@ZM#:SV5P8;"WMXD1F5EC"R/@<9X^4
M=\=3QG'((!Z;1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%07%W!:[1*^&?.Q%!9VQUPHY./85/4$%I!
M;RS2Q)B2=MTCDDECVY/8=AT%`$/^FW7_`$Y1?\!>4_S5?_'L@]C4UO:06NXQ
M)AGQO=B6=L=,L>3CW-3T4`%%%%`!1110`5AZ7I.FW-O--<:?:32M=W&YY(59
MC^^<<DBMRL_1/^/&3_K[N?\`T>]`!_86C_\`0*L?_`=/\*/["T?_`*!5C_X#
MI_A6A10!ROB;3;"SAL9+2RMH'-SM+11*I(\N3C('M6#J'_(.N?\`KD_\C74>
M,/\`CUL/^OO_`-I25R^H?\@ZY_ZY/_(T`>D4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!164U[>#Q!;
MVK1K':R1RD9.6<J5Y]A\U7KS[3]G(LPGG$@`OT49Y/O@9.*`)Z*QC>3V-U<P
M3W1N8XK5KAG9%#1D$\'&!@C../X3S1HDC3;2^M_;9EC'G0@185B.N%&1^=`&
MS16-;ZC<7'B,0J0+$VTC(,<NRN@+9].2!^)]*V:`"BBB@`K/T3_CQD_Z^[G_
M`-'O6A6?HG_'C)_U]W/_`*/>@#0HHHH`Y_QA_P`>MA_U]_\`M*2N7U#_`)!U
MS_UR?^1KJ/&'_'K8?]??_M*2N7U#_D'7/_7)_P"1H`](HHHH`****`"BBB@`
MHHHH`****`"BBB@#+UR>YM;<7,%P(XXN778"#R.6)Z*.<XYZ54;4;Y]8N+>!
MT(W.D2LN$.(\YW=VWY!7L!G'KKW-C;7;HT\0<ITY(_`XZCV--33[6.Z-RD0$
MI).<G`)ZD#H"<\GJ:`*MI>RK(D=[*$<%EQ@98EOE!QP"%*9QQEJU*K/8VSLA
M>(,8V+J23U)#?CR`?P'I5F@`HHHH`***@BO+6:=X(KF%Y4SNC5P67!P<CMS0
M!/1110`4444`%%%%`!1110!GW-M*^N6-RJ9BBAF5VR."Q3''_`33;V\O39W7
M]GVADN8Y/*0%EP>`2PR0#C/3(Y%:5)0!B6-O,+.YMAILD<LR,SS7K1R+,_3Y
MPK$D>W0`8I9K.YU*>(26[6"0QR(71U+-N7;A<9^7G/..0.*VZ*`,*WTB\M]=
MM9OML\MM%;/'EEB`'S+A,!1QQG/^SU]=VBB@`HHHH`*S]$_X\9/^ONY_]'O6
MA6?HG_'C)_U]W/\`Z/>@#0HHHH`Y_P`8?\>MA_U]_P#M*2N7U#_D'7/_`%R?
M^1KJ/&'_`!ZV'_7W_P"TI*Y?4/\`D'7/_7)_Y&@#TBBBB@`HHHH`****`"BB
MB@`HHHH`****`"BJ;ZG:*[(LAE="0ZP(TI0^C;0<?CZ&D\^_E_U5FD*GC-Q*
M-P]]JY!'_`AGVZT`7:BN+F"U0/<S1PH3@-(X4$^G-5_L4\O_`!\WTS`_>CA`
MB3\"/G'_`'U^G%2V]C:6SF2"WC20C#2!?G;ZMU/XT`1?V@9>+6TN96Z$O&8E
M7TR7P<?[H./3IDV:A/\`ZR6&U7H1"/,?ZAF``^FT_7GB[10!2_LNWDYNM]XW
M?[0=R_79]T'MD`?J:L_NK>$#Y(HHUP.BJH'\A4E9NMPO+!;L(FFBBN$DEB5<
MEU&>W?!PW_`:`+L5Q!-`)XIHY(B,^8K`KCZT0SPW";X)8Y4SC<C!A^E8=L(+
M[6+^"2!H[26&"4HZF,NVYN2.#SM`P>NVGP19UB_AOT2$W-L`JPR':T:D@DG@
MAOG`^F,$T`;,-S!<%A!-'*4.&V,#@^^*EK$$1MO$5KYD,4$)B>"V\D_?Z-AQ
M@8P%.,9'7FMN@`HHHH`*KW]Y'86<ES*LC*F`%C7<S$D`*!W))`_&K%9^M_\`
M'C'_`-?=M_Z/2@#$N+^XU`8O;>\CA_Y]X;2?!['>VT;Q[8`Y.0>#5;[)IG_0
M&D_\%DG_`,17:44`<7]DTS_H#2?^"R3_`.(J*X32;=`6T<[F.U5:P,>X]<`N
MH'0$]>U=S7/^,/\`CUL/^OO_`-I24`<O':0G4K&X-O;Q.EW#L6!-H7,B]3_$
M?<_@!S7I%>?K_P`?5G_U]P?^C5KT"@`HHHH`*YMXM^DQR%W'EZJ?E#8!S>XY
M]?\`/M725GZ)_P`>,G_7W<_^CWH`K7H:VUY+E!+._P!AN&6+=UVM%A5';/\`
M7Z5DQ)+:6D\=M<172M%%YCQ?=15D`<R<\LRLQ+<9"=!77T4`<?J^S^SK98DC
M$:Z@0K1#$;CR7.5&3@9)'U!K'U#_`)!US_UR?^1KJ/&'_'K8?]??_M*2N7U#
M_D'7/_7)_P"1H`](HHHH`****`"BBB@`HHHH`****`"J1TNWEED>ZWW6]MP2
M<[D3T"I]T8]<9Y//-7:*`&HBQHJ1J%10`JJ,`#T%.HHH`****`"BBB@`J"[M
M4NX?+=G3#!E9&PRD'((J>J.H:DMFPBCB:>X89$:D`*.@9B>@S]3UP#@T`-&D
M6YMYHIFEG:8JSRR-\Y*XVD$8`QC(P!S2QZ5`!-]H>6Z::/RG:=@<IS\N```.
