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<SEC-DOCUMENT>0000950103-03-002224.txt : 20031125
<SEC-HEADER>0000950103-03-002224.hdr.sgml : 20031125
<ACCEPTANCE-DATETIME>20031125094645
ACCESSION NUMBER:		0000950103-03-002224
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030912
FILED AS OF DATE:		20031125

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:		031022045

	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>nov2403_6k.htm
<TEXT>
<html>
<head>
<title>Ultrapar 6-K</title>
</head>
<body>
<p>&nbsp;</p><HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px"><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 November, 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 width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
          20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
        <td width="200" align="left" 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>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes
          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No
          <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></tr>
    </table>
  </div>

</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>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes
          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No
          <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></tr>
    </table>
  </div>

</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>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes
          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No
          <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></tr>
    </table>
  </div>

</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 size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px"><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">Appraisal
        report on Book Net Worth of Shell G&aacute;s (LPG) Brasil S.A.</FONT></TD>
    </TR>
    <TR align="left">
      <TD valign="top"><font size="2" face="Times New Roman, Times, serif">2.</font></TD>
      <TD><FONT size="2" face="Times New Roman, Times, serif">Executive
        Board Proposal to alter the Company&#146;s management benefits
        plan, to include therein the option to transfer the usufruct
        rights under the shares held as treasury stock to management</FONT></TD>
    </TR>
    <TR align="left">
      <TD valign="top"><font size="2" face="Times New Roman, Times, serif">3.</font></TD>
      <TD><FONT size="2" face="Times New Roman, Times, serif">Letter
        directed to the S&atilde;o Paulo Stock Exchange (Bovespa) in
        November 11, 2003</FONT></TD>
    </TR>
  </TABLE>
</div>


