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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-04-000342.txt : 20040305
<SEC-HEADER>0000950103-04-000342.hdr.sgml : 20040305
<ACCEPTANCE-DATETIME>20040305104310
ACCESSION NUMBER:		0000950103-04-000342
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040305

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:		04650661

	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>mar0304_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>mar0304_6k</TITLE>
</HEAD>
<body leftmargin="50p" marginwidth="50p">
<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 March, 2004 </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>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <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></td></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>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <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></td></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>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <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></td></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>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <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></td></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: 5; page: 5" -->
<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="80%" 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">Independent
          Auditors&#146; Report dated December 31, 2003 </FONT></TD>
    </TR>
  </TABLE>
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<div align="right"><B><FONT size="2" face="serif">ITEM 1</FONT></B>
</div>
<P>
<I><FONT size=2 face="Arial, Helvetica, sans-serif">(Convenience Translation into English from<br>
the Original Previously Issued in Portuguese) </FONT></I>
</P>
<P>&nbsp;
</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="35%">&nbsp;</td>
    <td><b><i><font size=6 face="serif">Ultrapar Participa&ccedil;&otilde;es
    S.A.<br>
    and Subsidiaries </font></i></b> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <i><font size=2 face="arial, helvetica, sans-serif">Financial Statements for the Years
    Ended <br>
    December 31, 2003 and 2002 and <br>
    Independent Auditors&#146; Report </font></i> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="arial, helvetica, sans-serif">Deloitte Touche Tohmatsu Auditores Independentes</font> </td>
  </tr>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P>&nbsp;</P>

<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
</P>
<P>
<U><FONT size=2 face="serif">INDEPENDENT AUDITORS&#146; REPORT<br>
<br>
</FONT></U><FONT size=2 face="serif">To
the Stockholders and Management of<br>
Ultrapar Participa&ccedil;&otilde;es S.A.<br>
</FONT><U><FONT size=2 face="serif">S&atilde;o Paulo - SP</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<TABLE border="0" cellpadding="0" cellspacing="0">
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="serif">1.</FONT></TD>
   <td width="95%" valign="top"><FONT size=2 face="serif">We have audited the accompanying balance sheets, Company and Consolidated, of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries (&#147;Companies&#148;) as of December 31, 2003 and
2002, and the related statements of income, changes in stockholders&#146; equity (Company), and changes in financial position for the years then ended, all expressed in Brazilian reais and prepared under the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these financial statements.</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <TD width="95%" valign="top">&nbsp;</TD>
</TR>
<tr>
   <td valign="top" width="5%"><FONT size=2 face="serif">2.</FONT></td>
   <TD width="95%" valign="top"><FONT size=2 face="serif">Our audits were conducted
       in accordance with auditing standards in Brazil and comprised:</FONT><font size=2 face="serif"> (a)</font> <FONT size=2 face="serif">planning
       of the work, taking into consideration the significance of the balances,
       volume of transactions, and the accounting and internal control systems
       of the Companies; (b) checking, on a test basis, the evidence and records
       that support the amounts and accounting information disclosed; and (c)
       evaluating the significant accounting practices and estimates adopted
       by Company&#146;s management, as well as the presentation of the financial
    statements taken as a whole.</FONT></TD>
</TR>
<TR>
   <td valign="top" width="5%">&nbsp;</td>
   <TD width="95%" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </tr>
<tr>
   <td valign="top" width="5%"><FONT size=2 face="serif">3.</FONT></td>
   <td width="95%" valign="top"><FONT size=2 face="serif">In our opinion, the financial statements referred to above present fairly, in all material respects, the financial positions, Company and Consolidated, of Ultrapar Participa&ccedil;&otilde;es
S.A. and subsidiaries as of December 31, 2003 and 2002, and the results of their operations, the changes in stockholders&#146; equity (Company) and the changes in their financial positions for the years then ended in conformity with Brazilian
accounting practices.</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="95%" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT size=2 face="serif">4.</FONT></td>
   <td width="95%" valign="top"><FONT size=2 face="serif">The accompanying financial statements have been translated into English for the convenience of readers outside Brazil.</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="95%" valign="top">&nbsp;</td>
</tr>
</TABLE>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><FONT size=2 face="serif">S&atilde;o Paulo, January 30, 2004</FONT></TD>
   <TD width="43%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU</FONT></TD>
   <TD width="43%"><FONT size=2 face="serif">Altair Tadeu Rossato</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Auditores Independentes</FONT></TD>
   <TD width="43%"><FONT size=2 face="serif">Engagement Partner</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original
Previously Issued in Portuguese)</FONT></P>
<P><font size="2"><U><FONT face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND
  SUBSIDIARIES</FONT></U>
</font></P>
<P><font size="2"> <FONT face="serif">BALANCE SHEETS AS OF DECEMBER 31, 2003 AND 2002<br>
  (In
thousands of Brazilian reais - R$) </FONT></font></P>
<hr noshade size=1>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH width="54%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan="3"><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif">Company </font>
        <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan="3"><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif">Consolidated </font>
        <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH width="54%"><font size="2" face="Times New Roman, Times, serif">ASSETS </font>
        <HR align=left WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2003 </font>
        <HR  SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2002 </font>
        <HR  SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2003 </font>
        <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2002 </font>
        <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">CURRENT
        ASSETS</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Cash
        and banks</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">248</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">60</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">46.743</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">53.569</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Temporary
        cash investments</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">23.38</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">78.98</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">507.347</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">584.370</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Trade
        accounts receivable</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">322.323</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">278.012</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Inventories</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">137.708</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">106.250</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Recoverable
        taxes</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13.30</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13.74</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">115.512</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">115.060</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Dividends
        receivable</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">43.09</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">55.60</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">621</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">105</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3.62</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">31.641</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">46.332</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Prepaid
        expenses</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.835</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3.197</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">83.654</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">148.402</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.164.730</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.186.895</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">NONCURRENT
        ASSETS</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Related
        companies</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">51.611</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">46.694</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.759</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.603</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Deferred
        income and social contribution taxes</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.576</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.033</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">61.367</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">33.257</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Escrow
        deposits</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9.904</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6.992</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9.172</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">4.530</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">54.187</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">48.727</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">83.202</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">47.382</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">PERMANENT
        ASSETS</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Investments:</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Subsidiary
        and affiliated companies</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.690.492</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.503.418</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5.721</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7.128</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">347</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">337</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">27.396</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">25.908</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Property,
        plant and equipment</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">968.555</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">779.467</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Deferred
        charges</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">102.663</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">81.133</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="right"><font size="2" face="Times New Roman, Times, serif">1.690.839</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.503.755</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.104.335</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">893.636</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="right"><font size="2" face="Times New Roman, Times, serif">1.828.680</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.700.884</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.352.267</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.127.913</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%" ALIGN="left"><font size="2" face="Times New Roman, Times, serif">TOTAL</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT">
      <HR NOSHADE COLOR="Black" SIZE="2"></TD>
  </TR>
</TABLE>
<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH width="54%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan="3"><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif">Company
      </font> <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH colspan="3"><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif"></font><font size="2" face="Times New Roman, Times, serif">Consolidated
      </font> <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH width="54%"><font size="2" face="Times New Roman, Times, serif">LIABILITIES
      </font> <HR align=left WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2003 </font>
      <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2002 </font>
      <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2003 </font>
      <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
    <TH width="2%"><font size="2" face="Times New Roman, Times, serif"></font></TH>
    <TH width="10%"><font size="2" face="Times New Roman, Times, serif">2002 </font>
      <HR SIZE=1 COLOR=BLACK NOSHADE></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">CURRENT
      LIABILITIES</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD WIDTH="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Financing</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">325.877</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">219.827</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Suppliers</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">51</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">58</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">90.281</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">104.436</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Payroll
      and related charges</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">412</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">280</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">74.741</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">64.379</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Taxes</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">34</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">29</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">12.770</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9.952</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Dividends
      payable</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">39.028</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45.012</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">41.736</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">48.953</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Income
      and social contribution</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">60</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">6.581</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.920</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">121</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">25.119</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">18.763</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">39.585</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">45.500</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">577.105</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">468.230</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">LONG-TERM
      LIABILITIES</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Financing</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">306.269</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">363.639</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Related
      companies</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">421.633</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">458.597</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">8.989</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">10.217</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Deferred
      income and social</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">28.696</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">34.791</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">contribution
      taxes</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other
      taxes</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">7.173</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">5.703</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">39.985</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">27.036</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.319</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.966</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">428.806</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">464.300</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">386.258</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">437.649</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">MINORITY
      INTEREST</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">32.211</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">30.950</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">STOCKHOLDERS&#146;
      EQUITY</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Capital</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">663.952</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">663.952</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">663.952</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">663.952</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Capital
      reserve</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.152</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">9</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Revaluation
      reserve</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">17.787</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26.036</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">17.787</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">26.036</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Profit
      reserves</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">677.495</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">501.494</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">677.495</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">501.494</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Treasury
      shares</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(97)</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(398)</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(2.550)</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">(398)</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="right"><font size="2" face="Times New Roman, Times, serif">1.360.289</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.191.084</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.356.693</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.191.084</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">TOTAL
      MINORITY INTEREST AND<BR>
      STOCKHOLDERS' EQUITY D</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.388.904</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.222.034</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"> </TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="54%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">TOTAL</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.828.680</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">1.700.884</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.352.267</font></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">2.127.913</font></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD width="54%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
    <TD width="2%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" ALIGN="RIGHT"> <HR NOSHADE COLOR="Black" SIZE="2"></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD><font size="2">The accompanying notes are an integral part of these financial
      statements.</font></TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD colspan="8"><hr noshade size=1></TD>
  </TR>
</TABLE>

<P align="center">
<FONT size=2 face="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="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND
      SUBSIDIARIES</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">STATEMENTS OF INCOME</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">(In thousands of Brazilian reais - R$)</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="8"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT size=2 face="serif">Company</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD colspan="3" align="center"><FONT size=2 face="serif">Consolidated</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="center"><font size=2 face="serif"><u>2003</u></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="center"><u><FONT size=2 face="serif">2002</FONT></u></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="center"><FONT size=2 face="serif"><u>2003</u></FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="center"><FONT size=2 face="serif"><u>2002</u></font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">GROSS SALES AND SERVICES</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">4.603.778</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">3.795.322</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Taxes on sales and services</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(248.143</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(219.924</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Rebates, discounts and returns</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(355.326</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(580.892</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">NET SALES AND SERVICES</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">4.000.309</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2.994.506</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cost of sales and services</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(3.196.445</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(2.247.128</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">GROSS PROFIT</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">803.864</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">747.378</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">COMPANIES</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">236.811</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">214.405</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">51.894</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">41.760</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Selling</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(163.665</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(130.190</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">General and administrative</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(112</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(240</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(188.610</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(165.550</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Management compensation</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(518</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(295</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(5.183</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(4.704</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Depreciation and amortization</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(101.390</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(81.824</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Other operating income, net</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">440</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">361</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">6.567</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">428</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">OPERATING INCOME BEFORE FINANCIAL</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">236.621</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">214.231</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">403.477</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">407.298</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">ITEMS</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Financial income (expenses), net</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">15.225</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">16.916</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(22.167</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">61.395</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">CPMF/IOF/PIS/COFINS taxes on financial activities</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(588</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(1.887</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(35.081</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(32.886</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">OPERATING INCOME</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">251.258</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">229.260</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">346.229</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">435.807</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Nonoperating (expenses) income, net</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(3</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(143</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1.007</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(44.067</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">INCOME BEFORE INCOME AND SOCIAL</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">CONTRIBUTION TAXES</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">251.255</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">229.117</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">347.236</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">391.740</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Current</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(5.419</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(7.260</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(112.953</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(110.067</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Deferred</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">543</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">443</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">15.730</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(4.843</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(4.876</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(6.817</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(97.223</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(114.910</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">INCOME BEFORE MINORITY INTEREST</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">246.379</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">222.300</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">250.013</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">276.830</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Minority interest</FONT></TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(3.634</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(54.530</FONT></TD>
    <TD><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">NET INCOME</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">246.379</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">222.300</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">246.379</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">222.300</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%"><HR noshade size=2></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=2></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=2></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">NET EARNINGS PER THOUSAND SHARES</FONT></TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">(BASED ON ANNUAL WEIGHTED AVERAGE) -R$</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">3,54</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">3,62</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%"><HR noshade size=2></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><HR noshade size=2></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size=2 face="serif">The accompanying notes are an integral part
      of these financial statements.</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="9"><hr size="1" noshade></TD>
  </TR>
</TABLE>

