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<SEC-DOCUMENT>0000950103-05-000326.txt : 20050218
<SEC-HEADER>0000950103-05-000326.hdr.sgml : 20050218
<ACCEPTANCE-DATETIME>20050218173051
ACCESSION NUMBER:		0000950103-05-000326
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		24
CONFORMED PERIOD OF REPORT:	20050218
FILED AS OF DATE:		20050218
DATE AS OF CHANGE:		20050218

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:		05628611

	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>ultrapar6k.htm
<TEXT>
<body leftmargin="50p" marginwidth="50p">

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<P align="center"> <B><FONT face="serif">Form 6-K </FONT></B></P>
<P align="center"> <B><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></B></P>
<P align="center"><B><FONT face="serif">Washington, D.C. 20549 <br>
  </FONT></B></P>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Report Of Foreign Private Issuer </FONT></B></P>
<P align="center"><B><FONT face="serif">Pursuant To Rule 13a-16 Or 15d-16 Of </FONT></B></P>
<P align="center"><B><FONT face="serif">The Securities Exchange Act Of 1934 <br>
  </FONT></B></P>
<P align="center"> <FONT size=2 face="serif">For the month of February, 2005 </FONT></P>
<P align="center"> <FONT size=2 face="serif">Commission File Number: 001-14950 <br>
</FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><b><font size=4 face="serif">ULTRAPAR HOLDINGS INC.</font></b></td>
  </tr>
  <tr>
    <td align="center"><font size=1 face="serif">(Translation of Registrant&#146;s Name into English)</font></td>
  </tr>
  <tr>
    <td align="center"><HR width="100%" size="1" noshade></td>
  </tr>
</table>
<P align="center"> <B><FONT size=2 face="serif">Avenida Brigadeiro Luis Antonio, 1343, 9&ordm;</FONT></B><FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">Andar
</FONT></B></P>
<P align="center"><B><FONT size=2 face="serif">S&atilde;o Paulo, SP, Brazil 01317-910 </FONT></B></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font size=1 face="serif">(Address of Principal Executive Offices)</font></td>
  </tr>
  <tr>
    <td><HR width="100%" size="1" noshade></td>
  </tr>
</table>
<P align="left"> <FONT size=2 face="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>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" align="right"><font size=2 face="serif">Form 20-F &nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></font></td>
    <td>&nbsp;</td>
    <td width="47%" align="left"><font size=2 face="serif">Form 40-F &nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></font></td>
  </tr>
</table>
<P align="left"> <FONT size=2 face="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>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" align="right"><font size=2 face="serif">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></font></td>
    <td>&nbsp;</td>
    <td width="47%" align="left"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="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>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%" align="right"><font size=2 face="serif">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></font></td>
    <td>&nbsp;</td>
    <td width="47%" align="left"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></font></td>
  </tr>
</table>
<P align="left"> <FONT size=2 face="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>
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  <tr>
    <td width="47%" align="right"><font size=2 face="serif">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></font></td>
    <td>&nbsp;</td>
    <td width="47%" align="left"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="serif">If &#147;Yes&#148; is
        marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): </FONT><U><FONT size=2 face="serif">N/A</FONT></U><B><FONT size=2 face="serif"> </FONT></B></P>