M?2J7]L:E_P!`ZT_\#&_^-T?VQJ7_`$#K3_P,;_XW0!>MM+C@G29IYYVC!6+S
M7R(P<<#`&>G4Y/O5ZL/^V-2_Z!UI_P"!C?\`QNHK/Q)+<:Q!8/:08E9D:2&Y
M,@C8*QP04'/RGC/'?MD`Z&BBB@`K/UO_`(\8_P#K[MO_`$>E:%9^M_\`'C'_
M`-?=M_Z/2@#0HHHH`*Y_QA_QZV'_`%]_^TI*Z"N?\8?\>MA_U]_^TI*`.?7_
M`(^K/_K[@_\`1JUZ!7GZ_P#'U9_]?<'_`*-6O0*`"BBB@`K/T3_CQD_Z^[G_
M`-'O6A6?HG_'C)_U]W/_`*/>@#0HHHH`Y_QA_P`>MA_U]_\`M*2N7U#_`)!U
MS_UR?^1KJ/&'_'K8?]??_M*2N7U#_D'7/_7)_P"1H`](HHHH`****`"BBB@`
MHHHH`****`,LZM*V9H;)Y+,2>690WS$[MI(3'*@YYSVZ&H]0U+4K++#3K>1&
MD$<0%T0TA)P./+X/?KQSS6-;*;/2X8!>71UF#Y$A,C`,0V!E!P4(ZMCISFMU
MB+GQ&L;9*V4`D`[;W)`/U`5O^^C0!)JFJ)ID,+/&7DE=4"*>F6"DY]!N'YCU
MK0KE=>34DANII+6W='N(5C?[00502KM&W9QD]>>_?`%=/$7,2&50DA4;E5MP
M![@'`S^5`#Z***`"BBB@#.UFXNXH8(;`1_:+J7RE>1L!/E9B>AYPIQP1DC.>
ME9D.EZG`I6*TL%W'<Q^U.2Q[DGR\DGU/-:FI?\?VD_\`7VW_`*(EK0H`Y_[%
MK'_/O8_^!3__`!NC[%K'_/O8_P#@4_\`\;KH**`.&OKF]-S/9R;+8P,%<P2%
MB^5#8!*C`PW;G/0C')I*A-<TQ5`51*P``X`\IZ75/^0]J7_75/\`T5'1I?\`
MR'M-_P"NK_\`HJ2@#N****`"L_6_^/&/_K[MO_1Z5H5GZW_QXQ_]?=M_Z/2@
M#0HK/UEY1:)#;LRS3RJB$':/[Q!;^$%5(R.1GCFLM;B\<PV,F]G4S^:1.R`$
M%2BB0#)PK]>Y7GH:`.DKG_&'_'K8?]??_M*2G1W!,UG>0W$LD+,BSAY"6!=1
MM4Q\`<LK$]?PS3?&'_'K8?\`7W_[2DH`Y]?^/JS_`.ON#_T:M>@5Y^O_`!]6
M?_7W!_Z-6O0*`"BBB@`K/T3_`(\9/^ONY_\`1[UH5GZ)_P`>,G_7W<_^CWH`
MT****`.?\8?\>MA_U]_^TI*Y?4/^0=<_]<G_`)&NH\8?\>MA_P!??_M*2N7U
M#_D'7/\`UR?^1H`](HHHH`****`"BBB@`HHHH`***Q=;ANKV^M;""Z6"&2&6
M297BWK(%,8"GD''S'OST.0:`)KO6421H;*,7<RDJY$@6.,@\AFY(/7@`D<9Q
MD&J_]L:E_P!`ZT_\#&_^-TU-%U"-%1+^S5%&%5;-@`/0?O*=_8^I?]!&T_\`
M`-O_`(Y0`?VQJ7_0.M/_``,;_P"-TU]:U"-&=["S5%&69KQ@`/4_NZ=_8^I?
M]!&T_P#`-O\`XY7,S&6XGD%W()3!,Z*H7"*58KN`Y.3C/).,G%`'4Z#KCZO-
M=1O:"#R`C!@Y;>&W=BJD8VGJ*V:Y?PE_R$=0_P"N4/\`.2NHH`****`,_4O^
M/[2?^OMO_1$M:%9^I?\`']I/_7VW_HB6G:CJ"V31QCRC+(&8"67RUPN,\X/J
M/SH`O45GC47;4%LUM75FMVF#NP"EAL^48SG[XR>GIGG$EA=S7,EP)8(XUB?8
M&20N&/\`%U4=.!]<^E`')ZI_R'M2_P"NJ?\`HJ.C2_\`D/:;_P!=7_\`14E&
MJ?\`(>U+_KJG_HJ.C2_^0]IO_75__14E`'<4444`%9^M_P#'C'_U]VW_`*/2
MM"L_6_\`CQC_`.ONV_\`1Z4`798HYHS'+&LB'JK#(/X5&;.U,*PFVA,2'*H4
M&T'U`J>B@"(VT!F68PQF51@/M&X#ZUB>,/\`CUL/^OO_`-I25T%<_P",/^/6
MP_Z^_P#VE)0!SZ_\?5G_`-?<'_HU:]`KS]?^/JS_`.ON#_T:M>@4`%%%%`!6
M?HG_`!XR?]?=S_Z/>M"O*K_Q-K&GZI?VMI>F.".[FVKY2'&9&)Y(SU)K2G3E
M4=HB;L>JT5Y)_P`)EX@_Z")_[\Q__$T?\)EX@_Z")_[\Q_\`Q-:_5*@<R.[\
M8?\`'K8?]??_`+2DKAM;U6)();6!MTK95R.BCO\`X52U#Q)K%_$D=U>EU1MR
MXC12#@C.0!V)K(/2I]@XM\P7/?:***P&%%%%`!1110`4444`%9\W_(PV7_7I
M/_Z'#6A6?-_R,-E_UZ3_`/H<-`&A15*YU%8-1M+,1EVG<JS`X$?R,PS]=A_6
MH5O[UKN2W2RA<QX#,MP2%8C.#\G''/XKZ\`&G7G[?\?5Y_U]S_\`HUJ[BQNO