<P align="center">
<FONT size=2 face="serif">3</FONT>
</P>

<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


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


<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>ULTRAPAR
PARTICIPA&Ccedil;&Otilde;ES S.A.</U></FONT></FONT></P>

<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">STATEMENTS
  OF CHANGES IN STOCKHOLDERS&#146; EQUITY <br>
  FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002<br>
  (In thousands of Brazilian reais - R$)</FONT></FONT> </P>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TD width="28%" rowspan="3" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" rowspan="3" ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Capital</font></font></TD>
    <TD width="1%" rowspan="3" ALIGN="center">&nbsp;</TD>
    <TD width="7%" rowspan="3" ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Capital<br>
      reserve</font></font></TD>
    <TD width="1%" rowspan="3" ALIGN="center">&nbsp;</TD>
    <TD width="7%" rowspan="3" ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Revaluation<br>
      reserve of<br>
      subsidiary<br>
      and<br>
      affiliated<br>
      companies</font></font></TD>
    <TD width="1%" rowspan="3" ALIGN="center">&nbsp;</TD>
    <TD colspan="11" ALIGN="center"><font face="Times New Roman, Times, serif">&nbsp;</font><font face="Times New Roman, Times, serif">&nbsp;</font><font face="Times New Roman, Times, Serif">&nbsp;</font><font face="Times New Roman, Times, serif">&nbsp;</font><font face="Times New Roman, Times, serif">&nbsp;</font><font face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="11" ALIGN="center"><font size="1" face="Times New Roman, Times, serif">Profit
      reserves </font> <hr noshade size=1></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Legal</font></font></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font face="Times New Roman, Times, serif"><font face="Times New Roman, Times, serif"><font size="1">Retention</font></font><font size="1"><br>
      of profits</font></font></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font face="Times New Roman, Times, Serif"><font size="1">Realizable
      profits</font></font></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Retained<br>
      earnings</font></font></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Treasury<br>
      shares</font></font></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font face="Times New Roman, Times, serif"><font size="1">Total</font></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
    <TD width="1%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"><hr noshade size=1></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">BALANCES
      AT DECEMBER 31, 2001</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">433.857</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">25.862</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">17.43</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">322.743</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD WIDTH="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">799.893</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Capital
      increase due to merger</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">230.095</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">230.095</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Acquisition
      of treasury shares</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(398)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(398)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Revaluation
      due to merger</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">5.139</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">5.139</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Realization
      of revaluation reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(5.084)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4.384</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(700)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Income
      and social contribution<br>
      &nbsp;&nbsp; taxes on realization of<br>
      &nbsp;&nbsp; revaluation</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">119</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(364)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(245)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Net
      income</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">222.300</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">222.300</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Appropriation
      of net income:</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Legal
      reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">11.115</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(11.115)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Interim
      dividends (R$ 0.367112 and R$ 0.403823<BR>
      &nbsp;&nbsp;per thousand common and preferred <BR>
      &nbsp;&nbsp;shares, respectively)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(20.000)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(20.000)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Proposed
      dividends payable (R$ 0.629268 and<BR>
      &nbsp;&nbsp;R$ 0.692195 per thousand common and<BR>
      &nbsp;&nbsp;preferred shares, respectively)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">45.000)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(45.000)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Realizable
      profits reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">40.593</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(40.593)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Reserve
      for retention of profits</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">109.612</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(109.612)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">BALANCES
      AT DECEMBER 31, 2002</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">663.952</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">26.036</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">28.546</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">432.35</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">40.593</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(398)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1.191.084</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Acquisition
      of treasury shares</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(2.173</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(2.173)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Sale
      of treasury shares</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1.152</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">2.474</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3.626</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Realization
      of revaluation reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(8.249)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1.733</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(6.516)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Income
      and social contribution taxes<BR>
      &nbsp;&nbsp;on realization of revaluation<BR>
      &nbsp;&nbsp;&nbsp;reserves of subsidiaries</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(111)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(111)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Realization
      of profit reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(40.593</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">40.593</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Net
      income</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">246.379</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">246.379</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Appropriation
      of net income:</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Legal
      reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">12.319</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(12.319)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Interim
      dividends (R$ 0.461996 and<BR>
      &nbsp;&nbsp;R$ 0.508195 per thousand common and<BR>
      &nbsp;&nbsp;preferred shares, respectively)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(33.000)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(33.000)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Proposed
      dividends payable (R$ 0.545231<BR>
      &nbsp;&nbsp;and R$ 0.599754 per thousand &nbsp;&nbsp;common and preferred
      shares,respectively)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(39.000)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(39.000)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Realizable
      profits reserve</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">85.622</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(85.622)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Reserve
      for retention of profits</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">118.653</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(118.653)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="28%" ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">BALANCES
      AT DECEMBER 31, 2003</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">663.95</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1.152</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">17.787</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">40.865</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">551.00</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">85.622</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">--</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(97)</font></TD>
    <TD width="1%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1.360.289</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><font face="Times New Roman, Times, Serif"><font size="2">The
      accompanying notes are an integral part of the financial statements.</font></font>
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD colspan="18" ALIGN="LEFT"><hr noshade size=1></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush" -->


<div align="center"><font size="2">4</font> <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD><u><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></u></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">STATEMENTS OF CHANGES IN FINANCIAL POSITION</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan="8"><FONT size=2 face="serif">(In thousands of Brazilian reais - R$)</FONT>
    <hr noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><FONT size=2 face="serif">Company</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><FONT size=2 face="serif">Consolidated</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=3><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="serif">2003</FONT></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2002</FONT></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2003</FONT></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center"><FONT size=2 face="serif">2002</FONT></TD>
   <TD align="center">&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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">SOURCES OF FUNDS</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Operations:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net income</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">246.379</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">222.300</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">246.379</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">222.300</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Items not affecting working capital:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Equity in subsidiary and affiliated companies</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(236.811</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(214.405</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(51.894</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(41.760</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Depreciation and amortization</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">145.437</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">121.809</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Tax incentives</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">52.409</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">43.467</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Long-term interest and monetary variations</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">975</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">686</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(30.264</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">98.285</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Deferred income and social contribution taxes</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(543</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(443</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(15.730</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4.843</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Minority interest</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.634</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">54.530</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net book value of permanent assets written off</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22.208</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">29.931</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Other long-term taxes</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">512</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">651</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.924</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.568</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Gain on change in ownership percentage</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(3.660</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Amortization of goodwill and negative goodwill on investments</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(4</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2.754</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(352</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Provision (reversal of provision) for losses on permanent assets</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(440</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">40.551</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.518</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.785</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">378.417</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">578.512</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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">From stockholders:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Disposal of treasury shares</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3.626</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">30</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Third parties:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Increase in long-term liabilities</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">383.757</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.837</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Decrease in noncurrent assets</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">50.504</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">631</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Proposed dividends and interest on capital (gross)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">43.094</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">56.430</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">430</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Working capital from merger</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">50</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">50</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Long-term financing</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">258.645</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">68.748</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">43.094</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">490.741</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">261.482</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">69.859</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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Total sources of funds</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">57.238</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">499.526</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">639.929</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">648.371</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">USES OF FUNDS</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Permanent assets:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Investments</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">387.160</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.695</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Property, plant and equipment</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">299.533</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">171.543</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Deferred charges</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">87.158</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">51.265</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">387.160</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">388.386</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">222.808</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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Dividends and interest on capital</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">72.000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">65.000</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">72.865</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">76.252</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Transfer from long-term to current liabilities</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">280.432</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">85.965</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Decrease in long-term liabilities</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">36.981</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">51.233</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Increase in noncurrent assets</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4.917</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">26.004</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Acquisition of treasury shares</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2.173</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">398</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.173</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">398</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Acquisition of shares from minority stockholders</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">212.594</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Taxes on realization of revaluation reserve</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">254</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">758</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Decrease in minority interest</FONT></TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right">-</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">855</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">966</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">44.071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">398</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">309.718</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">351.914</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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Total uses of funds</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">116.071</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">452.558</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">770.969</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">650.974</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(58.833</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">46.968</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(131.040</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(2.603</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&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>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">REPRESENTED BY</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current assets:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">At end of year</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">83.654</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">148.402</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.164.730</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.186.895</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">At beginning of year</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">148.402</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">78.204</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.186.895</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.045.186</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(64.748</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">70.198</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(22.165</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">141.709</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>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Current liabilities:</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">At end of year</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">39.585</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">45.500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">577.105</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">468.230</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">At beginning of year</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">45.500</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22.270</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">468.230</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">323.918</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>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(5.915</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">23.230</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">108.875</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">144.312</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(58.833</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">46.968</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(131.040</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">(2.603</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&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>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>

<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
<hr size="1" noshade>
<P align="center">
<FONT size=2 face="serif">5</FONT>
</P>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr width="100%" size=3 noshade>
<br>
<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
</P>
<P>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U><FONT size=2 face="serif"> </FONT>
</P>

<FONT size=2 face="Times New Roman, Times, serif">NOTES TO THE FINANCIAL STATEMENTS </FONT>
<font size="2" face="Times New Roman, Times, serif"><br>
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002 <br>
(Amounts in thousands of Brazilian reais - R$)</font>
<hr size="1" noshade>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td colspan="3"><font size=2 face="serif"><font size="2" face="Times New Roman, Times, serif">OPERATIONS</font></font></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">The Company
      invests in commercial and industrial activities, including subscription
      or purchase of shares of other companies with similar activities.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">Through
      its subsidiaries, the Company is engaged in the distribution of liquefied
      petroleum gas - LPG (Ultragaz), production and sale of chemical and petrochemical
      products (Oxiteno), and logistics services for chemical products and fuel
      (Ultracargo). </font></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td colspan="3" valign="top"><font size=2 face="serif"><font size="2" face="Times New Roman, Times, serif">PRESENTATION
      OF FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING PRACTICES</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3" valign="top"><font size=2 face="Times New Roman, Times, serif">The
      accounting practices adopted to record transactions and prepare the financial
      statements are those established by accounting practices adopted in Brazil
      and by the Brazilian Securities Commission (CVM). </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">a)</font></td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Determination
      of net income </font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">&nbsp;Determined
      on the accrual basis of accounting. </font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">b) </font></td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Current
      and noncurrent assets</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Temporary
      cash investments are stated at cost, plus accrued income (on a &#147;pro
      rata temporis&#148; basis), which approximate market value.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">The
      allowance for doubtful accounts is based on estimated losses and is considered
      by management to be sufficient to cover potential losses on the realization
      of accounts receivable. </font> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Inventories
      are stated at the average cost of acquisition or production, or at market
      or net realizable value, whichever is lower. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Other
      assets are stated at the lower of cost or probable realizable values, including,
      when applicable, accrued income and monetary variations or net of allowances
      for potential losses. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>



<FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp; </FONT>
<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">6</FONT>
</P>

<hr width="100%" size=3 noshade>
<font size="2" face="Times New Roman, Times, serif"><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