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<P align="center"> <B><FONT size=2 face="serif">ULTRAPAR HOLDINGS INC. </FONT></B></P>
<P align="center"> <B><FONT size=2 face="serif">TABLE OF CONTENTS </FONT></B></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=2% align=left> </TD>
    <TD width=4% align=left> </TD>
    <TD width=79% align=left> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">SEQUENTIAL</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left> </TD>
    <TD width=4% align=left> </TD>
    <TD width=79% align=left> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">PAGE</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp;</TD>
    <TD colspan="2" align=left> <B><FONT size=2 face="serif">ITEM</FONT></B> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">NUMBER</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan="4" align="left"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=4% align=left> <B><FONT size=2 face="serif">1.</FONT></B> </TD>
    <TD width=79% align=left> <B><FONT size=2 face="serif">Notice to the shareholders &#150; Distribution
          of dividends</FONT></B> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">3</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=4% align=left> <B><FONT size=2 face="serif">2.</FONT></B> </TD>
    <TD width=79% align=left> <B><FONT size=2 face="serif">Relevant Notice &#150; Investment in plant
          for fatty alcohol production</FONT></B> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">5</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=4% align=left> <B><FONT size=2 face="serif">3.</FONT></B> </TD>
    <TD width=79% align=left> <B><FONT size=2 face="serif">Letter to S&atilde;o Paulo Stock Exchange
          (Bovespa)</FONT></B> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">7</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=4% align=left> <B><FONT size=2 face="serif">4.</FONT></B> </TD>
    <TD width=79% align=left> <B><FONT size=2 face="serif">Earnings release 4Q04</FONT></B> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">9</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=4% align=left> <B><FONT size=2 face="serif">5.</FONT></B> </TD>
    <TD width=79% align=left> <B><FONT size=2 face="serif">Financial Statements for the years ended December
          31, 2004 and 2003</FONT></B> </TD>
    <TD width=15% align=center> <B><FONT size=2 face="serif">29</FONT></B> </TD>
  </TR>
</TABLE>
<BR>
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<P align="right"> <B><FONT size=2 face="serif">ITEM 1 </FONT></B></P>
<P align="right"><strong></strong></P>
<P align="center"> <FONT size=2 face="sans-serif">- 3 - </FONT></P>
<br>
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<P align="center"> <B><FONT size=2 face="serif">NOTICE TO SHAREHOLDERS </FONT></B></P>
<P align="center"> <B><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT></B></P>
<P align="center"> <FONT size=2 face="serif">CNPJ n&ordm; 33.256.439/0001 -39 </FONT></P>
<P align="center"> <B><FONT size=2 face="serif">DISTRIBUTION OF DIVIDENDS</FONT></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="left"> <FONT size=2 face="serif">We hereby announce that the Board of Directors of Ultrapar
    Participa&ccedil;&otilde;es S.A., at its meeting held on February 16, 2005, approved the distribution
    of</FONT><FONT size=1 face="serif"> </FONT><FONT size=2
face="serif">dividends in complementation to compulsory dividends, payable from net earnings account
    for the fiscal year ending December 31, 2004, in the amount of R$ 71,773,485.03 (seventy one million,
    seven hundred and seventy three thousand, four hundred and eighty five reais and three centavos),
    to be paid from March 4, 2005 without remuneration or monetary restatement.</FONT></P>
<P align="left"> <FONT size=2 face="serif">The holders of common and preferred shares will receive
    the dividend of R$ 0.897985 per thousand shares.</FONT></P>
<P align="left"> <FONT size=2 face="serif">The record date to stablish the right to receive the dividend
    will be February 23, 2005 in Brazil, and February 28, 2005 in the United States of America. As from
    February 24, 2005, the shares will trade "ex-dividend" on both the S&atilde;o Paulo Stock Exchange
    (Bovespa) and the New York Stock Exchange (NYSE). </FONT></P>
<P align="center"> <FONT size=2 face="serif">S&atilde;o Paulo, February 16, 2005. </FONT></P>
<P align="center"> <B><FONT size=2 face="serif">Fabio Schvartsman </FONT></B></P>
<P align="center"> <FONT size=2 face="serif">Investor Relations Officer </FONT></P>
<P align="center"> <I><FONT size=1 face="sans-serif">A registration statement relating to these securities
      has been filed with the Securities and Exchange Commission but has not yet become effective. These
      securities may not be sold nor may offers to buy be accepted prior to the time the registration
      statement becomes effective. This communication shall not constitute an offer to sell or the solicitation
      of an offer to buy nor shall there be any sale of these securities in any state in which such offer,
      solicitation or</FONT></I><FONT size=1 face="sans-serif"> </FONT><I><FONT size=1 face="sans-serif">sale
      would be unlawful prior to registration</FONT></I><FONT size=1 face="sans-serif"> or </FONT><I><FONT size=1 face="sans-serif">qualification
      under the securities laws of any such state. </FONT></I></P>
<P align="center"> <FONT size=2 face="sans-serif">- 4 - </FONT></P>
<HR noshade align="center" width="100%" size=2>
<P align="right"> <B><FONT size=2 face="serif">ITEM 2 </FONT></B></P>
<br>
<P align="center"> <FONT size=2 face="sans-serif">- 5 - </FONT></P>

<br>
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<P align="center"> <B><FONT size=2 face="serif">RELEVANT NOTICE <br>
</FONT></B><B><FONT size=2 face="serif">Ultrapar
      announces investment in plant for fatty alcohols and derivatives </FONT></B></P>
<P align="left"> <FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. (BOVESPA:UGPA4/NYSE:UGP),
    a company engaged in distribution of LPG (Ultragaz), production of chemicals (Oxiteno) and logistic
    services for chemical products and fuels (Ultracargo), hereby announces that it will invest, through
    Oxiteno, approximately US$ 94 million during the next two years in the construction of a fatty alcohols
    production plant, with co-production of fatty acids and glycerin in the Petrochemical Complex of
    Cama&ccedil;ari, in the state of Bahia. The total production capacity should amount approximately
    100,000 tons per year, considering the entire product line. </FONT></P>
<P align="left"> <FONT size=2 face="serif">These products are currently imported and already widely
    used in Oxiteno&#146;s surfactants product line. In 2004, South American imports of fatty alcohol
    amounted to about 50,000 tons, with Brazil responsible for around 90% of this consumption. Oxiteno
    is the largest consumer of fatty alcohols in Brazil, and we estimate that 30% of the total volume
    produced by the new plant will be used by the company itself.</FONT></P>
<P align="left"> <FONT size=2 face="serif">This plant will be a pioneer unit in Latin America for the
    production of fatty alcohols. Fatty alcohol is the raw material heavily used in the manufacture of
    specialty chemicals derived from ethylene oxide, widely used in the production of personal care products,
    and also has various applications in house cleaning products (cleansing agents, powder and liquid-based
    detergents and fabric softeners), agrochemicals and textiles, among others. </FONT></P>
<P align="left"> <FONT size=2 face="serif">Besides adding value to this existing product line, the
    new plant is expected to generate additional net sales of US$ 80 million/year when running at full
    capacity.</FONT></P>
<P align="left"> <FONT size=2 face="serif">The main raw materials to be used in the new plant are of
    a natural origin, such as palm kernel and coconut vegetable oils. </FONT></P>
<P align="center"> <FONT size=2 face="serif">S&atilde;o Paulo, February 16, 2005.</FONT></P>
<P align="center">&nbsp;</P>
<P align="center"> <FONT size=2 face="serif">Fabio Schvartsman <br>
</FONT><FONT size=2 face="serif">Chief Financial
    and Investor Relations Officer <br>
  ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT></P>
<P align="center"> <I><FONT size=1 face="serif">A registration statement relating to these securities
      has been filed with the Securities and Exchange Commission but has not yet become effective. These
      securities may not be sold nor may offers to buy be accepted prior to the time the registration
      statement becomes effective. This communication shall not constitute an offer to sell or the solicitation
      of an offer to buy nor shall there be any sale of these securities in any state in which such offer,
      solicitation or</FONT></I><FONT size=1 face="serif"> </FONT><I><FONT size=1 face="serif">sale would
      be unlawful prior to registration</FONT></I><FONT size=1 face="serif"> or </FONT><I><FONT size=1 face="serif">qualification
      under the securities laws of any such state. </FONT></I></P>
<P align="center"> <FONT size=2 face="sans-serif">- 6 - </FONT></P>
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<P align="right">
<B><FONT size=2 face="serif">ITEM 3 </FONT></B></P>
<br>
<br>
<br>