MMEJ)MA0[F4C.>58J2#W!QD'TQ7#M_P`?5Y_U]S_^C6H`V/"7_(1U#_KE#_.2
MNHKE_"7_`"$=0_ZY0_SDKJ*`"BBB@#/U+_C^TG_K[;_T1+4EY9&XGAN(W5)H
ME=`73>-K8SQD?W14>I?\?VD_]?;?^B):T*`*,&G+;S6;)(=EK;-;JI&2P.SG
M/_`/UJ:QMA9VB0!MQ7)9L8W,3DG'N235BB@#A]4_Y#VI?]=4_P#14=&E_P#(
M>TW_`*ZO_P"BI*-4_P"0]J7_`%U3_P!%1T:7_P`A[3?^NK_^BI*`.XHHHH`*
MS];_`./&/_K[MO\`T>E:%9^M_P#'C'_U]VW_`*/2@#0HHHH`*Y_QA_QZV'_7
MW_[2DKH*Y_QA_P`>MA_U]_\`M*2@#GU_X^K/_K[@_P#1JUZ!7G?GQ)J%C"TB
MB1[N#:F>3^\7_`UZ)0`4444`%>*Z[_R']2_Z^Y?_`$,U[57BNN_\A_4O^ON7
M_P!#-=>#^-^A,MBA1117ID"/T'UIAZ&GOT'UIAZ&N.M\3*1[[1117FEA1110
M`4444`%%%%`!6?-_R,-E_P!>D_\`Z'#6A6?-_P`C#9?]>D__`*'#0`DVD027
MT-VCR(Z3^>X\QR'.PITS@=1VZ#'>DFTV=[62**[$;33M)*_EGYE)^[PP(XVC
M.>W;MI44`16\;0P)&WE_*,#RTV*!V`&3CBN$;_CZO/\`K[G_`/1K5Z!7G[?\
M?5Y_U]S_`/HUJ`-CPE_R$=0_ZY0_SDKJ*Y7P@ZOJ6IJIR4C@5O8YD/\`(BNJ
MH`****`,_4O^/[2?^OMO_1$M:%<_XOU+^R+:POO)\[RKO[F[;G,4@ZX/K6%_
MPLD_]`@?^!/_`-A6D:<YJ\4*YWM%<%_PLD_]`@?^!/\`]A1_PLD_]`@?^!/_
M`-A5>PJ=@NB75/\`D/:E_P!=4_\`14=5M'O8I/%>G6L;!F1Y"Y'\)$3<?K^E
M<WK.OSZG=W<B1BWCN&5F0-N/"*N,\<';Z5/X&_Y&ZP_[:?\`HMJ7LVDVPN>O
M4445D,*Q_%=S]BT&6ZV;_(FADVYQNQ*AQGMTK8K`\=?\BE>_6/\`]&+3BKM(
M#!_X62?^@0/_``)_^PH_X62?^@0/_`G_`.PK@Z*]3ZI3(YF=Y_PLD_\`0('_
M`($__85FZWXV;4X($73Q"T4OF`F;<"=C+C&T?WL_A7*TC]!]:B>&IJ-T%V7]
M&E>;Q+I\DK%G:[B))_WQ7M=>):!_R,&F_P#7W%_Z&*]MKBK:,I!11160PKRB
M"WBNO'5U%.H=/M5PVUAD$KO(R._('%>KUXOK,CQ>(M0DC=D=;N4JRG!!WGH:
MZL*KR:78F1K0BT'B'2FFM(;B*[CC"CR?)&3)MW,@R">#P.#P:DTNUM?L&DQ[
M(C+?>:"'M1*'8,5`+9R@``^[[DUS<EW<RW"W$EQ*\ZD%9&<E@1TP>M+%?7<$
M#0PW4\<39W1I(0ISUR*[G3;6_P#6I-RL_0?6F'H:>_0?6F'H:QK?$QH]]HHH
MKS2PHHHH`****`"BBB@`K#UG5+/2=9L9[^;RHFMYT#;&;G=$<<`^AK<K@OB?
M][2_I-_[)5TX\\E$3-[_`(37P_\`\_Y_[\2?_$T?\)KX?_Y_S_WXD_\`B:\[
MM[.VN]'46T<C:@;J*(LS`+\XDP%'_`1DG_\`7>U:ST:)H;BVP]HDSQS?9I"S
M?=R@.X]20V2.,#BNIX>"=KL5SMO^$U\/_P#/^?\`OQ)_\37GVJ:[OENTLL[9
M)Y7$W0E6=B,#MP15+5X8[;6+V"%=L45Q(B+G.`&(`JAW/UHEAXQL[A<[[X7L
M6?568DL?*))/)/SUWU<!\+>NJ?\`;+_V>N_KEG\3*"BBBH`Y'XE?\@"V_P"O
MM?\`T!ZX'3[2VN0_VBZ:$AE1$CB\QW+9Z#(X&/U%=]\2O^0!;?\`7VO_`*`]
M<-H^I0::9G>U>2=UVQRI*$:+U*Y4\GU[5Z.&O[)V[_Y$/<OS>%S#:M-)=[0D
MA1G,7[M0)?+^]GK_`!8QTK-U"PAMK:WN;:X>:&9G4%XO+/RXY`R<@YZ_6KZZ
M_;B02/9SN1!]F*-=G8T>,<@+UV]^F><9JEK&HQ:E.DD4,D(4;1&9`R(O95`4
M8`Y]<UO#VE_>_06AEG[QK>\#?\C=8?\`;3_T6U8)^\:W_`H/_"6V)P<`N"?^
MV;5R5=I%(]=HHHKB*"L#QU_R*5[]8_\`T8M;]8'CK_D4KWZQ_P#HQ:J/Q(#S
M716NAJ*K9$B9U91M8*Q&"2%8@X8XP#ZUU)\\7%T\-M?^;>);F1()`DT`&Y?F
M/.<[02<#KSBN&HKUYT^9W,[F[?2@:/?6BF.1+>_0"<#YILB;YF;OT%8+]!]:
M6D?H/K2G'E@P+N@?\C!IO_7W%_Z&*]MKQ/P^C-KVGLJDJEU"6/I\XKVRO,K/
MWBT%%%%9#"O%==_Y#^I?]?<O_H9KVJO%==_Y#^I?]?<O_H9KKP?QOT)EL4**
M**],@1^@^M,/0T]^@^M30V4LUO)/PL:*3D]\#M7%7:3=RD>Z4445YQ84444`
M%%%%`!16?_;NC_\`05L?_`A/\:/[=T?_`*"MC_X$)_C0!H5POQ)@FN)=,2"&
M25@)B5C0L<?)SQ75?V[H_P#T%;'_`,"$_P`:IWUWX=OWC>XU.U+Q!@K1WWED
M`XR/E89Z#\JJ$G"2D@/,8[?5X(]D5K>(#(LG$#9WKG:0<=MQI;NXU6\A=9X9
M/+C)E<);!!NY!9MJCG@C)]Z]#:'PJY4MJ<3%#E2=4<X.,9'S^A--^R^$L$?V
MA!@C!_XF;\C.?[_K6SQ,F[V0K'GEQ9:I<W$D\UE=M+*Y=V\AADDY)Z4_2]$N
MKZY$:P.[9;]RO#':><YP%&>.2/3J17HFSPO_`-!6/_P:O_\`'*LV%WX;TU'6
MSOM/C+G+M]I4LYR3EF)R>IZFE/$2FK`D.\-Z#%H=JP!#3S;?,*D[1C.%7/89
M//4DD^PV:S_[=T?_`*"MC_X$)_C1_;NC_P#05L?_``(3_&L!FA16?_;NC_\`
M05L?_`A/\:/[=T?_`*"MC_X$)_C0!C?$"VFO-(M(+=-\KW8VKD#.(W/?Z5P,
M^@ZG;1^9-;!$R!EI4QDG`[UZ=?7_`(?U"-$N=3LR(WWJ4O`A!P1G*L#T)_.J
MFSPO_P!!6/\`\&K_`/QRMJ=>=-6B)JYYS;Z'J5U'O@@#J&*965.H/(ZT^'P_
MJLT>^.T)&2/]8@Y!P1U]0:[_`.S>$QMQJ,/RL77_`(F;\,<Y/W^O)Y]S3EB\
M+(NU=3B4>@U1Q_[/5+$U%U"R/.DTB=;MX;H&)E<)L&&9F(!"C&<G!KT3PYX8
M^P20WET0LL:GRH$Z1$@@ECGYC@_09/7@U8L9?#.GSR3VVH60FE&&D>\$C$?5
MF..@_(>@J_\`V[H__05L?_`A/\:QE-R=V,T**S_[=T?_`*"MC_X$)_C1_;NC
M_P#05L?_``(3_&I`T*Q/&,+7/AJY@0@/*\2*6Z9,JCFK?]NZ/_T%;'_P(3_&
MH+S4]!OK9K>XU.R:-B"0MVJG(((((8$<@4)VU`\^_P"$.U+_`)ZVG_?;?_$U
M3E\.W\#`3-#&'?RT9F.';L!@9Y[5Z!L\+_\`05C_`/!J_P#\<J,VOA$@`ZA`
M0&+`?VF_!)R3]_KFMWB*KZBLCB+7PMJ-PK_/;HR-M='<Y4X!QP".A%-O?#=S
M8B)[N:`1.^TF-B2/E)[@=@:[M8O"RDE=3B!8Y.-4?D_]]T^,>%HYXIO[1MI'
MB;>GFZ@9`K=CAG(R,]>U)UZC5FPLC,\-^'?M*P7<NZ"UB=9(%7&92K!@3G^'
MCZGKP.3VU9_]NZ/_`-!6Q_\``A/\:/[=T?\`Z"MC_P"!"?XUB,T**S_[=T?_
M`*"MC_X$)_C1_;NC_P#05L?_``(3_&@#0KAET+3;V:[N+BW+RO=S[F\QAG$K
M#H#[5U/]NZ/_`-!6Q_\``A/\:S&7PNTCO_:<*EW9V":FRC).2<!\#DFFFUL!
MR5SHE@LDK)&JXD*BWW.T@&"`W!R5_CQC/OVJ[8Z!I4S2*;>.9%"D312.%8G.
M1]X\C`_,5O[/"_\`T%8__!J__P`<HV>%_P#H*Q_^#5__`(Y1S/N!S6M:'IMG
M';/!;;2T^TY=FR-C'H3Z@5=T707U<A[E)(['@DG*F;OA?]D]V[@X'<C6:#PF
M[(9;^VE"-N"RZBSKGW!<@]^OK6M_;NC_`/05L?\`P(3_`!H;;W`T**JVNI6%
MY(8[2]MIW`W%8I58@>N`?>K5(`HHHH`****`"BBB@`HJ&Z:);29IW\N((Q=\
MXVKCDY[5ST)MY5%Q;F..QDEC$L$;9VQ@/AF`Z%F*YS_"O/>@#IZ*Y26XL9-9
M@CL&C%@I/VY5&V/OL..A&[J1_LYJ:6:RC$BRK!(CS.+&.1P(MNQ-S<\8#;N1
MZ\=:`.EHJ"S01V4""8SA8U`E)R7X^]GWZU/0`5#9VR6=E!:QEBD$:QJ6ZD`8
M&?RJ:B@`HHHH`**YNX>&>ZN1I4L2W<(F._>"\LI5@$QU*J>?;:,=#45W/:92
M+0W5;TPR%E4$,P\ML;O5M^WKR.?>@#J:*YZ-M/66=5,0TYTA"G&8A+\Y.[''
M0)G/?'>M#0@RZ5$'))W2<]B-[8*CLN.@[#`H`T:***`(;6V2UB:.,L0TCR?-
MZNQ8_JQJ:BB@`HHK+U*+_B;:3-O?_CX90F[Y1^YE.<>O^?6@#4HKF=MQ_9>[
MS8O)_M7[GEG=_P`?G][=CK[5%;RVT-M!)=L%1;,G4<'DS;DP'QW)\P8[Y-`'