</font><P>
<FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT>
</P>
  <table width="100%" border="0" cellpadding="0" cellspacing="0" dwcopytype="CopyTableRow">
    <tr>
      <td width="5%" valign="top">&nbsp;</td>
      <td width="5%" valign="top"><font size=2 face="Times New Roman, Times, serif">c)</font></td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Permanent
        assets </font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td width="5%" valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Stated
        at cost monetarily restated through December 31, 1995, and in nominal
        amounts from that date, combined with the following aspects: </font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&#149;</td>
      <td><font size=2 face="Times New Roman, Times, serif">Significant investments
        in subsidiary and affiliated companies are recorded under the equity method,
        as shown in Note 10.</font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&#149;</td>
      <td><font size=2 face="Times New Roman, Times, serif">Property, plant and
        equipment include revaluation write-ups based on appraisal reports issued
        by independent appraisers.</font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&#149;</td>
      <td><font size=2 face="Times New Roman, Times, serif">Depreciation is calculated
        on the straight-line basis at the annual rates described in Note 11, based
        on the economic useful lives of the assets.</font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&#149;</td>
      <td><font size=2 face="Times New Roman, Times, serif">Deferred charges mainly
        comprise costs incurred in the implementation of projects to install equipment
        at customers&#146; facilities, projects to modernize systems, and goodwill
        on acquisition of subsidiaries, as mentioned in Note 12.</font> </td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top"><font size=2 face="Times New Roman, Times, serif">d)</font></td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Current
        and long-term liabilities </font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Stated
        at known or estimated amounts including, when applicable, accrued charges
        and monetary variations. The provision for income tax includes tax incentives,
        when applicable. Deferred income and social contribution taxes on temporary
        differences are recorded as set forth by CVM Resolution No. 273/98.</font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top"><font size=2 face="Times New Roman, Times, serif">e)&nbsp;&nbsp;</font></td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">&nbsp;
        Basis for translation of the financial statements of foreign subsidiaries
        </font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td colspan="2" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">The
        financial statements of foreign subsidiaries are translated into Brazilian
        reais at the prevailing exchange rate. The criteria for preparation of
        the financial statements have been changed to conform to accounting practices
        adopted in Brazil.</font> </td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top"><font size=2 face="Times New Roman, Times, serif">f) </font></td>
      <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">&nbsp;Certain
        balances have been reclassified for better comparison of the financial
        statements.</font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top"><font size=2 face="Times New Roman, Times, serif">3.</font></td>
      <td colspan="3" valign="top"><font size=2 face="Times New Roman, Times, serif">CONSOLIDATION
        PRINCIPLES</font> </td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td colspan="3" valign="top"><p><font size=2 face="Times New Roman, Times, serif">The
          consolidated financial statements were prepared in accordance with the
          basic consolidation principles established by accounting practices adopted
          in Brazil and by the Brazilian Securities Commission (CVM) and include
          the following direct and indirect subsidiaries:</font></td>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>
  <br>

<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">7</FONT>
</P>

<hr width="100%" size=3 noshade>
<font size="2" face="Times New Roman, Times, serif"><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

</font><P>
<FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
</P>
<TABLE width="90%" border=0 align="center" cellpadding=0 cellspacing=0>
  <TR>
    <TD width="48%">&nbsp; </TD>
    <TD colspan="5" align="center"><FONT size=2 face="Times New Roman, Times, serif">Ownership
      - %</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD colspan="5" align="right"><hr noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%">&nbsp; </TD>
    <TD colspan=2 align="center"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
    <TD width="4%" align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%">&nbsp; </TD>
    <TD colspan=2 align="right"><hr noshade size=1></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD colspan=2 align="right"><hr noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="8%" align="center"><FONT size=2 face="Times New Roman, Times, serif"><u>Direct</u></FONT></TD>
    <TD width="8%" align="center"><FONT size=2 face="Times New Roman, Times, serif"><u>Indirect</u></FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"> <div align="center"><FONT size=2 face="Times New Roman, Times, serif"><u>Direct</u></FONT></div></TD>
    <TD width="8%" align="center"><font size="2" face="Times New Roman, Times, serif"><u>Indirect</u></font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><FONT size=2 face="Times New Roman, Times, serif">Ultragaz
      Participa&ccedil;&otilde;es Ltda.</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Companhia
      Ultragaz S.A.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">86</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">86</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPG&aacute;s
      Distribuidora de G&aacute;s S.A.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">86</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Bahiana
      Distribuidora de G&aacute;s Ltda.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Uting&aacute;s
      Armazenadora S.A.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">56</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">56</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;LPG
      International Inc.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><FONT size=2 face="Times New Roman, Times, serif">Ultracargo
      - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es
      Ltda.</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Melamina
      Ultra S.A. Ind&uacute;stria Qu&iacute;mica</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">93</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">93</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Transultra
      - Armazenamento e Transporte</font></TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Especializado
      Ltda.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Terminal
      Qu&iacute;mico de Aratu S.A. - Tequimar</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">99</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">99</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><FONT size=2 face="Times New Roman, Times, serif">Oxiteno
      S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Oxiteno
      Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">99</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">99</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Barrington
      S.L.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canamex
      Qu&iacute;micos S.A. de C.V.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Oxiteno
      International Co.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxiteno
      Overseas Co.</font></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="48%"><FONT size=2 face="Times New Roman, Times, serif">Imaven Im&oacute;veis
      e Agropecu&aacute;ria Ltda.</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="4%" align="right">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
    <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<blockquote>
  <p>
    <FONT size=2 face="Times New Roman, Times, serif">Intercompany investments, asset and liability balances, income and expenses, as well as the effects arising from significant intercompany transactions, were eliminated. Minority interest in subsidiary companies is
    presented separately in the financial statements. </FONT>
  </p>
  <p>
    <FONT size=2 face="Times New Roman, Times, serif">In 2002, the Company undertook a corporate reorganization, disclosed in a relevant fact published on October 15, 2002, and approved at the Extraordinary Stockholders&#146; Meeting of 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=2 face="Times New Roman, Times, serif">The corporate reorganization was based on the balance sheets 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 from July 1, 2002. </FONT>
  </p>
  <p>
    <FONT size=2 face="Times New Roman, Times, serif">On August 8, 2003, the Company acquired, through the subsidiary Companhia Ultragaz S.A., the LPG distribution business of Shell in Brazil (SPG&aacute;s Distribuidora de G&aacute;s S.A.). The disbursement for this
  acquisition was R$ 170,566, involving 100% of the company&#146;s shares, without assumption of any debt. The financial statements for 2003 contain the balances and values of this operation since its acquisition in August 2003. The goodwill of R$
  24,427 on this operation is based on the expected future profitability, and shall be amortized over a period of five years beginning August 2003. </FONT>
  </p>
  <p>
    <FONT size=2 face="Times New Roman, Times, serif">On December 4, 2003, the Company acquired, through the subsidiary Barrington S.L., the chemicals business of the Berci Group in Mexico (Canamex Qu&iacute;micos S.A. de C.V.). The disbursement for this acquisition was US$
  10,250, without assumption of any debt. The financial statements for 2003 contain the balances and values of this operation since its acquisition in December 2003. </FONT>
  </p>
</blockquote>
<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">8</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">
Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT>
</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">On December
      31, 2003, the Company merged the subsidiaries Ultratecno Participa&ccedil;&otilde;es
      Ltda. into Ultragaz Participa&ccedil;&otilde;es Ltda., Ultracargo Participa&ccedil;&otilde;es
      Ltda. into Oleoqu&iacute;mica do Nordeste Ltda., and Oleoqu&iacute;mica
      do Nordeste Ltda. into Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas
      e Participa&ccedil;&otilde;es Ltda. (new name of Ultraqu&iacute;mica Participa&ccedil;&otilde;es
      Ltda.), in order to reduce costs.</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%"><font size=2 face="serif"><font face="Times New Roman, Times, serif">4.</font></font></td>
    <td colspan="2"><font size=2 face="serif"> <font size="2" face="Times New Roman, Times, serif">TEMPORARY
      CASH INVESTMENTS</font> </font> </td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">These investments,
      contracted with leading banks, are substantially comprised of fixed-income
      securities and funds linked to the interbank deposit certificates (CDI)
      rate and of currency swaps, which are stated at cost plus accrued income
      (on a &#147;pro rata temporis&#148; basis).</font></td>
  </tr>
</table>
<br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="18%" colspan=3 align="center"><FONT size=2 face="Times New Roman, Times, serif">Company</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=3 width="20%"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><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>&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="9%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="9%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</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>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">Fixed-income securities and funds</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">23,383</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">78,984</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">489,490</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">417,879</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">Foreign investments (a)</FONT></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">73,631</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">127,019</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">Net expenses (income) from swap operations (b)</FONT></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">(55,774</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">39,472</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</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>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">23,383</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">78,984</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">507,347</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="Times New Roman, Times, serif">584,370</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&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>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <td valign="top">&nbsp;</td>
  </tr>
  <TR>
    <TD valign="top" width="7%">&nbsp;</TD>
    <TD valign="top" width="5%"><FONT size=2 face="Times New Roman, Times, serif">(a)</FONT></TD>
    <td valign="top"><FONT size=2 face="Times New Roman, Times, serif">Investments
      made by the indirect subsidiary Oxiteno Overseas Co., mainly in fixed-income
      securities, money market funds, investment grade U.S. corporate securities,
      and Brazilian corporate securities.</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="7%">&nbsp;</td>
    <td valign="top" width="5%"><FONT size=2 face="Times New Roman, Times, serif">(b)</FONT></td>
    <td valign="top"><FONT size=2 face="Times New Roman, Times, serif">Accumulated
      gain or loss on swap positions (see Note 18).</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size=2 face="serif"><font face="Times New Roman, Times, serif">5.</font></font></td>
    <td colspan="2" valign="top"><font size=2 face="serif"> <font size="2" face="Times New Roman, Times, serif">ACCOUNTS
      RECEIVABLE (CONSOLIDATED)</font> </font> </td>
  </tr>
</TABLE>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
    <TD width="5%" align="center">&nbsp;</TD>
    <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">Local customers</FONT></TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">299,805</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">251,246</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">Foreign customers</FONT></TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">71,371</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">81,373</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">(-) Advances on foreign
      exchange contracts</FONT></TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(31,546</FONT></TD>
    <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(43,400</FONT></TD>
    <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">(-) Allowance for doubtful
      accounts</FONT></TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(17,307</FONT></TD>
    <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(11,207</FONT></TD>
    <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">322,323</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">278,012</FONT></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="8%"><HR noshade size=2></TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%"><HR noshade size=2></TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="7%"><FONT size=2 face="Times New Roman, Times, serif">6.</FONT></TD>
    <TD width="67%"><font size=2 face="serif">
      <font size="2" face="Times New Roman, Times, serif">INVENTORIES (CONSOLIDATED)</font></li>
      </font> </TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
</TABLE><br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%">&nbsp;</TD>
   <TD width="8%" align="center"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="8%" align="center"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%">&nbsp;</TD>
   <TD width="8%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">Finished products</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">78,403</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">67,565</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">Liquefied petroleum gas (LPG)</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">22,736</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">7,908</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">Raw material</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">25,438</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">20,070</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%"><FONT size=2 face="Times New Roman, Times, serif">Consumption materials and cylinders for resale</FONT></TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">11,131</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">10,707</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%">&nbsp;</TD>
   <TD width="8%" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">137,708</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size=2 face="Times New Roman, Times, serif">106,250</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD width="67%">&nbsp;</TD>
   <TD width="8%" align="right"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%" align="right"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">9</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">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="serif"><font size="2" face="Times New Roman, Times, serif">RECOVERABLE
      TAXES</font></font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Represented,
      substantially, by credit balances of ICMS (State VAT), IPI (Federal VAT),
      and prepaid income and social contribution taxes, for offset against future
      taxes payable.</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3 width="20%"><FONT size=2 face="Times New Roman, Times, serif">Company</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=3 width="23%"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3 align="right"><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>&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="7%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">Income and social contribution taxes</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">13,260</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">13,744</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">64,244</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">68,</FONT>