<P align="center"> <FONT size=2 face="sans-serif">- 7 - </FONT></P>
<br>
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<P>
<FONT size=2 face="serif">S&atilde;o Paulo, 10 February 2005 </FONT></P>
<P>
<B><FONT size=2 face="serif">BOLSA DE VALORES DE S&Atilde;O PAULO - BOVESPA </FONT></B></P>
<P>
<FONT size=2 face="serif">Attn: Sr. Nelson Barroso Ortega <br>
Monitoring Management of Companies</FONT></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="serif">Ref.</font></td>
    <td><b><font size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">S/ref. GAE/SAE 0182-05 </font></td>
  </tr>
</table>
<P><FONT size=2 face="serif">Dear Sir, </FONT></P>
<P>
<FONT size=2 face="serif">Following the article published in the Gazeta Mercantil newspaper on February 9, 2005, entitled &#147;Ultra&#146;s new petrochemical project ahead of schedule&#148;, we would like to add the following comments: </FONT></P>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">Ultrapar, based on a view of a growing Brazilian economy over the next years, with resulting potential lack in supply of petrochemical raw materials, has developed an innovative project to produce these raw materials, based
on heavy Marlim oil, largely available in Brazil and currently exported.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width="95%">
<FONT size=2 face="serif">This project was subsequently presented to Petrobras, which signed a memorandum of understanding for developing, jointly with Ultrapar, the studies needed to verify the feasibility of this project, which also involves
participation by the BNDES.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">At this time the project is precisely at this stage, that of undergoing feasibility studies. It is therefore far too premature to make any decision at this stage. The feasibility study should be completed during 2005 and
subsequently the decisions arrived will be communicated to the capital markets at the appropriate moment. This project, if viable, would only enter into operation in 2010.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Regards,</FONT><FONT size=1 face="serif"> </FONT></P>
<P align="center"><FONT size=2 face="serif">Fabio Schvartsman</FONT></P>
<P align="center"><FONT size=2 face="serif"> Investor Relations Officer</FONT></P>
<P align="center"><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT><FONT size=1 face="serif"> </FONT></P>
<P align="center">
<I><FONT size=1 face="sans-serif">A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer,
solicitation or</FONT></I><FONT size=1 face="sans-serif"> </FONT><I><FONT size=1 face="sans-serif">sale would be unlawful prior to registration</FONT></I><FONT size=1 face="sans-serif"> or </FONT><I><FONT size=1 face="sans-serif">qualification under
the securities laws of any such state. </FONT></I></P>
<P align="center">
<FONT size=2 face="sans-serif">- 8 - </FONT></P>

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  <div align="right"><B><FONT size=2 face="serif">ITEM 4 </FONT></B></div>
<P>&nbsp;</P>
<P align="center"><FONT size=2 face="sans-serif">- 9 - </FONT></P>
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<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="12%" rowspan="3" align="left"><IMG src="ultrapar6kx10x1.jpg" border=0></td>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td height="50%"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="center"><B><I><FONT color="#000099" size=4 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT><FONT color="#0000CC" size=5 face="sans-serif"><br>
</FONT></I></B>
  <FONT color="#000099" size=1 face="sans-serif"> (BOVESPA:UGPA4/NYSE: UGP) </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">INFORMATION AND RESULTS FOR THE FOURTH QUARTER 2004 <br>
</FONT></B>
<B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=1 face="sans-serif">(S&atilde;o Paulo, Brazil, February 16, 2005)</FONT><B><FONT size=1 face="sans-serif"> </FONT></B></P>
<P align="center">
<B><I><FONT size=2 face="sans-serif">Ultrapar achieved a new level of results in 2004, resulting from the good positioning in its three businesses, the benefits from the integration of the operations of Shell G&aacute;s and Canamex - companies
acquired at the end of 2003, the robust economy and the strong global demand for ethylene oxide derivatives.</FONT></I></B><font size="2"><B><FONT face="sans-serif"> </FONT></B></font></P>
<table width="95%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="left" valign="top">
    <td width="5%"><font face="wingdings">&#216;</font></td>
    <td width="95%"><b><font size=2 face="sans-serif">IN 2004, EBITDA AND NET EARNINGS INCREASED 48% AND 68%, RESPECTIVELY,</font></b> <b><font size=2 face="sans-serif">COMPARED TO THE PREVIOUS YEAR</font></b></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font face="wingdings">&#216;</font></td>
    <td width="95%"> <b><font size=2 face="sans-serif">ULTRAPAR&#146;S EBITDA AMOUNTED TO R$ 185.9 MILLION IN THE 4Q04, AN INCREASE OF</font></b> <b><font size=2 face="sans-serif">63% COMPARED TO THE SAME PERIOD IN 2003</font></b></td>
  </tr>
  <tr align="left" valign="top">
    <td><font face="wingdings">&#216;</font></td>
    <td><b><font size=2 face="sans-serif">NET EARNINGS AMOUNTED TO R$ 109.8 MILLION, AN INCREASE OF 86% COMPARED</font></b> <b><font size=2 face="sans-serif">TO THE 4Q03</font></b></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="60%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td><IMG src="ultrapar6kx10x2.jpg" border=0></td>
    <td><IMG src="ultrapar6kx10x3.jpg" border=0></td>
  </tr>
</table>
<p>&nbsp;</p>