<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="right"> <B><FONT size="2" face="Times New Roman, Times, serif">ITEM
  1</FONT></B> </P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>SHELL
  GAS (LPG) DO BRASIL<br>
  </B></font><font size="2" face="Times New Roman, Times, serif"><B>C.N.P.J.
  65.828.550/0001-49 </B> </font></P>
<P align="center"> <font size="2" face="Arial, Helvetica, sans-serif"><B>APPRAISAL
  REPORT ON BOOK NET WORTH</B> </font></P>
<P align="left"> <font size="2" face="Times New Roman, Times, serif"><B>1.
  PURPOSE </B> </font></P>
<P> <FONT size="2" face="Times New Roman, Times, serif">ERNST &amp;
  YOUNG Auditores Independentes S/S, enrolled with the Regional Accounting
  Council of the state of S&atilde;o Paulo with the number 2SP015199/O-6
  and the Brazilian Corporate Taxpayers&#146; Register C.N.P.J./M.F.,
  number 61.366.936/0001-25, a simple corporation established in the
  capital and state of S&atilde;o Paulo at Av. Presidente Juscelino
  Kubitschek, 1830 &#150; Torre 1, 5th and 6<SUP>th</SUP> floors, appointed
  as appraisers by the Management of Shell G&aacute;s (LPG) do Brasil
  S.A. (&#145;the Company&#146;) to determine as at July 31, 2003,
  the book net worth of the Company, - its head office in the city
  and state of Rio de Janeiro at Avenida Luiz Carlos Prestes, 350,
  1<SUP>st</SUP> floor, enrolled in the Brazilian Corporate Taxpayers&#146;
  Register &#150; C.N.P.J., number 65.828.550/0001-49 with bylaws registered
  at the Board of Trade for the state of Rio de Janeiro with the number
  NIRE 35.300.130.987 -, to be submitted for the approval of the Company&#146;s
  shareholders, hereby through its Partner, Claudio Gon&ccedil;alo
  Longo, accountant, enrolled with the Regional Accounting Council
  of the state of S&atilde;o Paulo with the number 1SP065872/O-1, submits
  this appraisal report, reflecting the results of its work, comprising
  two pages and one attachment, duly initialed or signed, and provided
  in six original copies. </FONT> </P>
<P> <font size="2" face="Times New Roman, Times, serif"><B>2. METHODOLOGY
  AND CRITERION FOR APPRAISAL</B> </font></P>
<P> <FONT size="2" face="Times New Roman, Times, serif">The evaluation
  was performed using accounting methodology based on values shown
  in the accounts and according to information contained in the Trial
  Balances, Ledger Cards and remaining elements pertaining to the Company&#146;s
  accounts as at July 31, 2003 and pursuant to articles 8,183 and 184
  of Law 6.404/76. </FONT> </P>
<P> <FONT size="2" face="Times New Roman, Times, serif">We sighted
  the said trial balances and reconciled these with the accounts when
  considered appropriate. The evaluation process also included discussions
  with Management as to the criteria used in the preparation of the
  balance sheet, focusing particularly on the principal accounts contained
  in these and verifying that the accounting practices required by
  Brazilian corporate law were followed. </FONT> </P>
<P> <font size="2" face="Times New Roman, Times, serif"><B>3. CONCLUSION
  </B> </font></P>
<P> <FONT size="2" face="Times New Roman, Times, serif">As a result,
  based on the specific values contained in the Attachment which forms
  an integral part of the Appraisal Report, the appraiser, signatory
  to this Appraisal Report concludes that the permanent assets, rights
  and liabilities constituting the Company&#146;s book net worth as
  at July 31, 2003, amounts to R$ 83,438,106.06 (eighty-three million,
  four hundred and thirty-eight, one hundred and six <I>reais </I>and
  six centavos). </FONT> </P>
<font size="2" face="Times New Roman, Times, serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
</font>
<P> <FONT size="2" face="Times New Roman, Times, serif">The appraiser
  hereby declares that it has no business relationship with the Company,
  except in relation to the contracted service of which the preparation
  of this Appraisal Report is a result. The appraiser further declares
  that it has no conflict of, or common interests, either current or
  potential, with the shareholders, quota holders or quota holder partners
  of the Company or of any other parties to the operation or with respect
  to the operation for which the current report is to be used. </FONT>
</P>
<P> <FONT size="2" face="Times New Roman, Times, serif">Additionally,
  it declares that there was no restriction of any kind on the part
  of the controllers or management of the companies in the preparation
  of the work performed. </FONT> </P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">S&atilde;o
  Paulo, September 12, 2003 </FONT> </P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERNST
  &amp; YOUNG<br>
  Auditores Independentes S/S<br>
  </font><FONT size="2" face="Times New Roman, Times, serif">CRC2SP015199/O-6
  </FONT> </P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claudio
  Gon&ccedil;alo Longo<br>
  Accountant &#150; CRC1SP065872/O-1 </font> </P>
<font size="2" face="Times New Roman, Times, serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
</font>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>Attachment
  to the Appraisal Report on Book Net Worth<br>
  SHELL GAS (LPG) DO BRASIL S.A.<br>
  </B></font><font size="2" face="Arial, Helvetica, sans-serif"><B>C.N.P.J.
  65.828.550/001-49<br>
  </B></font><font size="2" face="Times New Roman, Times, serif"><B>(in
  <I>reais</I>)</B> </font></P>
<div align="center">
  <TABLE width="60%" border=1 cellspacing=0 cellpadding=4>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>ASSETS</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>Current
        assets</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Cash
        and cash equivalents</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">2,627,947.73</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Trade
        accounts receivable</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">31,059,761.94</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">(-)
        Allowance for doubtful accounts</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">(11,295,094.41)</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Inventories</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">3,860,080.26</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Recoverable