    <FONT size=2 face="Times New Roman, Times, serif">288</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">ICMS</FONT></TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">40,736</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">42,561</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">IPI</FONT></TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">2,845</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">1,876</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD><FONT size=2 face="Times New Roman, Times, serif">Other</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">41</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">7,687</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2,335</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">13,301</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">13,744</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">115,512</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">115,060</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">10</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">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="serif"><font size="2" face="Times New Roman, Times, serif">8.</font></font></td>
    <td colspan="2"><font size=2 face="serif"><font size="2" face="Times New Roman, Times, serif">RELATED
      COMPANIES </font> </font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td width="20%" valign=bottom><font size="1">&nbsp;</font> </td>
    <td width="8%" align="center" valign=bottom>&nbsp; </td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom> <font size="1" face="Times New Roman, Times, serif">&nbsp;
      </font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1">&nbsp;</font></td>
    <td colspan="3" align="center" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Company
      </font>
      <hr noshade size=1></td>
    <td width="1%" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td colspan="13" align="center" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Consolidated</font>
      <hr noshade size=1></td>
  </tr>
  <tr>
    <td width="20%" rowspan="2" valign=bottom> <font size="1">&nbsp;</font></td>
    <td colspan="3" align="center" valign=bottom> <font size="1">&nbsp;</font>
      <font size="1" face="Times New Roman, Times, serif">Loans</font><font size="1">&nbsp;</font>
      <hr noshade size=1></td>
    <td width="1%" rowspan="2" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td colspan="3" align="center" valign=bottom> <font size="1">&nbsp;</font>
      <font size="1" face="Times New Roman, Times, serif">Loans</font> <hr noshade size=1></td>
    <td width="1%" rowspan="2" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td colspan="3" align="center" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Trade
      accounts</font> <hr noshade size=1> </td>
    <td width="1%" rowspan="2" align="center" valign=bottom><font size="1">&nbsp;</font></td>
    <td colspan="3" align="center" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Transactions</font>
      <hr noshade size=1></td>
    <td width="1%" rowspan="2" align="center" valign=bottom></td>
    <td width="8%" rowspan="2" align="center" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Financial
      income<br>
      (expense)</font> <hr noshade size=1></td>
  </tr>
  <tr>
    <td align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Assets</font>
      <hr noshade size=1></td>
    <td width="1%" align="center" valign=bottom>&nbsp;</td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Liabilities</font>
      <hr noshade size=1></td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Assets</font>
      <hr noshade size=1></td>
    <td width="1%" align="center" valign=bottom>&nbsp;</td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Liabilities</font>
      <hr noshade size=1></td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Receivable</font>
      <hr noshade size=1></td>
    <td width="1%" align="center" valign=bottom>&nbsp;</td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Payable</font>
      <hr noshade size=1></td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Sales</font>
      <hr noshade size=1></td>
    <td width="1%" align="center" valign=bottom>&nbsp;</td>
    <td width="8%" align="center" valign=bottom><font size="1" face="Times New Roman, Times, serif">Purchases</font>
      <hr noshade size=1></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Ultracargo
      - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es
      Ltda. </font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">364,709</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Oxiteno
      Nordeste S.A. - Ind&ugrave;stria e Com&eacute;rcio </font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">33,000</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Serma
      Associa&ccedil;&otilde;o dos Usu&aacute;rios de Equipamentos de Processamentos
      de Dados
      e Servi&ccedil;os Correlatos</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">66</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">613</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">1,171</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">613</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">774</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Petroqu&iacute;mica
      Uni&atilde;o S.A.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">3,536</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">93,741</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Oxicap
      Ind&uacute;stria de Gases Ltda.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">206</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">608</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">2</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">6,547</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Agip
      do Brasil S.A.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">29</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">2,648</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Companhia
      Ultragaz S.A.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">51,545</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">10</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <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 width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">7,248</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">(757)</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Imaven
      Im&oacute;veis e Agropecu&aacute;ria Ltda.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">22,658</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Petr&oacute;leo
      Brasileiro S.A. - Petrobras</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">1,302</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">42</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">1,818,654</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Copagaz
      Distribuidora de G&aacute;s S.A.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">13</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">330</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Braskem
      S.A.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">4,124</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">53,306</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">403,423</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Supergasbras
      Distribuidora de G&aacute;s S.A. </font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">3</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">914</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Cia.
      Termel&eacute;trica do Planalto Paulista - TPP</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">1,257</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">173&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Plenog&aacute;s
      - Distribuidora de G&aacute;s S.A.</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">871</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">-&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Other
      related companies</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      -</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      643</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      125</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      257</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      15</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      427</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      584</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      1,455</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      -&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Total
      as of December 31, 2003</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">51,611</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">421,633</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">2,759</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      8,989</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">
      60</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">10,771</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">57,826</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">2,323,820</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">(584)</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="20%" valign=bottom> <font size="1" face="Times New Roman, Times, serif">Total
      as of December 31, 2002</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">46,694</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">458,597</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">2,603</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom><font size="1" face="Times New Roman, Times, serif">10,217</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">457</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">31,896</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">46,931</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">1,678,700</font></td>
    <td width="1%" align="right" valign=bottom><font size="1">&nbsp;</font></td>
    <td width="8%" align="right" valign=bottom> <font size="1" face="Times New Roman, Times, serif">(374)</font></td>
  </tr>
</table>
<br>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">11</FONT>
</P>
<font size="2" face="Times New Roman, Times, serif"><br>
<br>
</font><hr size=3 color=GRAY noshade>
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<br>
</font><P>
<FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT>
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The loan
      balances with Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio
      S.A. and Cia. Termel&eacute;trica do Planalto Paulista - TPP are indexed
      based on the Brazilian long-term interest rate (TJLP). The other loans do
      not have financial charges. Transactions refer principally to purchases
      of raw material, other materials and storage services, carried out at usual
      market prices and conditions. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The loan
      agreement with Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e
      Participa&ccedil;&otilde;es Ltda. (new name of Ultraqu&iacute;mica Participa&ccedil;&otilde;es
      Ltda.) results from the sale of shares issued by Oxiteno S.A. - Ind&uacute;stria
      e Com&eacute;rcio to the Company, intended to avoid the reciprocal shareholdings
      related to the corporate reorganization mentioned in Note 3. </font> </td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%"><font size="2">9.</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">INCOME AND
      SOCIAL CONTRIBUTION TAXES</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">a) </font></td>
    <td><font size=2 face="Times New Roman, Times, serif">Deferred income and
      social contribution taxes</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">The Company and its
      subsidiaries recognize tax assets and liabilities which do not expire, arising
      from tax loss carryforwards, temporary add-backs, revaluation of property,
      plant and equipment, and others. The tax credits are substantiated by continued
      operating profitability. Management expects to realize these tax credits
      over a maximum period of three years. Deferred income and social contribution
      taxes are presented in the following principal categories:</font></td>
  </tr>
</table>
<br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size=2 face="Times New Roman, Times, serif">Company</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&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="10%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&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="10%">&nbsp;</TD>
   <TD width="42%"><FONT size=2 face="Times New Roman, Times, serif">Noncurrent assets:</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes on:</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruals tax-deductible only when expenses are</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incurred</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,576</FONT></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,033</FONT></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">48,574</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">27,605</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and social contribution tax loss</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;carryforwards</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">12,793</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">5,652</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&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="10%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,576</FONT></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,033</FONT></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">61,367</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">33,257</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&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="10%">&nbsp;</TD>
   <TD width="42%">&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="10%">&nbsp;</TD>
   <TD width="42%"><FONT size=2 face="Times New Roman, Times, serif">Long-term liabilities:</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes on:</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation of property, plant and equipment</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,072</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,113</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income earned abroad</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">26,624</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">32,678</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&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="10%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="right" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">28,696</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">34,791</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="42%">&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>
</TABLE>
<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">12</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">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT>
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">b) </font>
    </td>
    <td><font size=2 face="Times New Roman, Times, serif">Reconciliation of income
      and social contribution taxes in the statement of income </font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">Income and social contribution
      taxes are reconciled to official tax rates as follows:</font> </td>
  </tr>
</table>
<br>
<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size=2 face="Times New Roman, Times, serif">Company</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Income before taxes, equity in subsidiaries and</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;associates and minority interest</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">14,444</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">14,712</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">295,342</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">349,980</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Official tax rates - %</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">34.00</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">34.00</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">34.00</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">34.00</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Income and social contribution taxes at official</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;rates</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(4,911</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(5,002</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(100,416</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(118,993</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Adjustments to the effective tax rate:</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Operating provisions and nondeductible</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses/nontaxable revenues</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">35</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">31</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2,363</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(1,217</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Adjustments to estimated income</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">1,137</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">3,094</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Interest on capital (received) paid</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(1,870</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">157</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">24</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(637</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">1,328</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Income and social contribution taxes before tax</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;benefits</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(4,876</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(6,817</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(97,553</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(115,631</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Tax benefits:</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Workers&#146; meal program (PAT)</font></TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">330</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">721</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%"><FONT size=2 face="Times New Roman, Times, serif">Income and social contribution taxes in the</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;statement of income</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(4,876</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(6,817</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(97,223</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(114,910</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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%"><HR noshade size=1></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Current</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(5,419</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(7,260</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(112,953</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(110,067</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Deferred</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">543</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">443</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">15,730</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">(4,843</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%">&nbsp;</td>