<P align="left">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="left"><font size=2 face="sans-serif">&#147;Two major events stood out at Ultrapar in 2004.
        The first was the attainment of a new level of results in all our businesses, with a significant
        increase in revenues, net earnings and cash flow. In addition to the growth in volumes, driven
        by a more favourable economic environment, we have also evolved in terms of the quality of our
        results, as a consequence of strategic choices taken in previous years. The second event was
        the signing of the new shareholders&#146; agreement of Ultra S/A, our controlling shareholder,
        representing an evolutionary development in our corporate governance model. We continue to examine
        and identify opportunities for healthy growth in our businesses, sensitive to the future direction
        of the global petrochemical sector, the global transformations taking place in the LPG distribution
    sector and the opportunities arising from the demand for logistic infrastructure in Brazil.</font><font size="2"><i><font face="sans-serif">&#148; </font></i></font></td>
  </tr>
  <tr>
    <td align="right"><font size=2 face="sans-serif">Paulo G. A. Cunha &#150; </font><i><font size=2 face="sans-serif">CEO</font></i></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="right">&nbsp;</P>
<table width="80%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td width="50%"><p><b><font size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.<br>
    </font></b><font size=2 face="sans-serif">            UGPA4 = R$ 51.00 / 1000 shares <br>
    UGP = US$ 19.81 / ADR <br>
    (30/12/04) </font><font size=1 face="sans-serif"><br>
    </font>    </p>    </td>
    <td width="50%"><IMG src="ultrapar6kx10x4.jpg" border=0 align="right"></td>
  </tr>
</table>


<BR>
<P align="center">
<FONT size=2 face="sans-serif">- 10 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p><table width="90%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td align="center"><b><font size=3 face="sans-serif">Summary of the 4th Quarter 2004 </font></b></td>
  </tr>
</table>