        taxes</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">6,512,206.85</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Deferred
        tax/social contribution on income</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">14,689,647.84</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Others</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">2,209,203.63</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>Non-current
        Assets</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Deferred
        tax/social contribution on income</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">3,505,942,13</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Recoverable
        taxes</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">6,326,134.29</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Others</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">311,199.98</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>Permanent
        Assets</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Investments</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">8,818,662.18</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Property,
        plant and equipment</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">97,196,449.67</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Deferred
        charges</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">4,306,986.87</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><font size="2"><B>Total assets</B></font></TD>
      <TD align="right" width="40%"><font size="2" face="Times New Roman, Times, serif"><B>170,129,128.96</B></font></TD>
    </TR>
    <TR>
      <TD width="60%" align="left">&nbsp;</TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>LIABILITIES</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>Current
        Liabilities</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Suppliers</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">16,307,653.20</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Salaries
        and related taxes</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">2,090,318.80</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Financial
        guarantees</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">3,165,647.62</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Others</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">705,024.19</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>Long-term
        liabilities</B></font></TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Controlling
        company</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">57,231,953.77</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><FONT size="2" face="Times New Roman, Times, serif">Provision
        for contingencies</FONT></TD>
      <TD align="right" width="40%"><FONT size="2" face="Times New Roman, Times, serif">7,190,425.32</FONT></TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><font size="2" face="Arial, Helvetica, sans-serif"><B>Total
        Liabilities</B></font></TD>
      <TD align="right" width="40%"><font size="2" face="Times New Roman, Times, serif"><B>86,691,022.90</B></font></TD>
    </TR>
    <TR>
      <TD width="60%" align="left">&nbsp;</TD>
      <TD width="40%" align="right">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="60%" align="left"><font size="2" face="Times New Roman, Times, serif"><B>Net
        worth at July 31, 2003</B></font></TD>
      <TD align="right" width="40%"><font size="2" face="Times New Roman, Times, serif"><B>83,438,106.06</B></font></TD>
    </TR>
  </TABLE>
  <font size="2" face="Times New Roman, Times, serif"><br>
  <br>
  </font> </div>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
</font>
<P align="right"> <font size="2" face="Times New Roman, Times, serif"><B>ITEM
  2</B> </font></P>
<P><img src="logo.jpg"></P>
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B><U>EXECUTIVE
  BOARD PROPOSAL</U> </B> </font></P>
<P> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing
  the policy introduced by the late Pery Igel - then the company&#146;s
  majority shareholder - to grant market professionals the responsibility
  for the management of the companies comprising the ULTRA GROUP, the
  Executive Board herewith proposes alterations in the procedures under
  the Employee Stock Ownership Plan, originally approved at the general
  meeting dated April 27, 2001. The said Employee Stock Ownership Plan
  shall be substituted for one in which those eligible will enjoy the
  distribution rights on preferred shares held as treasury stock, the
  ownership of the shares to be retained by the company. Following
  a given period, and should the conditions provided for under the
  initial act continue to hold good, then the shares shall be transferred
  to the employee beneficiary, thus giving him/her full ownership rights
  over the said shares. </font> </P>
<P> <FONT size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  company will absorb the costs of this procedure. </FONT> </P>
<P> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
  the purposes of implementing this measure, the Executive Board has
  prepared a draft of an usufruct rights assignment agreement, which
  constitutes Annex I of this proposal. The CVM (the Brazilian Securities
  and Exchange Commission) was requested to opine on the possibility
  of adopting this measure. The consultation was submitted on August
  20, 2003, reference CVM RJ-2003-7856 and received a favorable response
  according to official letter CVM/SEP/GEA-1/ 531/03. The consultation
  and the favorable reply are included as part of this proposal in
  Annexes II and III. </font> </P>
<font size="2" face="Times New Roman, Times, serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
</font>
<P> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  measure having been approved, the Executive Board proposes that it
  be duly authorized to establish the rules for granting distribution
  rights to shares and subsequent full ownership as follows: </font>
</P>
<blockquote>
  <p> <FONT size="2" face="Times New Roman, Times, serif">a) to attribute
    suitable powers to the Executive Board to select management employees
    eligible to participate in the program and propose the allocation
    of shares, in each case to be approved by the Board of Directors;