    <td width="5%"><font size=2 face="Times New Roman, Times, serif">c) </font></td>

    <td><font size=2 face="Times New Roman, Times, serif">Tax exemption </font></td>
    </tr>
    <tr>
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>

    <td><font size=2 face="Times New Roman, Times, serif">The following indirect
      subsidiaries have partial or total exemption from income tax in connection
      with a government program for the development of the Northeast Region of
      Brazil, as follows: </font></td>
    </tr>
    <tr>
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
</table></Div>
<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width="10%">&nbsp;</TD>
   <TD width="35%" align="center"><font size="2" face="Times New Roman, Times, serif">Subsidiary</font></TD>
   <TD width="30%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Bases</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=2 face="Times New Roman, Times, serif">Exemption<br>
    - %</FONT></TD>
   <TD width="8%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Expiration<br>
    date</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%"><HR align="left" width="95%" size=1 noshade></TD>
   <TD width="30%"><HR noshade size=1></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="2"><HR align="center" width="95%" size=1 noshade></TD>
   <TD width="8%"><HR noshade size=1></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%">&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="10%">&nbsp;</TD>
   <TD width="35%"><FONT size=2 face="Times New Roman, Times, serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Cama&ccedil;ari plant</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2006</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%">&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="10%">&nbsp;</TD>
   <TD width="35%"><FONT size=2 face="Times New Roman, Times, serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT></TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Mataripe base (*)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Juazeiro base</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2004</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Suape base</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2007</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Ilh&eacute;us base</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">25</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2008</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Aracaju base</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">25</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2008</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%">&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="10%">&nbsp;</TD>
   <TD width="35%"><FONT size=2 face="Times New Roman, Times, serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT></TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Aratu Terminal (*)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Suape Terminal (storage of acetic</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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="35%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">acid and butadiene byproducts)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="Times New Roman, Times, serif">100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size=2 face="Times New Roman, Times, serif">2005</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
</Div>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%"><font size="2" face="Times New Roman, Times, serif">(*)</font></td>
      <td width="90%"><font size=2 face="Times New Roman, Times, serif">In December
          2003, requests were filed with Ag&ecirc;ncia de Desenvolvimento do Nordeste
          (ADENE), the agency in charge of managing this incentive program, seeking
          a 75% reduction in income tax until 2013 for these bases. Such requests
          are still pending approval by ADENE. In case they are not approved, the
          income tax reduction of these bases will be 25% until 2008 and 12.5% from
      2009 until 2013.</font> </td>
    </tr>
  </table>
  <P align="center">
<FONT size=2 face="Times New Roman, Times, serif">13</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">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT>
</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Tax benefits
      from income tax reduction for activities eligible for tax incentives were
      recorded in a specific capital reserve account in stockholders&#146; equity
      by the subsidiaries benefited from tax incentives. These benefits were recognized
      in income by the Company through the equity pick-up, as shown in Note 10.b).
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The subsidiary
      Bahiana Distribuidora de G&aacute;s Ltda. has requests under analysis by
      the Federal Revenue Authorities relating to Caucaia base, which, once approved,
      would represent a reduction of 75% of income tax until 2012 for this base.
      </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">8.</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">INVESTMENTS</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">a) </font></td>
    <td><font size=2 face="Times New Roman, Times, serif">Subsidiaries of the
      Company</font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ultragaz<br>
Participa&ccedil;&otilde;es<br>
Ltda. (*)</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ultracargo
       -<br>
Opera&ccedil;&otilde;es<br>
Log&iacute;sticas e<br>
Participa&ccedil;&otilde;es<br>
Ltda. (*)</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Imaven<br>
Im&oacute;veis e<br>
Agropecu&aacute;ria<br>
Ltda. (*)</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Oxiteno
       S.A.<br>
- - Ind&uacute;stria e<br>
Com&eacute;rcio (*)</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Number of shares or</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;quotas held</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4,336,062</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2,461,346</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">27,733,974</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">35,102,127</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Net equity - R$</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">231,898</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">637,055</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,834</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">774,799</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Net income for the year - R$</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">27,683</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">6,770</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4,848</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">181,447</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">14</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>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD colspan="17" ALIGN="center" valign="bottom"><font size="2">2003
    </font>      <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center" valign="bottom">&nbsp;</TD>
    <TD width="7%" ALIGN="center" valign="bottom"><font size="2">2002</font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="bottom">
    <TD width="19%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="center"> <font face="Times New Roman, Times, Serif"><font size="1">
      Ultracargo<br>
      Participa&ccedil;&otilde;es<br>
    Ltda. (*)</font></font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Operacoes <br>
      Ultragaz<br>
      Logisticas e<br>
      Participa&ccedil;&otilde;es<br>
    Ltda. (*)</font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Ultracargo<br>
      Participa&ccedil;&otilde;es<br>
    Ltda. (*) </font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Ultratecno<br>
      Participa&ccedil;&otilde;es<br>
    Ltda. (*)</font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Imaven<br>
      Imoveis e<br>
      Agropecu&aacute;ria<br>
    Ltda. (*)</font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Oxiteno S.A.<br>
      &#150;Ind&uacute;stria e<br>
      Comercio (*)
      <hr noshade size=1>
    </font></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1"> <br>
    Subtotal</font> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Other </font>
    <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Total</font>
    <hr noshade size=1></TD>
    <TD width="1%" ALIGN="center">&nbsp;</TD>
    <TD width="7%" ALIGN="center"><font size="1">Total</font>
    <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="19%" ALIGN="LEFT"><font size="1">Changes in investments:</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD WIDTH="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Balance at beginning
      of year</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">202,068</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">512,404</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">101,949</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">8,619</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">41,986</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">636,392</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">1,503,418</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">337</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">1,503,755</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">724,377</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Provision for losses</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(3</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(3</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Write-off</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(3</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(3</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Income taxes on revaluation</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">&nbsp;</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;reserves
      in subsidiaries</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(45</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(66</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(111</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(111</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(252</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Write-off of revaluation
      reserve</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(6,516</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(6,516</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(6,516</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(700</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Dividends and interest
      (net) on<br>
      &nbsp;&nbsp;&nbsp;&nbsp;capital receivable</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(43,094</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(43,094</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(43,094</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(55,605</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;&nbsp;Withholding
      tax on interest on capital</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(825</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Purchase of shares</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">387,160</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Merger of shares</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(230,576</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">230,576</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">191,568</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Merger of companies</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">239,284</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">117,881</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(117,369</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(239,283</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">513</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">(513</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">)</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">43,627</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Equity pick-up</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">27,683</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">6,770</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">15,486</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">88</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">4,848</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">181,407</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">236,282</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">529</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">236,811</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">214,405</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=1></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT"><font size="1">&nbsp;&nbsp;Balance at end of
      year</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">231,898</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">637,055</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">--</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">46,834</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">774,705</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">1,690,492</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">347</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">1,690,839</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
    <TD width="7%" ALIGN="RIGHT"><font size="1">1,503,755</font></TD>
    <TD width="1%" ALIGN="LEFT"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT"> <hr noshade size=2></TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD width="19%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
    <TD width="7%" ALIGN="RIGHT">&nbsp;</TD>
    <TD width="1%" ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>

<P align="center">
<FONT size=2 face="Times New Roman, Times, serif">15</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">b) Affiliated companies (Consolidated)</FONT>
</P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%">&nbsp;</TD>
   <TD colspan="5" align="center"><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%">&nbsp;</TD>
   <TD colspan="5"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="10%">&nbsp;</TD>
   <TD width="50%">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=2 face="Times New Roman, Times, serif">Qu&iacute;mica
       da<br>
Bahia Ind&uacute;stria e<br>
Com&eacute;rcio S.A. (**)</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=2 face="Times New Roman, Times, serif">Oxicap
    Ind&uacute;stria<br>
    de Gases Ltda. (**)</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%">&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Number of shares or quotas held</FONT></TD>
   <TD width="12%" align="right"><FONT size=2 face="Times New Roman, Times, serif">3,174,501</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">125</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Adjusted net equity - R$</FONT></TD>
   <TD width="12%" align="right"><FONT size=2 face="Times New Roman, Times, serif">10,118</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">3,797</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Net income for the year - R$</FONT></TD>
   <TD width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,384</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%"><FONT size=2 face="Times New Roman, Times, serif">Ownership percentage - %</FONT></TD>
   <TD width="12%" align="right">     <font size=2 face="Times New Roman, Times, serif">45.56</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">25.00</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="50%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%">&nbsp;</TD>
   <TD colspan="9" align="center"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="center"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%">&nbsp;</TD>
   <TD colspan="9"><HR noshade size=1></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="10%">&nbsp;</TD>
   <TD width="27%">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=2 face="Times New Roman, Times, serif">Qu&iacute;mica
       da<br>
Bahia Ind&uacute;stria e<br>
Com&eacute;rcio S.A. (**)</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=2 face="Times New Roman, Times, serif">Oxicap Ind&uacute;stria<br>
de Gases Ltda. (**)</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="6%" align="center"><font size=2 face="Times New Roman, Times, serif">Other</font></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="6%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Total</FONT></TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="6%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Total</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%">&nbsp;</TD>
   <TD colspan="2"><HR noshade size=1></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="2"><HR align="right" width="100%" size=1 noshade></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%"><HR align="right" width="100%" size=1 noshade></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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Changes in investments:</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&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>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at beginning of year</font></TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">4,610</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">618</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="6%" align="right"><font size=2 face="Times New Roman, Times, serif">1,900</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">7,128</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">63,033</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of revaluation reserve</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(2,664</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends received</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(430</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity pick-up</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">332</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="6%" align="right"><font size=2 face="Times New Roman, Times, serif">17</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">349</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(1,097</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-offs</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(1,756</FONT></TD>
   <TD width="3%" align="left"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(1,756</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(11,298</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger of companies</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(135</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loss</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(40,551</FONT></TD>
   <TD width="3%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%">&nbsp;</TD>
   <TD width="10%"><HR align="right" width="65%" size=1 noshade></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="10%" align="right"><HR align="right" width="65%" size=1 noshade></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%"><HR align="right" width="100%" size=1 noshade></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>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at end of year</font></TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">4,610</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">950</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="6%" align="right"><font size=2 face="Times New Roman, Times, serif">161</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">5,721</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%" align="right"><FONT size=2 face="Times New Roman, Times, serif">7,128</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="27%">&nbsp;</TD>
   <TD width="10%"><HR align="right" width="65%" size=2 noshade></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="10%" align="right"><HR align="right" width="65%" size=2 noshade></TD>
   <TD width="5%" align="right">&nbsp;</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>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
  <TD valign="top" width="10%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT size=2 face="Times New Roman, Times, serif">(*)</FONT></TD>
   <td width="85%" valign="top"><FONT size=2 face="Times New Roman, Times, serif">Financial statements audited or reviewed by our independent auditors.</FONT></td>
</tr>
<tr>
  <td width="10%" valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td width="85%" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top" width="10%">&nbsp;</td>
   <td valign="top" width="5%"><FONT size=2 face="Times New Roman, Times, serif">(**)</FONT></td>
   <td width="85%" valign="top"><FONT size=2 face="Times New Roman, Times, serif">Financial statements audited by other independent auditors.</FONT></td>
</tr>
</TABLE>
<br>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="10%">&nbsp;</td>
        <td width="90%"><p><FONT size="2" face="Times New Roman, Times, serif">The
              consolidated amount of equity pick-up in subsidiary and affiliated
              companies presented in the statement of income includes R$ 52,409 (2002
              - R$ 43,467) of income tax incentives arising substantially from operations
              in regions eligible for such incentives. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">In the consolidated
              financial statements, the investments of subsidiary Oxiteno S.A - Ind&uacute;stria
              e Com&eacute;rcio in affiliated companies Oxicap Ind&uacute;stria de
              Gases Ltda. and Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio
              S.A are carried under the equity method based on their financial statements
        as of November 30, 2003.</FONT> </p></td>
      </tr>
      <tr align="left" valign="top">
        <td width="10%">&nbsp;</td>
        <td width="90%">&nbsp;</td>
      </tr>
    </table>