<blockquote>
  <p align="left"><FONT size=2 face="sans-serif">Ultrapar, a company engaged in distribution of LPG (Ultragaz), production of chemicals (Oxiteno) and logistic services for chemical products and fuels (Ultracargo), hereby reports the following results for the fourth
    quarter of 2004: </FONT></p>
</blockquote>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <TR valign="bottom" bgcolor="#000066">
    <TD bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Economic-Financial Data<br>
    Ultrapar Consolidated</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q03</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">3Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
    4Q04x4Q03</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
    4Q04x3Q04</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2004</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2003</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
    2004x2003</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <tr>
    <td width="26%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <TR>
    <TD height="25"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Net sales and Services </FONT></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">1,220</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">1,070</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">1,320</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">14%</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="center" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(8%)</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">4,784</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">4,000</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">20%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Arial, Helvetica, sans-serif">Gross profit</FONT></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">288</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">203</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">322</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">42%</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="center" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(10%)</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">1,114</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">804</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">39%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Arial, Helvetica, sans-serif">Operating profit</FONT></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">142</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">72</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">177</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">98%</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="center" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(20%)</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">564</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">352</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">60%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Arial, Helvetica, sans-serif">EBITDA</FONT></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">186</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">114</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">220</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">63%</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="center" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(15%)</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">737</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">498</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">48%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Arial, Helvetica, sans-serif">Net income</FONT></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">110</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">59</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">130</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">86%</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="center" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(15%)</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">414</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">246</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">68%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Arial, Helvetica, sans-serif">Earnings per 1000 shares</FONT></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">1.57</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">0.85</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">1.86</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">85%</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="center" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(16%)</FONT> </TD>
    <TD valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">5.95</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">3.54</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">68%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <tr>
    <td width="26%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <TR>
    <TD><I><FONT size=1 face="Arial, Helvetica, sans-serif">Amounts in R$ million (except EPS)</FONT></I></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>
    <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="18"><hr align="left" width=100% size=3 noshade color="#000066">
    </TD>
  </TR>
</table>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <TR valign="bottom" bgcolor="#000066">
    <TD bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Operational Data - Ultragaz</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q03</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">3Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      4Q04x4Q03</FONT></I></B></font></TD>
    <TD align="left"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      4Q04x3Q04</FONT></I></B></font></TD>
    <TD align="left"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2004</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2003</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      2004x2003</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <tr>
    <td width="26%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <TR>
    <TD><B><font size=2 face="sans-serif">Total Volume (&#145;000 tons)</font></B></TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"><font size=2 face="sans-serif">380</font></TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=6% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">384</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap><font size=2 face="sans-serif">401</font> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <B><FONT size=2 face="sans-serif">(1%</FONT></B></TD>
    <TD align="left" valign="bottom"><B><FONT size=2 face="sans-serif">)</FONT></B> </TD>
    <TD align="right" valign="bottom" nowrap><b><font size=2 face="sans-serif">(5%</font></b></TD>
    <TD align="left" valign="bottom"><b><font size=2 face="sans-serif">)</font></b> </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"><b><font size=2 face="sans-serif">1,549</font></b></TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">1,362</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <B><FONT size=2 face="sans-serif">14%</FONT></B> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=23% valign="bottom" nowrap> <FONT size=2 face="sans-serif">Bottled</FONT> </TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"><font size=2 face="sans-serif">258</font> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=6% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">261</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap><font size=2 face="sans-serif">270</font></TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(1%</FONT></TD>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" valign="bottom" nowrap><font size=2 face="sans-serif">(4%</font></TD>
    <TD align="left" valign="bottom"><font size=2 face="sans-serif">)</font> </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"><font size=2 face="sans-serif">1,052</font> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">891</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">18%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=23% valign="bottom" nowrap> <FONT size=2 face="sans-serif">Bulk</FONT> </TD>
    <TD valign="bottom" nowrap>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"><font size=2 face="sans-serif">122</font> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=6% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">123</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD align="right" valign="bottom" nowrap><font size=2 face="sans-serif">131</font> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">(1%</FONT></TD>
    <TD align="left" valign="bottom"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" valign="bottom" nowrap><font size=2 face="sans-serif">(7%</font></TD>
    <TD align="left" valign="bottom"><font size=2 face="sans-serif">)</font> </TD>
    <TD align="right" valign="bottom" nowrap bgcolor="#E0E0E0"><font size=2 face="sans-serif">497</font></TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">471</FONT> </TD>
    <TD align="right" valign="bottom">&nbsp; </TD>
    <TD width=7% align="right" valign="bottom" nowrap> <FONT size=2 face="sans-serif">6%</FONT> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="18"><hr align="left" width=100% size=3 noshade color="#000066">
    </TD>
  </TR>
</table>
<p>&nbsp;</p><table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <TR valign="bottom" bgcolor="#000066">
    <TD bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Operational Data - Oxiteno</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q03</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">3Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      4Q04x4Q03</FONT></I></B></font></TD>
    <TD align="left"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      4Q04x3Q04</FONT></I></B></font></TD>
    <TD align="left"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2004</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2003</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      2004x2003</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <tr>
    <td width="26%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <TR valign="bottom">
    <TD nowrap> <B><FONT size=2 face="sans-serif">Total Volume (&#145;000 tons)</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <B><FONT size=2 face="sans-serif">127</FONT></B> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">122</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">159</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <B><FONT size=2 face="sans-serif">4%</FONT></B> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align="right" nowrap> <B><FONT size=2 face="sans-serif">(20%</FONT></B></TD>
    <TD align="left"><B><FONT size=2 face="sans-serif">)</FONT></B> </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <B><FONT size=2 face="sans-serif">518</FONT></B> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">474</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <B><FONT size=2 face="sans-serif">9%</FONT></B> </TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap> <FONT size=2 face="sans-serif">Sales in Brazil</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">92</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">76</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">93</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">21%</FONT> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">(1%</FONT></TD>
    <TD align="left"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">341</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">283</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">21%</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap> <FONT size=2 face="sans-serif">Sales outside Brazil</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">35</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">46</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">66</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">(24%</FONT></TD>
    <TD align="left"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">(47%</FONT></TD>
    <TD align="left"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">177</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">191</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">(7%</FONT></TD>
    <TD nowrap><FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan="18"><hr align="left" width=100% size=3 noshade color="#000066">
    </TD>
  </TR>
</table>
<p>&nbsp;</p>
<table width="95%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <TR valign="bottom" bgcolor="#000066">
    <TD bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Operational Data - Ultracargo</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">4Q03</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF"><B></B></font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">3Q04</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      4Q04x4Q03</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      4Q04x3Q04</FONT></I></B></font></TD>
    <TD align="left"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2004</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">2003</FONT></B></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align="center"><font color="#FFFFFF"><I><FONT size=1 face="Arial, Helvetica, sans-serif">&#916;</FONT></I><B><I><FONT size=1 face="Arial, Helvetica, sans-serif">(%)<br>
      2004x2003</FONT></I></B></font></TD>
    <TD align="center"><font color="#FFFFFF">&nbsp;</font></TD>
  </TR>
  <tr>
    <td width="26%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <TR valign="bottom">
    <TD nowrap> <FONT size=2 face="sans-serif">Effective Storage (&#145;000 m </FONT><SUP><FONT size=2 face="sans-serif">3 </FONT></SUP><FONT size=2 face="sans-serif">)</FONT><SUP><FONT size=2 face="sans-serif">1</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">208</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">196</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">207</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">6%</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">1%</FONT> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">204</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">196</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">4%</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap> <FONT size=2 face="sans-serif">Effective Storage (&#145;000 m </FONT><SUP><FONT size=2 face="sans-serif">2 </FONT></SUP><FONT size=2 face="sans-serif">)</FONT><SUP><FONT size=2 face="sans-serif">1</FONT></SUP> </TD>
    <TD>&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">8.4</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">5.8</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">9.1</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">45%</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">(8%</FONT></TD>
    <TD align="left"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">7.4</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">5.1</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">45%</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap> <FONT size=2 face="sans-serif">Total kilometrage (million)</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">13.0</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">12.2</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">13.2</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">6%</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">(2%</FONT></TD>
    <TD align="left"><FONT size=2 face="sans-serif">)</FONT> </TD>
    <TD align="right" nowrap bgcolor="#E0E0E0"> <FONT size=2 face="sans-serif">50.2</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">49.5</FONT> </TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right" nowrap> <FONT size=2 face="sans-serif">1%</FONT> </TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="18"><hr align="left" width=100% size=3 noshade color="#000066">
    </TD>
  </TR>
  <TR>
    <TD colspan="18"><em><font size="1" face="Times New Roman, Times, serif">1 Monthly average </font></em></TD>
  </TR>
</table>
<BR>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">- 11 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">Highlights</FONT></B></td>
  </tr>
</table>
<br>
<UL>
<LI>
  <font size="2"><B><U><FONT color="#000080" face="sans-serif">Payment of R$ 71.8 million in dividends </FONT></U></B><FONT face="sans-serif">- On February 16, 2005, the Board of Directors of</FONT></font> <FONT size=2 face="sans-serif">Ultrapar proposed the
payment of R$ 71.8 million in dividends, equivalent to R$ 0.90 per 1000</FONT> <FONT size=2 face="sans-serif">shares, to be paid from March 04, 2005. Adding this distribution to the amount paid out in</FONT> <FONT size=2 face="sans-serif">advance,
in August 2004, 2004 dividend distribution amounts to R$ 164 million, corresponding to</FONT> <FONT size=2 face="sans-serif">about 40% of 2004 net income. Due to its strong cash flow, Ultrapar constantly evaluates its</FONT> <FONT size=2
face="sans-serif">capital requirement for investment in assets and acquisitions and distributes excess cash to</FONT> <FONT size=2 face="sans-serif">shareholders in the form of dividends.<br><br>