M5T5FZ(L?V:62)HMLLI<11.&6'@#:,<=LG'=C6E0`5#!;)!+<2(6)N)!(V>Q"
MJO'X**FHH`****`"BLOQ-%YOA[4,NZA;>1OD;&["'@^U9NI+<&Q\3F.6)8AO
MW*T9+'_1H\X.X8_(T`=-17.!UCNU=@3=+<W!N1&,R>1M?;P.<?ZK'OC%6]&6
M(7]Z;5XWMBD7EF'A/XLCJ<OTR>XV^E`&Q1110!"ULC7L5T2V^.-XP.V&*D_^
M@#]:FHHH`****`"BBB@`HHHH`****`$P,YQSZTM%%`!1110`4444`%%%%`!2
M$`XR.G2EHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@"G/JVFVTS0W&H6D,J_>22958=^034?]NZ/_
M`-!6Q_\``A/\:--_X_M6_P"OM?\`T1%6A0!G_P!NZ/\`]!6Q_P#`A/\`&M"L
M_P`0?\B]J?\`UZ2_^@&M"@`HK#U>XFC.M!)70IIJM$%8C#_ON5]^%Z>U4[O4
M;VTU74WBF#1V\5Q*(I`2,I#;D#KQRQ/XGUR`#J**PIM4O;:X2.1K>7;/%#+Y
M<3``NP`^8MP0&!QSGVSQ&-;NL6[L;94NK8S(NQBT9+QJJD`\GY\=LD8XZT`=
M#16#%JE_<VUJ(&MENI99$:-XF/RI(59^&^48'3GD@9K>H`*;)(D4;22.J(@+
M,S'`4#J2:=6?X@_Y%[4_^O27_P!`-`!_;NC_`/05L?\`P(3_`!H_MW1_^@K8
M_P#@0G^->745V?5?,GF/4?[=T?\`Z"MC_P"!"?XU>CD26-9(W5T<!E93D,#T
M(->05ZCX?_Y%[3/^O2+_`-`%8U:7L[:C3N:%%%8:!+J&^N+J^G@D@FD7*3%5
M@5<A3M!P<KAOF!^]6(S<HKEVUV\>SNXYHX4EBL&N&PS`EO+4[!@@@@MS@\`K
MC&>)WU.[@U*\MQ(#F<^63;O($58HCC"G/)<<_7UP`#H:*P8=8O9D-R$A2!;B
MWB,3(=^)%B/WLX!!D].<?C5C2]2GNI+;SA%MNK8W"!`08P"ORMDG)^;V^Z:`
M-:BBB@!LDB11M)(ZHB`LS,<!0.I)JC_;NC_]!6Q_\"$_QH\0?\B]J?\`UZ2_
M^@&L^@#0_MW1_P#H*V/_`($)_C1_;NC_`/05L?\`P(3_`!K/HH`U(-6TVYF6
M&WU"TFE;[J1S*S'OP`:N5S8_Y"VE_P#7PW_HF2NDH`***H3RLFN6BF0K$UM.
M6&<*2&BP3[@%OUH`OT5REA=WQO='C-R^)+:U,JR9;<3'<%L\]3M'/J!Z8J1M
M=U"/24O&-J\GV47;1I"W"$9`)+8'0C/.?[O'(!T]%8SZI.L<LYDM4C\UX4C=
M6W[E?8.A^;)[`#J.:I_V[J'FS)Y<)-LLSR_NB&=46)L*-QP2)".2>F?:@#I:
M*PAJ=\M_]B=[1WD$6R5(VVIO$I.1NY_U>!R/O"M/3;E[NS$L@4.'>,[>AVN5
MR/8XS^-`%JBBB@`HHHH`RUBU*VO;U[>WM)HKB42*9+AD8?NT7!`0_P!WU[U)
MYVL?\^-C_P"!C_\`QJM"B@#'U"/6+W3KFT^R6*>?$\>[[6YV[@1G'E>];%%%
M`$,UK;SNCS012/&<HSH"5^F>E-DLK29BTMK"Y8DDM&#G*[3^:\?3BK%%`%>2
MRM)9O.DM87EX^=HP6X.1S[&JL.B6<<TLKH)C*I1ED1,8)!.<*,Y(')R>*TJ*
M`*;:5IS;=UA:G;D+F%>,G)QQZ\U<HHH`*JZI;/>:5>6L94//`\:EN@)4@9_.
MK5%`'G__``A>L?W['_O\_P#\11_PA>L?W['_`+_/_P#$5Z!16WMZG<5D>?\`
M_"%ZQ_?L?^_S_P#Q%=MI=L]GI5G:R%2\$"1L5Z$A0#C\JM45$ZDI_$.P57EL
M;2>99IK6"25?NN\8+#Z&K%%0!`]G:R*5>VA926)!0$$L,-^8)SZTV;3[*<R&
M:SMY#(07+Q*=Q`P,Y'/'%6:*`(OL\&&'DQX9@[?*.6&,$^XVK@^P]*2&UMX'
M=X8(HVD.7*(`6/OCK4U%`!1110!5U2V>\TJ\M8RH>>!XU+=`2I`S^=9/V+6/
M^?:Q_P#`I_\`XW7044`<_P#8M8_Y]K'_`,"G_P#C='V+6/\`GVL?_`I__C==
M!10!@V^G:D=1LYKB.TCB@D9V,<[.QRC+@`H/[WK6]110`5#<6UO=*%N8(YE!
MR!(@8`_C4U%`$+VMO(X=X(F8%2"R`D;22OY$G'IDU')IUC*J+)9V[K&GEH&B
M4A5_NCC@>U6J*`*[V-I(TC/:P,TJ[7+1@EQZ'U%$=C:Q9\FWBB8@C=&@4\XS
MR/\`=7\AZ58HH`S;+0[*T29?+6;S@HD\R-`&"YQ\JJ!U)/2M!$2-`D:JB*,!