    <p><FONT size="2" face="Times New Roman, Times, serif">11. PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED) </FONT>  </p>
    <TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD colspan="5" align="center"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Annual<br>
depreciation<br>
rates - %</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Revalued<br>
    cost</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Accumulated<br>
     Revalued<br>
    depreciation</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Net
    book<br>
    value</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Net
    book<br>
    value</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size="2" face="Times New Roman, Times, serif">Land</FONT></TD>
   <TD align="center" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,853</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,853</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">47,151</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Buildings</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4 to 5</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">356,787</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(123,066</FONT></TD>
   <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">233,721</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">211,239</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Machinery and equipment</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">5 to 10</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">990,265</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(478,515</FONT></TD>
   <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">511,750</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">391,405</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Vehicles</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">20 to 30</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">127,447</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(86,118</FONT></TD>
   <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">41,329</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">35,146</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Furniture and fixtures</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">10</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">15,544</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(5,431</FONT></TD>
   <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">10,113</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">7,733</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
  <p align="center">
    <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><br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Construction in progress</FONT></TD>
   <TD align="center" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,025</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,025</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">39,141</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Imports in transit</FONT></TD>
   <TD align="center" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">302</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">302</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">835</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%"><FONT size=2 face="Times New Roman, Times, serif">Other</FONT></TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">10 to 30</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">117,603</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(39,141</FONT></TD>
   <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">78,462</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,817</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">1,700,826</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(732,271</FONT></TD>
   <TD width="5%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">968,555</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">779,467</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">17</FONT>
  </p>
  <p>
  <hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif"><!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <br>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">Construction
          in progress refers mainly to construction of Terminal L&iacute;quido de
          Santos - TLS and Terminal Intermodal de Montes Claros, both owned by Tequimar,
      and renovations of the industrial complexes of the other subsidiaries.</FONT> <br>
      <br>
      <FONT size="2" face="Times New Roman, Times, serif">Other refers to computer
      equipment in the amount of R$ 19,596 (2002 - R$ 13,200), software in the amount
      of R$ 29,901 (R$ 2002 - R$ 5,255), and commercial property rights, mainly those
      described below: </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="90%">&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&#149;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">On July 11, 2002, the
          subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar won the auction
          and signed the contract for use of the site on which it operates the Aratu
          Terminal for another 20 years, renewable for the same period. The goodwill
          paid by Tequimar amounted to R$ 12,000, and will be amortized over 40 years,
      equivalent to annual amortization of R$ 300.</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&#149;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">Further, the subsidiary
          Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has a lease contract of
          the adjacent area to Santos harbor for 20 years beginning December 2002,
          renewable for the same period w,hich allows it to build, operate and explore
          the terminal, destined to the reception, storage, movement and distribution
          of liquid bulk. The price paid by Tequimar was R$ 3,803 and shall be amortized
          over a period of five years, starting from the beginning of its operation,
      expected for November 2004.</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td><FONT size="2" face="Times New Roman, Times, serif">12.</FONT></td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">DEFERRED
      CHARGES (CONSOLIDATED)</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">Represented
          substantially by costs incurred in the implementation of systems modernization
          projects R$ 3,203 (2002 - R$ 19,866), amortizable over five to ten years,
          and expenditures for the installation of Ultrasystem equipment at customers&#146; locations
          R$ 56,836 (2002 - R$ 58,044), to be amortized over the periods of the LPG
          supply contracts with these customers. Deferred charges also include the
          goodwill from acquisition of SPG&aacute;s Distribuidora de G&aacute;s S.A.,
      as stated in Note 3.</FONT></td>
    </tr>
</table>
<br>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">18</FONT>
  </p>
  <p>
  <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>
  <p>
    <FONT size="2" face="Times New Roman, Times, serif">13. FINANCING (CONSOLIDATED)</FONT>
  </p>
</blockquote>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">Description</font></TD>
   <TD width="6%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Index/<br>
    Currency</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Annual<br>
interest<br>
rate - %</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Maturity and amortization</FONT></TD>
</TR>
<TR>
   <TD width="30%"><HR align="left" width="95%" size=1 noshade></TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Foreign currency:</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;International Finance</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporation - IFC</font></TD>
   <TD align="right" width="6%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">17,736</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">US$</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">9.38</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Working capital loan</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">518</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">Mex$</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">1.40</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">28 days</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Syndicated loan (*)</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">173,598</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">212,503</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">US$</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4.25</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Semiannually until 2004</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Financing for inventories and</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">11,414</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">3,786</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="14%"><FONT size=2 face="Times New Roman, Times, serif">US$</FONT></TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif"> From
    7.30 to</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Semiannually and annually until</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;property additions</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">8.00</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="left" width="26%"><FONT size=2 face="Times New Roman, Times, serif">2004</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Advances on foreign exchange</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">24,896</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">73,883</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="14%"><FONT size=2 face="Times New Roman, Times, serif">US$</FONT></TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif"> From
    1.30 to</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Maximum of 58 days</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">5.31</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;National Bank for Economic and</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">23,177</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">28,863</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">UMBNDES (**)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">From 9.01 to</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Monthly until 2008</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Development (BNDES)</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">10.91</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;National Bank for Economic and</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Development (BNDES)</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Exim</font></TD>
   <TD align="right" width="6%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">17,849</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">US$</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">5.25</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Export prepayments, net of</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">From 4.10 to</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Monthly, semiannually and annually</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;linked operations</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">205,082</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">23,165</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">US$</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">6.85</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">until 2008</FONT></TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Subtotal</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">438,685</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">377,785</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Local currency:</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;National Bank for Economic and</font></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">TJLP or</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">From 1.50 to</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Monthly and semiannually until</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Development (BNDES)</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">159,341</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">181,995</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">IGP-M</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">6.50</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="left" width="26%"><FONT size=2 face="Times New Roman, Times, serif">2008</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;FINAME</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">28,864</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">23,665</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">TJLP</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">From 1.80 to</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Monthly until 2008</FONT></TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4.00</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Onlending operations</font></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">5,256</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center"><FONT size=2 face="Times New Roman, Times, serif">TJLP</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(2.00)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%"><FONT size=2 face="Times New Roman, Times, serif">Monthly until 2009</FONT></TD>
</TR>
<TR>
   <TD width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Other</font></TD>
   <TD align="right" width="6%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">21</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Various</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Subtotal</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">193,461</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">205,681</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Total financing</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">632,146</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">583,466</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Current liabilities</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">(325,877</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">(219,827</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%"><FONT size=2 face="Times New Roman, Times, serif">Long-term liabilities</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">306,269</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="Times New Roman, Times, serif">363,639</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%"><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="26%">&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
   <TD valign="top" width="5%"><FONT size=2 face="Times New Roman, Times, serif">(*)</FONT></TD>
   <td width="95%" valign="top"><FONT size=2 face="Times New Roman, Times, serif">On December 11, 2003, the subsidiary LPG International Inc. renegotiated the interest of 7.15% per year to 4.25% per year.</FONT></td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT size=2 face="Times New Roman, Times, serif">(**)</FONT></td>
   <td width="95%" valign="top"><FONT size=2 face="Times New Roman, Times, serif">UMBNDES = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing the composition of BNDES&#146; debt. 76% of this &#147;basket&#148; is linked to the U.S. dollar.</FONT></td>
</tr>
</TABLE>
<blockquote>
  <p>
    <FONT size="2" face="Times New Roman, Times, serif">The long-term portion matures as follows: </FONT>
  </p>
</blockquote>
<TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size="2" face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%"><FONT size="2" face="Times New Roman, Times, serif">2004</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">273,270</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%"><FONT size="2" face="Times New Roman, Times, serif">2005</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">160,770</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">43,145</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%"><FONT size="2" face="Times New Roman, Times, serif">2006</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">94,656</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">32,535</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%"><FONT size="2" face="Times New Roman, Times, serif">2007</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">34,599</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">12,920</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%"><FONT size="2" face="Times New Roman, Times, serif">2008 and thereafter</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">16,244</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">1,769</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">306,269</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">363,639</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="60%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="95%"><FONT size="2" face="Times New Roman, Times, serif">In June
          1997, the subsidiary Companhia Ultragaz S.A. issued Eurobonds in the total
          amount of US$ 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 subsidiary LPG International
          Inc. exercised the call option for these securities using funds from a
          loan in the same amount, maturing in August 2004 and prepaid in January
      2004 as stated in Note 22. </FONT> </td>
    </tr>
  </table>

  <p align="center"><FONT size="2" face="Times New Roman, Times, serif">19 </FONT>  </p>
  <hr size=3 color=GRAY noshade>
    <font size="2" face="Times New Roman, Times, serif"><!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <br>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <FONT size="2" face="Times New Roman, Times, serif">The financing
        is collateralized by liens on property, plant and equipment, shareholdings,
        and promissory notes and guarantees provided by the Company and its subsidiaries,
    as shown below: </FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
</table>
  <TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%"><FONT size="2" face="Times New Roman, Times, serif">Amount of borrowings secured by:</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Property, plant and equipment</font></TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">34,256</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">26,842</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Shares of affiliated companies</font></TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">17,128</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">18,164</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Minority stockholders&#146; guarantees</font></TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">17,642</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">42,249</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">69,026</FONT></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size="2" face="Times New Roman, Times, serif">87,255</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="65%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD width="5%" align="right">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="95%">&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="95%"><FONT size="2" face="Times New Roman, Times, serif">Other loans
          are guaranteed either by the Company or by the future flow of export.<br>
      <br>
      </FONT><FONT size="2" face="Times New Roman, Times, serif">The Company is responsible
      for sureties and guarantees offered on behalf of its subsidiaries, amounting
      to R$ 571,406.<br>
  <br>
      </FONT><FONT size="2" face="Times New Roman, Times, serif">The subsidiaries
      issued guarantees to financial institutions related to amounts owed to those
      institutions by certain of their customers (vendor financing). In the event
      of payment of such guarantees to those financial institutions, the subsidiaries
      may recover the amount of such payment directly from their customers through
      trade collection. Maximum future payments related to these guarantees amount
      to R$ 19,792 (R$ 7,100 in 2002), with maturities from 30 to 210 days. As of
      December 31, 2003, the Company has not recorded any liability related to these
      guarantees.</FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>

  <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">14.</font></td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">STOCKHOLDERS&#146; EQUITY</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="90%">&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">a)</FONT></td>
      <td><FONT size="2" face="Times New Roman, Times, serif"> Capital</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">          The Company is a public 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></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td> <FONT size="2" face="Times New Roman, Times, serif">On December 31, 2003,
          4,823,058 thousand preferred shares were outstanding in the U.S. market,
      in the form of American Depositary Receipts - ADRs.</FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">Preferred shares are
          nonconvertible into common shares and nonvoting, and entitle their holders
          to minimum dividends at least 10% higher than those attributable to common
          shares, and priority in capital redemption, without premium, in the event
      of liquidation of the Company.</FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td><FONT size="2" face="Times New Roman, Times, serif">b) </FONT></td>
      <td colspan="2"> <FONT size="2" face="Times New Roman, Times, serif">Treasury
      shares </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">The Company
      was authorized to acquire its own shares at market price, without</FONT> </td>
    </tr>
  </table>

  <p>&nbsp;</p>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">20</FONT><font size="2" face="Times New Roman, Times, serif"><br>
    </font>
</p>
  <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>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="95%"> <FONT size="2" face="Times New Roman, Times, serif">capital
            reduction, to be held in treasury and subsequent disposal, in accordance
            with the provisions set forth by Brazilian Securities Commission (CVM)
            Instructions No. 10, of February 14, 1980, and No. 268, of November 13,
        1997.</FONT> </td>
      </tr>
    </table>