</FONT></LI>
<LI>
  <font size="2"><B><U><FONT color="#000080" face="sans-serif">Approval for investment in plant for fatty alcohols and derivatives - </FONT></U></B><FONT face="sans-serif">Ultrapar has announced</FONT></font> <FONT size=2 face="sans-serif">that it will
investing approximately US$ 94 million during the next two years, through Oxiteno, in</FONT> <FONT size=2 face="sans-serif">the construction of a fatty alcohol plant, with co-production of fatty acids and glycerine. Total</FONT> <FONT size=2
face="sans-serif">production capacity should amount approximately 100,000 tons a year, considering the entire</FONT> <FONT size=2 face="sans-serif">product line.<br><BR>
</FONT></LI>
<LI>
  <font size="2"><B><U><FONT color="#000080" face="sans-serif">Debenture issue </FONT></U></B><FONT face="sans-serif">- At an Extraordinary General Meeting, held on February 2, 2005, a R$ 300</FONT></font> <FONT size=2 face="sans-serif">million issue of
debentures was approved for offer in the Brazilian market, to be used to retire</FONT> <FONT size=2 face="sans-serif">outstanding debt and/or for general corporate purposes.<br><BR>
</FONT></LI>
<LI>
  <font size="2"><B><U><FONT color="#000080" face="sans-serif">Secondary offering </FONT></U></B><FONT face="sans-serif">- Certain shareholders of Ultra S/A, together with Monteiro Aranha S/A,</FONT></font> <FONT size=2 face="sans-serif">intend to carry out a
secondary offering of Ultrapar&#146;s preferred shares (&#147;Global Offering&#148;). The</FONT> <FONT size=2 face="sans-serif">objective of the Global Offering is to increase the overall liquidity of Ultrapar&acute;s stock, and thereby</FONT> <FONT
size=2 face="sans-serif">meet the interests of its shareholders and analysts. To carry out this transaction, our Board of</FONT> <FONT size=2 face="sans-serif">Directors approved a stock dividend in the proportion of 15 preferred shares for each
100</FONT> <FONT size=2 face="sans-serif">common or preferred shares outstanding, with such stock dividend involving the capitalization of</FONT> <FONT size=2 face="sans-serif">a portion of the company&#146;s retained profit reserve and the issuance
of 10.5 billion new preferred</FONT> <FONT size=2 face="sans-serif">shares. Additionally, an Extraordinary General Meeting of Shareholder has been convened to</FONT> <FONT size=2 face="sans-serif">consider the request for the conversion of 1.8
billion ordinary shares into an equal number of</FONT> <FONT size=2 face="sans-serif">preferred shares of Ultrapar, as requested by certain shareholders, who intend to include these</FONT> <FONT size=2 face="sans-serif">shares in the Global
Offering. As a result, the Global Offering will amount to approximately 7.2</FONT> <FONT size=2 face="sans-serif">billion preferred shares. The number of preferred shares offered in the Global Offering may, at</FONT> <FONT size=2
face="sans-serif">the request of the lead underwriters, be increased by up to 15% to cover over-allotments through</FONT> <FONT size=2 face="sans-serif">the issuance of new preferred shares by Ultrapar</FONT></LI>
</UL>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">Ultrapar in the Macroeconomic Scenario </FONT></B> </td>
  </tr>
</table>
<P><FONT size=2 face="sans-serif">The latest Inflation Report published by Brazilian Central Bank indicates high levels of economic activity in this fourthquarter, but at lower growth rates than those seen since the third quarter of 2003. The pickup in
consumption continued to benefit the Brazilian economy in the last quarter of 2004, principally in the food, beverages and clothing sectors. In the first nine months of 2004,  Brazil&#146;s gross domestic product (GDP) grew by 5.3% and the Central
Bank estimates that GDP growth in 2004 was about 5%.</FONT></P>
<P>
  <FONT size=2 face="sans-serif">Oxiteno continued to capture the benefits from the increasing domestic economic activity, which affected practically all the markets which it serves, notably the polyester (industrial textiles and PET packaging),
agrichemical and cosmetic sectors. Oxiteno&#146;s results were leveraged by the high volume of sales to the domestic market and by an improved mix of products sold. In addition, strong global demand for ethylene oxide derivatives, </FONT><font size="2"><I><FONT face="sans-serif">vis-a-vis</FONT></I><FONT face="sans-serif"> the level of supply, continued to push up international prices. As a result, Oxiteno&acute;s EBITDA soared 84% in the fourth quarter, over the same quarter in 2003, with
EBITDA/ton rising from R$ 499/ton in the 4Q03 to R$ 878/ton in the 4Q04, up 76%. In 2004, Oxiteno&#146;s EBITDA amounted to R$ 421 million, a 73% increase compared to 2003, while EBITDA/ton rose during the period from R$ 513/ton to R$ 812/ton, an
increase of 58%. The winning of new clients and the acquisition of Canamex also contributed to increasing EBITDA. </FONT></font></P>
<P>
<FONT size=2 face="sans-serif">Ultragaz, which in the fourth quarter of 2003 faced a strongly competitive environment and incurred expenses involving the integration of Shell G&aacute;s, reported an increase of 52% in EBITDA, which in this quarter
amounted to R$ 63 million. The gains in scale achieved through the incorporation of the sales volume from Shell G&aacute;s, added to efforts to reduce costs, resulted in an improvement in EBITDA/ton from R$ 109/ton in the 4Q03 to R$ 167/ton in the
4Q04. Compared with the 3Q04, the profitability of Ultragaz saw a decline of R$ 16/ton, basically as a result of the lower sales that are typical of this period of the year, as a consequence of the higher average temperatures and the effect </FONT><FONT size=1 face="sans-serif"></FONT></P>
<P align="center">
<FONT size=1 face="sans-serif">- 12 - </FONT></P>