    </FONT> </p>
  <p> <FONT size="2" face="Times New Roman, Times, serif">b) to establish
    a term for the verification of conditions and the subsequent transfer
    to each participating employee, constituting full and unalienable
    ownership of the shares; </FONT> </p>
  <p> <FONT size="2" face="Times New Roman, Times, serif">c) to sign
    an usufruct rights assignment agreement, in which, among other
    duties, each participant commits to remain in full-time employment
    with the company for a given period of time; and not to be connected
    or participate in anyway with competitor companies as defined in
    the draft contract;</FONT> </p>
  <p> <FONT size="2" face="Times New Roman, Times, serif">d) the extinction
    of usufruct rights, should the beneficiary leave the Group&#146;s
    companies on his/her own free will, or in the event of his/her
    dismissal for just cause, before the end of the contractual term.
    </FONT> </p>
</blockquote>
<P> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  global volume of shares to which participants shall enjoy distribution
  rights, shall be determined by the Board of Directors. The total
  number and type of the underlying shares to the plan shall be subject
  to the existence of such shares held as treasury stock.</font> </P>
<font size="2" face="Times New Roman, Times, serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
</font>
<P> <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
  will be incumbent on the Chief Executive Officer, at any such time
  that he/she should consider it appropriate or necessary, to transfer
  to the Board of Directors powers to dispel doubts or conflicts that
  may occur in the execution of the program. </font> </P>
<P> <FONT size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
  to the company bylaws will not be required. </FONT> </P>
<P> <FONT size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  is the proposal, which the Executive Board submits herewith to the</FONT>
  <FONT size="2" face="Times New Roman, Times, serif">deliberation
  of the Board of Directors. </FONT> </P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">S&atilde;o
  Paulo, November 5, 2003. </FONT> </P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">On
  behalf of the Executive Board </FONT> </P>
<hr align=center width=40% size=1 noshade color="#000000">
<div align="center"><FONT size="2" face="Times New Roman, Times, serif">
  Paulo Guilherme Aguiar Cunha &#150; CEO</FONT> </P> <font size="2" face="Times New Roman, Times, serif"><br>
  <br>
  </font> </div>
<hr size=3 color=GRAY noshade>
<div align="right"><font size="2" face="Times New Roman, Times, serif">
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <br>
  <br>
  </font> <font size="2" face="Times New Roman, Times, serif"><B>ITEM
  3</B> </font> </div>
<P> <font size="2" face="Times New Roman, Times, serif"><img src="logo.jpg" width="118" height="73">
  </font></P>
<P align="right">&nbsp;</P>
<P> <FONT size=2 face="Times New Roman, Times, serif">S&atilde;o Paulo,
  November 11, 2003 </FONT> </P>
<P> <font size="2" face="Times New Roman, Times, serif"><B>BOLSA DE
  VALORES DE S&Atilde;O PAULO - BOVESPA<br>
  </B></font><FONT size=2 face="Times New Roman, Times, serif">Attention:
  Jorge Antonio Tambucci<br>
  </FONT><FONT size=2 face="Times New Roman, Times, serif">Monitoring
  Supervision of Companies </FONT> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"><FONT size=2 face="Times New Roman, Times, serif">Ref.</FONT></td>
    <td width="95%"><FONT size=2 face="Times New Roman, Times, serif"><B>ULTRAPAR
      PARTICIPA&Ccedil;&Otilde;ES S.A.</B></FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><FONT size=2 face="Times New Roman, Times, serif">S/ref.
      GAE/SER 1984/03</FONT></td>
  </tr>
</table>
<P> <FONT size=2 face="Times New Roman, Times, serif">Dear Sir, </FONT>
</P>
<P> <FONT size=2 face="Times New Roman, Times, serif">With reference
  to your letter above, and in accordance with our telephone call,
  we wish to inform you that: </FONT> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <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">
      Should the acquisition of the shares of Shell G&aacute;s (LPG)
      do Brasil S.A. be ratified and pursuant to letter c of item II,
      article 256 of Law 6.404/76, the shareholders with withdrawal
      rights shall be considered those that can provide valid confirmation
      that they were the holders of Ultrapar Participa&ccedil;&otilde;es
      S.A.&#146;s shares before the opening for share trading on the
      Bovespa on the date of the first publication of the Convening
      Notice for the Extraordinary General Meeting, that is, based
      on the closing position on the trading day of November 10, 2003.
      Shares acquired after this date shall not confer withdrawal rights
      to the new shareholders. </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="Times New Roman, Times, serif">2.</FONT></td>
    <td><FONT size=2 face="Times New Roman, Times, serif">Furthermore,
      we wish to inform that pursuant to article 45 of Law 6.404/76,
      the dissenting shareholders shall have the right to a reimbursement
      value equivalent to R$ 17.10 per lot of a thousand shares calculated
      according to the book value of the share on the occasion of the
      last balance sheet approved by the general meeting, namely that
      of December 31 2002. Shareholders are assured of their rights
      under paragraph 2 of article 45 of the same Law. </FONT> </td>
  </tr>
</table>
<P><FONT size=2 face="Times New Roman, Times, serif">Regards, </FONT>
</P>
<P> <FONT size=2 face="Times New Roman, Times, serif">Fabio Schvartsman<br>
  </FONT><FONT size=2 face="Times New Roman, Times, serif">Investor
  Relations Director<br>
  </FONT><font size="2" face="Times New Roman, Times, serif"><B>ULTRAPAR
  PARTICIPA&Ccedil;&Otilde;ES S.A.</B> </font></P>
<font size="2" face="Times New Roman, Times, serif"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
</font>
<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>
<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>
<P><FONT size="2" face="Times New Roman, Times, serif">Dated: November
  25, 2003 </FONT> </P>
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`
end

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