    <p>&nbsp;</p>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">21</FONT><br>
    </p>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="95%"><p><FONT size="2" face="Times New Roman, Times, serif">In 2003,
            87,900 thousand preferred shares were acquired at the average cost of
            R$ 24.73, with a minimum cost of R$ 22.50 and a maximum cost of R$ 31.30
            per thousand shares. </FONT> </p>
        <p> <FONT size="2" face="Times New Roman, Times, serif">As of December 31,
            2003, the consolidated financial statements recorded 108,100 thousand
            preferred shares in treasury, which were acquired at the average cost
            of R$ 23.79 per thousand shares. </FONT> </p>
        <p> <FONT size="2" face="Times New Roman, Times, serif">The market price
            of shares issued by the Company on December 31, 2003 on the S&atilde;o
      Paulo Stock Exchange (BOVESPA) was R$ 37.29 per thousand shares. </FONT></p></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">c)</font></td>
      <td> <FONT size="2" face="Times New Roman, Times, serif"> Capital reserve </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">The capital reserve
          in the amount of R$ 1,152 reflects the goodwill on disposal of shares issued
          by the Company to be held in treasury in some of the Company&#146;s subsidiaries,
          at the price of R$ 34.87 per thousand shares. </FONT><FONT size="2" face="Times New Roman, Times, serif">Executives
          of these subsidiaries were given the usufruct of such shares, as described
      in Note 20.</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="Times New Roman, Times, serif">d)</font></td>
      <td> <FONT size="2" face="Times New Roman, Times, serif"> Revaluation reserve </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td><p><FONT size="2" face="Times New Roman, Times, serif">This reserve reflects
            the revaluation write-up of assets of subsidiaries and affiliated companies
            and is realized based upon depreciation, write-off or sale of revalued
            assets, including the related tax effects. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">In some cases, taxes
                on the revaluation reserve 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$ 7,641 (2002 - R$ 8,553). </FONT></p>
</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">e) </font></td>
      <td> <FONT size="2" face="Times New Roman, Times, serif">Reserve for retention
      of profits </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td> <FONT size="2" face="Times New Roman, Times, serif">This reserve is supported
          by the investment program, in conformity with article 196 of Brazilian
          corporate law and includes both a portion of net income and realization
      of revaluation reserves. </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="Times New Roman, Times, serif">f) </font></td>
      <td><FONT size="2" face="Times New Roman, Times, serif">Realizable profits
      reserve </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td> <FONT size="2" face="Times New Roman, Times, serif">This reserve is established
          in conformity with article 197 of Brazilian corporate law, based on the
          equity in subsidiaries and affiliated companies. The reserve realization
      normally occurs on receipt of dividends, sale and write-off of investments.</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="Times New Roman, Times, serif">g) </font></td>
      <td> <FONT size="2" face="Times New Roman, Times, serif">Dividends and appropriation
      of net income </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">According to the Company&#146;s
          bylaws, the stockholders are entitled to a minimum annual dividend of 50%
          of adjusted net income, calculated under the terms of accounting practices
      adopted in Brazil.</FONT> </td>
    </tr>
  </table>
<br>
  <p align="center">
  <FONT size="2" face="Times New Roman, Times, serif">22</FONT></p>
<hr size=3 color=GRAY noshade>
	<!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <br>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="95%"> <FONT size="2" face="Times New Roman, Times, serif">Proposed
            dividends as stated in the Company&#146;s financial statements, subject
        to approval at the Stockholders&#146; Annual Meeting, are as follows: </FONT> </td>
      </tr>
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="95%">&nbsp;</td>
      </tr>
    </table>
    <TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size="2" face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Net income</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">246,379</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Legal reserve</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(12,319</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Retention of profits</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(117,031</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Realization of realizable profits reserve</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">40,593</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Compulsory dividends</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">157,622</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Recognition of realizable profits reserve</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(85,622</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Interim dividends (R$ 0.461996 and R$ 0.508195 per thousand</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;common
       and preferred shares, respectively)</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(33,000</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Proposed
    complementary dividends payable (R$ 0.545231 and R$0.599754</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;per
       thousand common and preferred shares, respectively)</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(39,000</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</table>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
<TR>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">Management
       proposes to retain the balance of net income in the &#147;Reserve for</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">retention
       of profits&#148; account, in order to support the business expansion project</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">established
       in its investment plan.</font></TD>
   <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">--</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">h)</FONT></TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">Reconciliation of stockholders&#146; equity - Company and Consolidated</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Stockholders&#146; equity
       - Company</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">1,360,289</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Treasury
       shares held by subsidiaries, net of realization</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(2,453</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Capital reserve
       arising from sale of treasury shares to subsidiaries,</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;net
       of realization</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">(1,143</FONT></TD>
   <TD width="5%"><FONT size="2" face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">Stockholders&#146; equity
       - Consolidated</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">1,356,693</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="95%" border="0" cellpadding="0" cellspacing="0">
<TR>
   <TD valign="top" width="5%"><FONT size="2" face="Times New Roman, Times, serif">15.</FONT></TD>
   <td width="95%" valign="top"><FONT size="2" face="Times New Roman, Times, serif">NONOPERATING (EXPENSES) INCOME, NET (CONSOLIDATED)</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td width="5%" valign="top">&nbsp;</td>
   <td width="95%" valign="top"><font size="2" face="Times New Roman, Times, serif">Refers principally
       to the result on sales of permanent assets, especially cylinders (2002 - refers
       principally to the recognition of provision for loss, in the amount R$ 40,551,
       of the investment of Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio
    in Nordeste Qu&iacute;mica S.A. - Norquisa).</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="5%"><FONT size="2" face="Times New Roman, Times, serif">16.</FONT></td>
   <td width="95%" valign="top"><FONT size="2" face="Times New Roman, Times, serif">RECONCILIATION OF EBITDA (CONSOLIDATED)</FONT></td>
</tr>
<tr>
   <td valign="top">&nbsp;</td>
   <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT size="2" face="Times New Roman, Times, serif">The EBITDA
      (earnings before interest, taxes, depreciation and amortization) is calculated
    by the Company, as shown in the table below:</FONT></td>
</tr>
</TABLE>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">23 </FONT>
  </p>
  <hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD colspan="9"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ultragaz</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Oxiteno</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ultracargo</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Other</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><FONT size=2 face="Times New Roman, Times, serif">Operating income</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">46,071</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">246,975</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">29,085</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">24,098</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">346,229</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">435,807</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;(-) Equity in subsidiaries</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(3,313</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(48,279</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(3,635</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">3,333</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(51,894</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(41,760</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliated companies</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><FONT size=2 face="Times New Roman, Times, serif">(+/-) Financial income</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">70,420</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">8,238</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(744</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(20,666</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">57,248</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(28,509</FONT></TD>
   <TD width="2%"><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;(+) Depreciation and</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">95,059</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">36,238</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">15,317</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">256</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">146,870</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">121,803</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">208,237</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">243,172</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">40,023</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">7,021</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">498,453</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">487,341</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">24</FONT>
  </p>
<br>
  <hr size=3 color=GRAY noshade>
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <br>
    <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">17.</font></td>
        <td width="95%"><FONT size="2" face="Times New Roman, Times, serif">SEGMENT
        INFORMATION</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>&nbsp;</td>
        <td><FONT size="2" face="Times New Roman, Times, serif">The Company has three
            reportable segments: gas, chemical and logistics. The gas segment distributes
            LPG to retail, commercial and industrial consumers mainly in the South,
            Southeast and Northeast areas of Brazil. The chemical segment produces
            primarily ethylene oxide, ethylene glycols, ethanolamines and glycol
            ethers. The logistics segment operates storage and transportation, mainly
            in the Southeast and Northeast areas of the country. Reportable segments
            are strategic business units that offer different products and services.
            Intersegment sales are transacted at prices approximating those that
            the selling entity is able to obtain on external sales.</FONT></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td><FONT size="2" face="Times New Roman, Times, serif">The principal financial
            information about each of the Company&#146;s reportable segments is as
        follows: </FONT> </td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
    </table>
    <TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD colspan="9" align="center"><HR noshade size=1></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD width="10%" align="center"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ultragaz</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Oxiteno</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Ultracargo</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Other</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size=2 face="Times New Roman, Times, serif">Consolidated</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><FONT size=2 face="Times New Roman, Times, serif">Net sales, net of related-party<br>
&nbsp;&nbsp;&nbsp;    transactions</FONT></TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">2,622,253</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,237,793</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">140,177</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">86</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">4,000,309</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">2,994,506</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><font size="2" face="Times New Roman, Times, serif">Operating
    income before<br>
&nbsp;&nbsp;    financial income (expenses)<br>
&nbsp;&nbsp;and equity in subsidiaries and<br>
&nbsp;&nbsp;affiliated
    companies</font></TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">113,179</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">206,935</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">24,707</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">6,762</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">351,583</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">365,538</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><FONT size=2 face="Times New Roman, Times, serif">EBITDA</FONT></TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">208,237</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">243,172</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">40,023</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">7,021</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">498,453</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">487,341</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%">&nbsp;</TD>
   <TD width="23%"><FONT size=2 face="Times New Roman, Times, serif">Total assets, net of related parties</FONT></TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">984,577</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,067,487</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">272,316</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">27,887</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">2,352,267</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">2,127,913</FONT></TD>
   <TD width="2%">&nbsp;</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="Times New Roman, Times, serif">18.</FONT></td>
    <td width="95%"><FONT size="2" face="Times New Roman, Times, serif">RISKS AND
    FINANCIAL INSTRUMENTS (CONSOLIDATED)</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>&nbsp;</td>
    <td><FONT size="2" face="Times New Roman, Times, serif">The main risk factors
        to which the Company and its subsidiaries are exposed reflect strategic-operating
        and economic-financial aspects. Strategic-operating risks (such as demand
        behavior, competition, technological innovation, and significant structural
        changes in industry, among others) are addressed by the Company&#146;s management
        model. Economic-financial risks mainly reflect customer default, macroeconomic
        variables such as exchange and interest rates, as well as the characteristics
        of the financial instruments used by the Company. These risks are managed
        through control policies, specific strategies and the determination of limits,
    as follows:</FONT></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%">&#149;</td>
      <td width="90%"><FONT size="2" face="Times New Roman, Times, serif">Customer
          default - These risks are managed by specific policies for accepting customers
          and credit analysis and are mitigated by diversification of sales. Oxiteno
          S.A. - Ind&uacute;stria e Com&eacute;rcio and Oxiteno Nordeste S.A. - Ind&uacute;stria
          e Com&eacute;rcio held R$ 3,522 (2002 - R$ 6,833) and Ultragaz Participa&ccedil;&otilde;es
          S.A. held R$ 17,367 (2002 - R$ 8,251) of allowances for potential losses
          on receivables as of December 31, 2003. The increase in the accrual of
          Companhia Ultragaz S.A. is composed substantially of accruals already existing
      in Shell&#146;s LPG business, acquired on August 8, 2003.</FONT></td>
  </tr>
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="90%">&nbsp;</td>
  </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&#149;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">Interest rates - The
      Company and its subsidiaries adopt conservative</FONT></td>
    </tr>
</table>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif"><br>
    25 </FONT>
  </p>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <br>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%">&nbsp;</td>
        <td width="90%"> <FONT size="2" face="Times New Roman, Times, serif">policies
            to obtain and invest funds and to minimize the cost of capital. The temporary
            cash investments of the Company and its subsidiaries are comprised substantially
            of transactions linked to interbank deposit (CDI) rates, as described
            in Note 4. 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 13. </FONT> </td>
      </tr>
    </table>
    <br>
    <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">26</FONT><font size="2" face="Times New Roman, Times, serif"><br>
    <br>
    </font>
  </p>
  <hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif"><!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    <br>
    <br>
    <br>
</font></p>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%">&#149;</td>
        <td width="90%"><FONT size="2" face="Times New Roman, Times, serif">Exchange
            rate - The subsidiaries of the Company use foreign currency swap (mainly
            US$ to CDI) instruments available in the financial market to cover assets
            and liabilities in foreign currency, with the objective of reducing the
            effects of exchange rates variation in their results. Such swaps have
            amounts, periods and indexes equivalent to the assets and liabilities
            in foreign currency, to which they are linked. The following summary
            shows the assets and liabilities in foreign currency, translated into
        Brazilian reais at December 31, 2003:</FONT></td>
      </tr>
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%">&nbsp;</td>
        <td width="90%">&nbsp;</td>
      </tr>
    </table>