05&`*=10`4444`%%%%`'_V3\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>aug0803_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 aug0803_logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``,"`@,"`@,#`P,$`P,$!0@%!00$
M!0H'!P8(#`H,#`L*"PL-#A(0#0X1#@L+$!80$1,4%145#`\7&!84&!(4%13_
MVP!#`0,$!`4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P``1"`!A`%\#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]4***SO$6
MOVWA?1[C4[R*]FMH-N]-.L)[V<[F"C;#`CR/R1G:IP,DX`)#2;=D)M)79HUB
M^++OQ%9Z=&_AG2M+U>_,H#P:MJ<EA$L>#EA)';SDMG:-NP#!)W#&#^9O[1_Q
M@_:9^+_CM[KPGX*^)_@;PK9;H=/L-+TR_M9Y4)&9KEHE&^1L#Y<E8Q\JY.]W
M\G_XRW_ZK3_Y5Z^KHY#*48SG5BGV;_R9X53-$I.,:<FNY]M_$[X6_MB_$J"2
MUC^(7@3PA821)');>&)[RU9F5]_F"=K=YT8_*IV2*I5<8Y;=XMXL_P""?7[2
MOCW3H]/\3?%;2_$5A'*)TM=6\1:E=1)(`5#A9("`P#,,XSACZUX;_P`9;_\`
M5:?_`"KT?\9;_P#5:?\`RKU[]+#5Z"2I5:2_[=1Y52M2JN\Z<W\V>Y>#/^"<
MOQ^^'VG:D_AGXI:7X8O[J6`/!HNL:A;17,:B7+2R1Q*=R$J%78P(DD.Y=N']
M7^&/P3_;%^&,\8C^*'A'Q/8"5YI+'Q/>WE^LK,FS!F:V$ZJ,*P5)%7<,X.Y@
M?D?6OA]^UUX7^P:[.GQ/>YUJTC"W&G:E=W=T88\O''<+#(TD.TSN1',%(+R8
M&=^,[_C+?_JM/_E7HJ4:^(3YZU*2?D@A4I46N6G-6\V?KQ\/;OQS<:<4\<Z5
MX>L+^.*("?P]J<]U%<28/FMY<MO$85R`57?(<,06^7+=97XM_P#&6_\`U6G_
M`,J]=I\'_B/^UA\+/'=CKMYX9^)_C'34_=7FBZ]9:E<P7,)(W!3(C>5)P"LB
MC*D<AE+(WAU<A;3E"M"_9/\`S9Z=/-%I&5.7J?KA17%_!_XCS_%/P)8Z[>>&
M=:\':D_[J\T77K*6VGMI@!N"F1%\V/D%9%&&!Y"L&1>TKY.<)4Y.$MT>]&2F
ME);,K:EJ5IHVG76H:A=06-A:1//<75S((XH8U!9G=F("J`"22<`"OR8^,'_!
M3#XH^)_'=]=>`M4_X0[PJG[FRL)+"UN9Y$!/[Z9I8WQ(V>50[5`51N(+M]<?
MMQ_MJZE^S1J/ASP_X4T_2]4\2:A$U_=C5HYGBMK7)2/"H4W-(ZR<A_E$)RIW
MJ1\L_P##V#XM_P#0N^"O_`&[_P#DJOL,GR^JH?6)4%44MN9I?@T]SY[,,7!R
M]DJK@UO9?K='G/\`P\-_:!_Z'_\`\HVG_P#R/1_P\-_:!_Z'_P#\HVG_`/R/
M7HW_``]@^+?_`$+O@K_P!N__`)*H_P"'L'Q;_P"A=\%?^`-W_P#)5?1_5Y_]
M`-/[X_\`R!X_MH_]!,ON?_R1YS_P\-_:!_Z'_P#\HVG_`/R/5G3?V^_VC=9U
M&UT_3_&L]]?W<J06]K;:%822S2,0JHBK;DLQ)```R2:[W_A[!\6_^A=\%?\`
M@#=__)56;?\`X*C_`!@\0Z=K.G6GACP\=3FT^9K2[TFRN#+9,@\R2Y*/+(LB
MQPI,V"`JD!V)5&1D\/-+_<:?WQ_^1&JL?^@F?W/_`.2/.=2_;9_:3^'VHW6A
MZQXMU31]3AE>:>RUG1;47,32DS8*S0;U4B0%5X54*A0%"@5O^'AO[0/_`$/_
M`/Y1M/\`_D>O1O\`A[!\6_\`H7?!7_@#=_\`R51_P]@^+?\`T+O@K_P!N_\`
MY*IK#U/M8*G?U7_R(>VATQ,ON?\`\D><_P##PW]H'_H?_P#RC:?_`/(]'_#P
MW]H'_H?_`/RC:?\`_(]>C?\`#V#XM_\`0N^"O_`&[_\`DJC_`(>P?%O_`*%W
MP5_X`W?_`,E4?5Y_]`-/[X__`"`O;1_Z"9?<_P#Y(Y/P7_P4E^-F@>*=-U#7
M/$$'BG1X)0;O1[C3[2V6ZC((91+%"KHV#E6!(#`95AE3^L_PY\?:1\4O`FA^
M+="F\[2M7M$NH<LC/'N'S1OL9E$B-N1U!.UE8=J_,3_A[!\6_P#H7?!7_@#=
M_P#R57O?[&G_``4!U[X\?%.3P3XVTO1=,N;ZT>;2;C1X;B/S)H@7DA=7>0',
M0=PQ9`/*(^8NN/!S;+ZM2E[:&'C3Y=^5K5>B2V[]CU<!BX0G[.59RYMKKKZW
M9Z=^UW^VC:?LL:CX9T]/#L'BN_U>*>>6U75A:2VD:%%C=E\J0E9"T@!(`S"V
M,X./8?@OX^U#XI?"SPWXNU/0?^$9N=:M!>IIGVQ;ORX7),+>:JJ#OBV28P"N
M_:1D&OR[_P""DFNW?C_]K>3P]I^E3S7^DZ?8:+;PVV9Y;Z24&Y79&JY#$W8C
M"#<24SGYL#]9_#?AW3_"'AW2M"TFW^R:5I=I%96EOO9_*AC0(B[F)8X50,DD
MG')->1CL+1PV!P\E'WYZMWZ=.MNJZ=#OPM>I6Q-5-^['1+S^Z_0^/OVA_P#@
MH[_PH7XP^(/`G_"O/[=_LK[/_I_]M_9_-\VWCF_U?V=]N/,V_>.<9XSBC_AX
M[_QD3_PJS_A7G_,U?\(S_:W]M_\`3W]F\_ROL_\`P+9O]MW>OB3PGKVA^*OV
MV=4\907\\GANR\2ZKXR2XMK8M+<VMFT^HA4CD:/#2)!M&XKM+Y(XQ76?\$R?