<br>
<br>
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<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
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    <td><hr size="1" noshade></td>
  </tr>
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<P>
<FONT size=2 face="sans-serif">of the holiday season. Ultragaz ended 2004 with EBITDA of R$ 269 million, 29% higher than in 2003, and EBITDA/ton of R$ 174/ton, R$ 21/ton greater than in 2003. </FONT></P>
<P>
<FONT size=2 face="sans-serif">Ultracargo benefited, principally from the second half of 2004, from the winning over of new clients and expansion of its operations, as a function of the growth in the Brazilian economy and the inauguration of its two
new terminals, at Tatu&iacute; and Montes Claros. However, structural adjustments due to the company's expansion of the past few years, added to collective wage increases, resulted in EBITDA at Ultracargo remaining at the same level as in the 4Q03.
For the full year 2004, Ultracargo reported EBITDA of R$ 41 million, consolidating the level achieved in 2003.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Ultrapar closed 2004 at a new earnings level, achieved through the good positioning of its three businesses, the benefits arising from the integration of the Shell G&aacute;s and Canamex operations, the growth in the
economy and strong global demand for ethylene oxide derivatives. This performance enabled Ultrapar to report consolidated EBITDA of R$ 737 million and net earnings of R$ 414 million, an increase of 48% and 68%, respectively, compared to
2003.</FONT></P>
<div align="center"><IMG src="ultrapar6kx13x1.jpg" border=0 align="middle">
  <BR>
</div>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">Operating
    Performance</FONT></B> </td>
  </tr>
</table>
<B><U><FONT color="#000080" size=2 face="sans-serif"><br>
Ultragaz.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Brazil's LPG market saw a 1.5% expansion, on a fourth quarter basis, which was less than the
3.1% average expansion in the first three quarters of the year, due basically to the fewer working days in the period. On a comparable basis (ie: based on the same number of working days) the market expanded by 4% in the 4Q04. After three
consecutive years of decline, the market ended 2004 with an increase of 2.7% . </FONT>
<P>
<FONT size=2 face="sans-serif">In the 4Q04, Ultragaz recorded a 1% decline in its sales volume compared to the 4Q03, or an increase of 2% on a comparable basis - lower than that of the market, principally due to (i) weaker seasonal sales in the bulk
segment, in which Ultragaz has a higher market share than the average for LPG distribution companies, and (ii) a restructure in its independent dealers network, which had an impact on sales volume in some regions. Ultragaz ended 2004 with a 14%
higher sales volume, compared to 2003, basically due to the acquisition of Shell G&aacute;s, in August 2003, and the 2.7% expansion in the LPG market.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The bottled gas segment, served principally by 13 kg gas cylinders, declined by 1%, or 2,9 thousand tons, in relation to the fourth quarter of 2003, as a result of the restructuring of our representative base in
certain regions in Brazil. The bulk segment, where the main sectors served are commercial and industrial, saw a retraction of 1%, or 0,9 thousand tons, compared to the same period in 2003, due to the conversion of industrial clients to natural gas
during 2004. </FONT></P>
<P align="center">
<FONT size=1 face="sans-serif">- 13 - </FONT></P>

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    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
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    <td><hr size="1" noshade></td>
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<p align="center"><IMG src="ultrapar6kx14x1.jpg" border=0></p>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Oxiteno.</FONT></U></B><FONT size=2 face="sans-serif"> Oxiteno is the only producer in Mercosur region of ethylene oxide and its main derivatives, as well as one of the main producers of specialty
chemicals. Oxiteno&#146;s products are used in various industrial sectors, such as PET packaging, polyester, textiles, paints, cosmetics, detergents and agrichemicals.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Oxiteno&#146;s sales volume amounted to 127 thousand tons in the 4Q04, an increase of 4% compared to the 4Q03. In the domestic market, sales amounted to 93,000 tons, 23% higher than the volume sold in the fourth
quarter of 2003. This increase was principally the result of (i) the winning of new clients, including through substitution of imports; (ii) the growth in the economy; and (iii) the good performance in the textile, PET packaging, agrichemical and
cosmetics sectors. Sales to the international market amounted to 35 thousand tons, 25% lower than those reported in the fourth quarter of 2003, as a result of a concentration of shipments in the 3Q04 and the redirection of sales to the domestic
market. Approximately 56% of exports went to the Mercosur region, where margins are similar to those in the domestic market. Additionally, sales by Canamex amounted to 5 thousand tons in the 4Q04, compared to 966 tons in December 2003, when the
company was acquired by Oxiteno.</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">In 2004, Oxiteno&#146;s sales volume reached 518 thousand tons, an increase of 9% compared to 2003. Excluding the acquisition of Canamex, this growth occurred in the domestic market, mainly as a result of (i) the
winning of new clients; and (ii) growth in demand as a result of economic recovery, leading sales in the domestic market to account for 66% of the total in 2004, 6 percentage points higher than in 2003. </FONT></P>
<div align="center"><IMG src="ultrapar6kx14x2.jpg" border=0></div>
<P align="center">
<FONT size=1 face="sans-serif">- 14 - </FONT></P>