    <TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD align="center" width="10%"><FONT size="2" face="Times New Roman, Times, serif">Book value</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">Assets:</FONT></TD>
   <TD align="center" width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
   <TD width="75%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Investments in foreign currency and swaps</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">395,361</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Foreign cash and cash equivalents</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">77,589</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Receivables from foreign customers, net of advances</font></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on export contracts</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">27,979</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">Total</FONT></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">500,929</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">Liabilities:</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Foreign currency financing</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">438,685</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Import payables</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">9,988</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Total</font></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">448,673</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%"><FONT size="2" face="Times New Roman, Times, serif">Net asset position</FONT></TD>
   <TD align="right" width="10%"><FONT size="2" face="Times New Roman, Times, serif">52,256</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="75%">&nbsp;</TD>
   <TD width="10%"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<br>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">Given the
          characteristics of the financial instruments described, the management
          of the Company and its subsidiaries believe that market values approximate
          book values of these financial instruments. The exchange rate variation
          related to cash and banks, temporary cash investments and investments of
          foreign subsidiaries abroad was recorded as financial expense in the statement
          of income for the year 2003, in the amount of R$ 24,251 (2002 - financial
          income of R$ 44,087). Other financial instruments recorded in the financial
          statements as of December 31, 2003 were determined in conformity with the
      accounting criteria and practices described in the respective notes. </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="90%">&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td><font size="2" face="Times New Roman, Times, serif">19.</font></td>
      <td colspan="2"><FONT size="2" face="Times New Roman, Times, serif">CONTINGENCIES
      AND COMMITMENTS (CONSOLIDATED)</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">a) </FONT></td>
      <td><FONT size="2" face="Times New Roman, Times, serif">Civil, tax and labor
      lawsuits</FONT></td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td><FONT size="2" face="Times New Roman, Times, serif">The Petrochemical Industry
          Labor Union, of which the employees of Oxiteno Nordeste S.A. - Ind&uacute;stria
          e Com&eacute;rcio are members, filed a
          class action against the subsidiary in 1990, demanding compliance with
          the adjustments established in collective labor agreements, in lieu of
          the salary policies effectively followed. At the same time, the employers&#146; association
          proposed a collective labor dispute for the interpretation and clarification
          of the fourth clause of the agreement. Based on the opinion of its legal
      counsel, who analyzed the decision of the</FONT></td>
    </tr>
  </table><br>
  <p align="center">
  <FONT size="2" face="Times New Roman, Times, serif">27</FONT></p>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<br>
  </font>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="10%">&nbsp;</td>
        <td width="90%"> <FONT size="2" face="Times New Roman, Times, serif">Federal
            Supreme Court (STF) in the collective dispute as well as the status of
            the individual lawsuit of the subsidiary, management believes that a
        reserve for a potential loss is not necessary as of December 31, 2003. </FONT> </td>
      </tr>
    </table>
    <font size="2" face="Times New Roman, Times, serif"><br>
    <br>
  </font>
    <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">28</FONT>
  </p>
<p>
<hr size=3 color=GRAY noshade>
<font size="2" face="Times New Roman, Times, serif"><!-- *************************************************************************** -->
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    <br>
<br>
</font></p>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="10%">&nbsp;</td>
        <td width="90%"><p><FONT size="2" face="Times New Roman, Times, serif">The
              subsidiary Companhia Ultragaz S.A. is a defendant in lawsuits relating
              to damages caused by an explosion in 1996 in a shopping mall in the
              city of Osasco, state of S&atilde;o Paulo. Such lawsuits involve (i)
              individual suits filed by victims of the explosion claiming damages
              from Ultragaz for the loss of economic benefit and for pain and suffering;
              (ii) reimbursement of expenses of the management of the shopping mall
              and its insurance company; (iii) class action seeking indemnification
              for material damages and pain and suffering for all the victims injured
              and deceased. The subsidiary believes that it has presented evidence
              that defective gas pipes in the shopping mall caused the accident and
              that Ultragaz&#146;s on-site LPG storage facilities did not contribute
              to the explosion. It has obtained a favorable judgment in all lawsuits
              which have been judged to date. Further, Ultragaz also believes that
              its insurance coverage is sufficient to cover the aggregate amount
              of all claims filed. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">The Company and
              its subsidiaries obtained injunctions to pay PIS and COFINS (taxes
              on revenues) without changes introduced by Law No. 9,718/98 in its
              original version. The questioning refers to the levy of these taxes
              on gains other than revenues. The unpaid amounts were recorded in the
              financial statements of the Company and its subsidiaries, totaling
              R$ 30,498 (2002 - R$ 24,119).</FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">The main fiscal
              discussions of the Company and subsidiaries refer to the taxation of
              PIS and COFINS (as detailed in the preceding paragraph) and the taxation
              of income earned abroad (as stated in Note 9.a)). The potential losses
              on these discussions are accrued in noncurrent assets as other taxes
              and deferred income and social contribution taxes, respectively. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">The Company and
              its subsidiaries have other ongoing administrative and judicial proceedings;
              legal counsel consider the risks to be low or remote and, therefore,
              no reserves for potential losses on these proceedings have been recorded. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">Although there
              is no assurance that the Company will prevail in all cases, management
              does not believe that the ultimate resolution of tax, civil and labor
              contingencies not provided for will have a material effect on the Company&#146;s
              financial position or results of operations. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">Escrow deposits
        and provisions are summarized below: </FONT></p></td>
      </tr>
      <tr align="left" valign="top">
        <td width="10%">&nbsp;</td>
        <td width="90%">&nbsp;</td>
      </tr>
    </table>
    <TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size="2" face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size="2" face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size="2" face="Times New Roman, Times, serif">Escrow<br>
    deposits</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size="2" face="Times New Roman, Times, serif">Provision</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size="2" face="Times New Roman, Times, serif">Escrow<br>
    deposits</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="8%"><FONT size="2" face="Times New Roman, Times, serif">Provision</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%"><FONT size="2" face="Times New Roman, Times, serif">Social contribution tax on net income</FONT></TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">31</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">2,917</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="8%"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">2,917</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor claims</font></TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">7,433</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">914</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size="2" face="Times New Roman, Times, serif">4,493</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">1,536</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;PIS and COFINS on other gains</font></TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">58</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">30,498</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size="2" face="Times New Roman, Times, serif">105</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">24,119</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">2,382</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">6,570</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size="2" face="Times New Roman, Times, serif">2,394</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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="10%">&nbsp;</TD>
   <TD width="46%">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">9,904</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">40,899</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size="2" face="Times New Roman, Times, serif">6,992</FONT></TD>
   <TD width="3%" align="right">&nbsp;</TD>
   <TD width="8%" align="right"><FONT size="2" face="Times New Roman, Times, serif">28,572</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="46%">&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>
</TABLE>
  <p align="center">
    <FONT size="2" face="Times New Roman, Times, serif">29 </FONT>
  </p>
<br>
  <hr size=3 color=GRAY noshade>
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    <br>
    <br>
    <br>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%"><FONT size="2" face="Times New Roman, Times, serif">b)</FONT></td>
        <td width="90%"><FONT size="2" face="Times New Roman, Times, serif">Contracts</FONT></td>
      </tr>
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="5%">&nbsp;</td>
        <td width="90%">&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td><p> <FONT size="2" 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 Complexo Industrial
              Portu&aacute;rio Governador Eraldo Gueiros, in connection with its
              harbor facilities in Aratu and Suape, respectively. Such contracts
              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 difference between the actual
              movement and the minimum contractual movement using the harbor rates
              in effect at the date established for payment. As of December 31, 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="2" face="Times New Roman, Times, serif">Oxiteno Nordeste
              S.A. - Ind&uacute;stria e Com&eacute;rcio has a supply contract with
              Braskem S.A., effective through 2012, which establishes a minimum annual
              ethylene consumption level. The minimum purchase commitment and the
              actual demand for the years ended December 31, 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></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
    </table>
    <TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width="10%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="20%" align="center">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3 align="center"><FONT size="2" face="Times New Roman, Times, serif">Actual demand</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="10%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="20%" align="center"><FONT size="2" face="Times New Roman, Times, serif">Minimum
    purchase</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan=3 align="center"><HR noshade size=1></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="10%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="20%" align="center"><FONT size="2" face="Times New Roman, Times, serif">commitment</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">2003</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">2002</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="20%" align="center"><HR noshade size=1></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><HR noshade size=1></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><HR noshade size=1></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="20%" align="center">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="38%"><FONT size="2" face="Times New Roman, Times, serif">In tons</FONT></TD>
   <TD width="20%" align="center"><FONT size="2" face="Times New Roman, Times, serif">137,900</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">188,850</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><FONT size="2" face="Times New Roman, Times, serif">164,534</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%">&nbsp;</TD>
   <TD width="38%">&nbsp;</TD>
   <TD width="20%" align="center"><HR noshade size=2></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><HR noshade size=2></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="10%" align="center"><HR noshade size=2></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
    <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="5%">&nbsp;</td>
      <td width="5%"><font size="2" face="Times New Roman, Times, serif">c) </font></td>
      <td width="90%"><FONT size="2" face="Times New Roman, Times, serif">Insurance
      coverage for subsidiaries </FONT> </td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td> <FONT size="2" face="Times New Roman, Times, serif">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> </td>
    </tr>
  </table>

    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="95%">&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td width="5%"><font size="2" face="Times New Roman, Times, serif">20.</font></td>
        <td width="95%"><FONT size="2" face="Times New Roman, Times, serif">STOCK
        PLAN (CONSOLIDATED)</FONT></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td><FONT size="2" face="Times New Roman, Times, serif">          At the Extraordinary Stockholders&#146; Meeting held on November 26, 2003,
          a benefit plan was approved for the management of the Company and its subsidiaries,
          which provides for: (i) the initial grant of usufruct of shares issued
          by the Company and held in treasury by subsidiaries in which the beneficiaries
          are recorded; (ii) the transfer of the beneficial ownership of the shares
          after ten years from the initial concession provided that the professional
          relationship between the beneficiary and the Company and subsidiaries is
          not interrupted. The total value granted to executives in 2003, including
          taxes, was R$ 4,960. This value will be amortized over</FONT></td>
      </tr>
    </table>

  <p align="center"><FONT size="2" face="Times New Roman, Times, serif">30</FONT><font size="2" face="Times New Roman, Times, serif"><br>
    </font></p>
  <hr size=3 color=GRAY noshade>
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    <table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr align="left" valign="top">
        <td width="5%">&nbsp;</td>
        <td width="95%"> <FONT size="2" face="Times New Roman, Times, serif">a period
            of ten years. The amortized amount in 2003 was R$ 42, which was recorded
        as operating expense.</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">21.</font></td>
        <td><FONT size="2" face="Times New Roman, Times, serif">EMPLOYEE BENEFITS
        AND PRIVATE PENSION PLAN (CONSOLIDATED)</FONT></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td><p><FONT size="2" face="Times New Roman, Times, serif">The Company and
              its subsidiaries offer benefits to their employees, such as life insurance,
              health care and pension plan. In addition, loans for the acquisition
              of vehicles and personal computers are available 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> <FONT size="2" face="Times New Roman, Times, serif">In August 2001,
              the Company and its subsidiaries began to provide a defined contribution
              pension plan to their employees. Adoption of this plan, managed by
              Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia Complementar,
              was approved at the Board of Directors&#146; Meeting on February 15,
              2001. Under the terms of the plan, the basic contribution of each participating
              employee is defined annually by the participant between 0% and 11%
              of his/her salary. The sponsoring companies provide a matching contribution
              in an identical amount as the basic contribution. As participants retire,
              they may opt to receive monthly: (i) a percentage varying between 0.5%
              and 1.0% of the fund accumulated in their name at Ultraprev, or (ii)
              a fixed monthly amount which will extinguish the fund accumulated in
              the participant&#146;s name during a period of between 5 and 25 years.
              As such, neither the Company nor its subsidiaries assume responsibility
              for guaranteeing the levels of amounts or periods of receipt for the
              participants that retire under this plan. In 2003, the Company and
              its subsidiaries contributed R$ 3,355 to Ultraprev, which was charged
              to income for the year. The total number of employee participants as
              of December 31, 2003 was 5,115, with no participants retired to date. </FONT> </p>
          <p> <FONT size="2" face="Times New Roman, Times, serif">Additionally, Ultraprev
              has 2 active participants and 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></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td><font size="2" face="Times New Roman, Times, serif">22.</font></td>
        <td><FONT size="2" face="Times New Roman, Times, serif">SUBSEQUENT EVENT</FONT></td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr align="left" valign="top">
        <td>&nbsp;</td>
        <td><FONT size="2" face="Times New Roman, Times, serif">In January 2004,
            the subsidiary LPG International Inc. issued Eurobonds in the amount
            of US$ 60 million, maturing in June 2005 and having an interest rate
            of 3.5% per year. Funds from issuance were used to repay loans, as stated
        in Note 13.</FONT></td>
      </tr>
    </table>
  <p>&nbsp;</p>
    <p align="center"><FONT size="2" face="Times New Roman, Times, serif">31</FONT>  </p>
    <p><font size="2" face="Times New Roman, Times, serif">    </font>
<hr size=3 color=GRAY noshade>
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    <br>
    </font></p>
  <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="left">
  <table width="50%" 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></td>
    </tr>
    <tr>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="84%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">/s/
      Fabio Schvartsman</font></td>
    </tr>
    <tr>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2"><hr align="left" width=60% size=1 noshade color="#000000"></td>
    </tr>
    <tr>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
      <td width="84%"><font size="2" face="Times New Roman, Times, serif">Fabio Schvartsman</font></td>
    </tr>
    <tr>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="10%"><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td width="84%"><font size="2" face="Times New Roman, Times, serif">Chief Financial
      Officer </font> </td>
    </tr>
  </table>
</div>
    <p>&nbsp;</p>
  <p>
    <FONT size="2" face="Times New Roman, Times, serif">Date: March, 2004 </FONT>
  </p>
  <p align="center">
    <FONT size="2" face="serif">32</FONT>
  </p>
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