M!_\`PDO[4UCJ/VO[-_PCVE7FI^5Y>_[1N46NS.1MQ]JWYP?N8QSD?25,JP-#
M#2G4I^]&%WK+63^>FJ_'R/'AC\35K*,9:2E;9:)?GH_P/LG]J;_@H!:?LW?$
MR+P?;>$H/%LPT^*\NIXM:%NUK([/B%XQ#)AMBQR<D$K*IQ@@GQ__`(>^_P#5
M)O\`RY/_`+DK[D\1?!+X=>+]8N-6UWP#X8UK5;C;YU]J.C6UQ/+M4*NYW0L<
M*J@9/``':OQ]^#7AO2/CC^VEH]MH6E65IX8U3Q5-JL.D:C;HD"Z='*]TULT2
M!D'[B-HQ&,IDA<A>:\_*Z&6XJA-U*+O3C>3N]?N?DSKQM3&4*L5"II)V2LO\
MCZGTW_@KE%?:C:VT_P`,H-.AFE2-[RY\1.8H%)`,CB.R9RJ@Y.U6;`X!/%5O
M^'OO_5)O_+D_^Y*]@_;<^$/P_P#A]^RYXZUSPY\/_".CZQ#%;0Q7MMX?LQ+$
MLMW##(4;ROE8I(X###*3E2"`1\Y_\$O=8\#>`M1\<^*_%_B3P]X=OY(K?2],
MEU;6X+65XR6DN5$+R@E25M3O*XRI"MPXK:E1RRM@YXR&';Y7:W-*[>GGY_@9
MSJ8VGB(X>59:J][+3?\`R.UTW_@KS:2ZC:IJ'PMGM;!I4%Q/;:\)I8X\C<R1
MM;H'8#)"EU!/&X=1]M_!_P",'ACXY^!+'Q9X3OOM>FW/R212`+/:3``O!,@)
MV2+D9&2""K*65E8_'W_!1SXQ_!KQM\%(-.L];T7QAXS:[5M$GT2[BNWT_#QF
MX>22-\)&\0*;&)WL4(4^66CZS_@F7IMWX"_9EU[4/$UK/X=L)-:GU9+K5HS:
MQ/9&RM6%R&D`!A(5CYF=N%//%>?B\)AIX!8JE2=.5[6;;OZ7U_IG7AZ]:.*=
M"=135KWLE;[CT_\`:W_:PT_]E;P[H%Y)HO\`PD>JZS=O#;Z9]J:U_<QIF6;S
M?*D7Y6>%=IP3YN1]TT?LD?M8:?\`M4^'=?O(]%_X1S5=&NTAN-,^U-=?N9$S
M%-YOE1K\S),NT9(\K)^\*_/CQ]+J_P#P4%_;(FT_P_=?9]!&ZRLM1>V>2.ST
MJWW$W#@1HW[QV=U63!#W"1%P,$=[_P`$E/%EW9_%;QOX92.`V&HZ*FI2R,I\
MU9+:=(XPIS@*1=R9!!.0N",'/56RBA1RZ4I+]]%*3U>B;VMMM?YHPIX^K4QB
M2?[MMI>=EOWWL>4?`N.T^.O[?>E:KI\\^F6&I^+[KQ+;_:80THCBEEOEB=5?
M`9A$$)#$*6S\V,']5?VC/B'_`,*I^!7CGQ2FH?V7>6&E3?8;OR?.\N\=?+M?
MDVL#F9XA\P*\Y;Y<U\?_`+6/_!/GQ/JGQ%N_B5\'KO&JW=W_`&G=:0]\;>ZC
MOS,K&XM)V(499FE*NZ;"AV$[E1/'KK]CC]K'XKSV>A>,KW5'T?S3.)_$_BM;
MVSMY%1]KF-)IGW$$H"L9(W\X!)'3B%@\SE1KNO&,(I)Q=KZ;^O8QI/$8)5*7
MLG*4F[-;>1X+\,=2N_"?PO\`BIKMO=3VJ:AI]GX55K20I+YEW<K=,&P1^Y:W
MTVZC?DDF5%VE68K]Q_\`!(WPG=V?@SXB>)GD@-AJ.H6FFQ1JQ\U9+:.220L,
M8"D7<>""3D-D#`SI?$C_`()]>*1^SSX5^%7@;6_#UQ#;:U<:_KFKZT+FUEO+
MHH8K<Q1IYZHHA<HR\9,<;#!+Y\Y\)_\`!/K]I7P%ITFG^&?BMI?AVPDE,[VN
MD^(M2M8GD("ERL<`!8A5&<9PH]*Z<5C<)C\-4IQJJ/,^O96_.US"AAJ^$K0F
MZ;ERKIW=_P`KGW]\:O'W_"K?A%XQ\6K-90W.D:5<75K_`&BVV"2Y6,^1&WS*
M3OEV(%!!8L`.2*_-[_@E%X+EUCXW>)/$DNFP75AHNBM"MY*$9K6ZGE01E`?F
M#-%%=+N4<+N4D;P#VFH_L6?M':YI6L^&/%WCN?QC8:WI_EVEQ+XKOIM/TZZB
MNK:99+N*7:SJ\4=PB;(IL2,A8)@.OO?[!W[+.N?LT:)XVC\3RP3:WJNH01K+
M87`ELYK6&$-')'E%=6\RXN$;>!_JUP,89O'B\/@<OKTZ=52G.VW;^F_^&/1:
MK8K%TISIN,8WW[_U8\P_X*W>,/L7PZ\`^%OLF_\`M/59]3^U^9CR_LT/E[-F
M.=WVS.<C'EXP=W'BW[/'_!.+_A?7P>\/^._^%A_V%_:OVC_0/[$^T>5Y5Q)#
M_K/M";L^7N^Z,9QSC->]_MH_L7>/OVF_B[;>(_#ESHNCZ;INE0Z2#K=U(CW+
MK)+,98Q#'+^[_P!("?/L;=&_R[=K-]@?#;P?_P`*]^'7A;PM]K^W_P!AZ5:Z
M9]K\OR_/\F%8]^S)V[MN<9.,XR:?]I?4<NI4L)4_>-MRZ]]-;KM]WJ+ZG]:Q
ME2=>/NVLOZ5O/[S\4OVB?@=JO[*OQD3P]->0:TD$5MJFG:A<V41BO(S_`!/;
M,TJ[1+'+&4DR&$>2NUAG]!_^"E/[1DOPN^&<'@70[J!?$'BV*:&\#*DK6^F%
M2DIVELHTI;RU8H056?!5U4C@OVJ/^">_Q%^./QY\3^-M"UKPQ::5JGV7R8=1
MNKE)U\NUAA;<$@91\T;$88\$=.E:/CO]A3XE_'K]HV#QU\2M8\,1^%7NX?.T
M73-0O;EXK"+[MI$7BBQOP=[JR8:6215!.RO2GB\)BGAJ^)J)N$6Y=V[*RMZW
M\M/,XXT,105:E1@US-)>FNMSXD_9T_:>\1?LRZCK>H>&=$\/:E?ZK%%`]UK5
MI)++!&A9BD31R(55R5+#)#&./^[7:_L(_%"T\"?M6Z5J=UJ&E^#O#>JQ7]MJ
M`N)Q'9PV[0O-'");AF95$T4`4ERYV@%FW'/[):;IMIHVG6NGZ?:P6-A:1)!;
MVMM&(XH8U`5415`"J````,`"OS?^-7_!,CXB^.?B[XQ\2Z%XE\,-I6M:K<:G
M"-1FN8)T\^0RLC(D,B_*SLH(8[@H;"YV@HYO@\<ZT*T53YU:][WZ+I:ZZ!4P
M&(PWLY4Y<_*]K6MU[]3T;_@H?X2^-D?B+PQXG^%VL>-9=*EM#IM]I'A.>Y7R
M)D=Y$G:.!]S>8LC*6V87R%!;YU%?'W_&6_\`U6G_`,J]?LWJ5K+?:==6T%Y/
MITTT3QI>6P0RP,00)$$BLA92<C<K+D<@CBOR8^,'[5O[5'P,\=WWA/Q9XQ^R
M:E;?/'+'HU@T%W"20D\+FW&^-L'!P""&5@K*RCFR;$U<13^KTX0;C_-=-KY)
MWM_D;9C1A2G[6<I)2[;+\4<7_P`9;_\`5:?_`"KT?\9;_P#5:?\`RKT?\/#?
MV@?^A_\`_*-I_P#\CT?\/#?V@?\`H?\`_P`HVG__`"/7TOL,9_SZI?C_`/(G
MC>TP_P#//\/\RS8>#OVM?B#.WAR2+XJW$.I12P30:U=7UM9RQE&WI+)<,L05
ME###L`V=O)(!K?\`&6__`%6G_P`J];4G[:/[36N^#(/$<&K:H^B:)J$CW'B.
MST*(6PDDC2)8+EUA\@JOFY5&7.^=6.XK%LQ?^'AO[0/_`$/_`/Y1M/\`_D>I
M5+&2VITM/7?[O0;GAUO.?X?YA_QEO_U6G_RKT?\`&6__`%6G_P`J]'_#PW]H
M'_H?_P#RC:?_`/(]'_#PW]H'_H?_`/RC:?\`_(]5[#&?\^J7X_\`R(O:8?\`
MGG^'^8?\9;_]5I_\J]'_`!EO_P!5I_\`*O1_P\-_:!_Z'_\`\HVG_P#R/1_P
M\-_:!_Z'_P#\HVG_`/R/1[#&?\^J7X__`"(>TP_\\_P_S#_C+?\`ZK3_`.5>
MO>_V-/AG\>?B'\4Y)?B=KOQ/T?P9IEH\UQ;ZQJVIV'V^9P4BA1O.CD&"6E+)
MN`\H*V/,%>/>"_VV?VG?B)XITWPWX;\6SZOK>HRB&UL[?1=.W.V"223``J@`
MLS,0JJ"Q(`)K]9_ASI7B#1?`FAV7BS6/[?\`$\5HG]IZB$C1);DC,FP1QQJ(
MPQ*I\@.U5W9;)/@YMBJ^#I>SG"FI2_EO=>>J7R??T/4P%&GB)\\92:CWV?EN
MSHZQ?&D?B*3PMJ0\)3Z7;^)!$38OK4,DMF9`00LJQNKA6`*[E)*YW;7QM.U1
M7P,7RM,^K:NK'YK?&#_@H!^T'\#/'=]X3\6>#_!5IJ5M\\<L=E>-!=PDD)/"
MYN1OC;!P<`@AE8*RLHXK_A[!\6_^A=\%?^`-W_\`)5?J]6+XLU^^\.:='<Z?
MX;U3Q3,\HC-GI,EJDJ*03YA-S/"FT$`<,6RPX(R1])2S'!M*,L)%OOS67XK3
M[SQIX/$7;6(=O2_ZGYFZU_P4U^-FF_8/$/\`PAVBZ?X=U>TCAL/[1TZY:UGF
M@RMU-;S"1"^Z5\%=SB,+&OW@[R9O_#V#XM_]"[X*_P#`&[_^2J^C'_X*6Z1X
M%NKW3OB5\-_&OA?56NYYM.@.EI"\^G&5A;2O'/,C))M!1PI="T;%6YVJ?\/8
M/A)_T+OC7_P!M/\`Y*KV%3TTR]/S4O\`@'GN?_47;U7_``3YS_X>P?%O_H7?
M!7_@#=__`"51_P`/8/BW_P!"[X*_\`;O_P"2J^C/^'L'PD_Z%WQK_P"`-I_\
ME5I>'?\`@IW\.O%^L6^DZ%X(^(6M:K<;O)L=.TFVN)Y=JEFVHER6.%5B<#@`
MGM0X)*[R[_R;_@`I-NRQGX?\$^8?^'L'Q;_Z%WP5_P"`-W_\E5M>"_\`@I9\
M=_B)XITWPWX;\%^$=7UO491#:V=O87>YVP222;H!5`!9F8A54%B0`37Z,?#W
MQS?>.].-[=^#/$/A"%XHIH%\0BU2697!./+AGE>-E`&Y90C`L!@D,!UE>34S
M'!0O'ZG&_P#BO^2_4[X83$RL_K#MZ6_4XOX/S^/KOP)8W7Q*BT6T\57/[Z:P
MT&*18+-"!MA9GED\R0<[F4A<G:NX+O?M***^:G+GDY6M?ML>S%<J2O<****@
MH****`/.?VDO^3=OBE_V*NJ_^DDM?@K117Z/PM_!J^J_(^/SS^)#T"OVD_X)
MY?\`)GO@#_N(?^G"YHHK?B?_`'.'^)?E(RR3_>)?X7^:/HRBBBOS$^U"BBB@
##__9
`
end

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