<br>
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  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
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    <td><hr size="1" noshade></td>
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<p>&nbsp;</p>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Ultracargo.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Ultracargo is Brazil's leading provider of integrated logistics &#150; road transportation
and storage services - for chemical products and fuels. Among the solutions provided by the company are road transportation facilities, for which the company operates its own and third party fleet, and storage services through warehousing facilities
at port terminals and rail junctions.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Ultracargo&#146;s average volume of liquids and gases in storage increased by 6%, on a fourth quarter basis, as a result of the increased economic activity and operational start up at the Montes Claros Fuel Terminal.
The storage of solid chemicals increased by 45%, as a result of new clients won over and the beginning of operations at the Tatu&iacute; terminal. Kilometres travelled in the 4Q04 increased by 6%, also as a result of winning new clients and the
higher level of economic activity in this quarter. For 2004 as a whole, the volume of liquids and gases stored increased by 4%, while the stored volume of solids rose by 47%, compared to 2003. The kilometres recorded for the year as a whole were
practically the same as the level in 2003, the winning of new clients offsetting the closing down of various long-distance routes by certain clients. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Economic and Financial
    Performance</FONT></B> </font><font color="#FFFFFF">&nbsp;  </font></td>
  </tr>
</table>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Net Sales and Services </FONT></U></B><FONT size=2 face="sans-serif">- Ultrapar&#146;s consolidated net sales and services in the 4Q04 amounted to R$ 1.2 billion, an increase of 14% compared to
the 4Q03. In 2004 as a whole, Ultrapar&#146;s net sales and services amounted to R$ 4.8 billion, 20% higher than the net sales and services obtained in 2003. </FONT><FONT size=2 face="sans-serif"> </FONT></P>
<div align="center"><IMG src="ultrapar6kx15x1.jpg" border=0>
  <BR>
</div>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz &#150;</FONT></B><FONT size=2 face="sans-serif"> Net sales and services at Ultragaz amounted to R$ 726 million in the 4Q04, an increase of 1% compared to the 4Q03. This growth was the result of continuous
efforts, in collaboration with the independent dealers network, to improve the efficiency of the distribution chain. In 2004, Ultragaz&#146;s net sales and services amounted to R$ 3 billion, an increase of 13%, compared to 2003. The net sales and
services expansion in 2004 is largely the result of the 14% increase in sales volume during the period. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno </FONT></B><FONT size=2 face="sans-serif">&#150; Net sales and services in the 4Q04 amounted to R$ 453 million, 44% higher than the net sales and services reported in the 4Q03. The increase in net sales and
services was a consequence of (i) an improved geographical mix, as a result of increased sales to the domestic market and the Mercosur area; (ii) a strong increase in the reference prices for Oxiteno&#146;s products; (iii) an improved product mix,
with increased sales of specialty chemicals; and (iv) the acquisition of Canamex, which added R$ 18 million to net sales and services in the 4Q04. In 2004, net sales and services at Oxiteno totalled R$ 1,663 million, an increase of 34%, compared to
2003.</FONT></P>
<P align="center">
<FONT size=1 face="sans-serif">- 15 - </FONT></P>

<br>
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  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
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    <td><hr size="1" noshade></td>
  </tr>
</table>
<P>
  <B><FONT size=2 face="sans-serif">Ultracargo &#150; </FONT></B><FONT size=2 face="sans-serif">Net sales and services in the 4Q04 amounted to</FONT><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">R$ 53 million, 15% higher
than in the 4Q03. This expansion was the result of greater operational volume, as well as contractual tariff readjustments. In 2004, Ultracargo&#146;s net sales and services amounted to R$ 197 million, an increase of 11%, compared to 2003. </FONT></P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Cost of Sales and Services</FONT></U></B><B><FONT size=2 face="sans-serif"> -</FONT></B><FONT size=2 face="sans-serif"> Ultrapar&#146;s cost of sales and services amounted to R$ 932 million in the
4Q04, an increase of 8% compared to the 4Q03. In 2004 Ultrapar&#146;s cost of sales and services amounted to R$ 3,670 million, an increase of 15%, compared to 2003.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz</FONT></B><FONT size=2 face="sans-serif"> &#150; The cost of sales and services in the 4Q04 was 2% lower, compared to the 4Q03, mainly due to a reduction in sales volume. For 2004, Ultragaz&#146;s cost of
sales and services rose by 12%, basically as a result of increased sales volume.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150;</FONT></B><FONT size=2 face="sans-serif"> The cost of sales and services in the 4Q04 increased by 35%, compared to the 4Q03, as a consequence of (i) an increase in the unit cost of ethylene; (ii)
increased sales volume; and (iii) the absorption of Canamex&#146;s production cost, amounting to R$ 12 million. In 2004, cost of sales and services increased 24%, compared to 2003. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Ultracargo</FONT></B><FONT size=2 face="sans-serif"> &#150; The cost of sales and services in the 4Q04 amounted to R$ 35 million, an increase of 18%, compared to the 4Q03. This was the result of increased
operational volume and the higher price of fuels and nitrogen, used for cleaning the tanks. In 2004, the cost of sales and services provided by Ultracargo increased by 10%, compared to 2003.</FONT></P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Sales, General and Administrative Expenses </FONT></U></B><B><FONT size=2 face="sans-serif">(SG&amp;A) &#150; </FONT></B><FONT size=2 face="sans-serif">Consolidated</FONT><B><FONT size=2
face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">SG&amp;A expenses at Ultrapar amounted to R$ 148 million in the 4Q04, 9% higher than the R$ 135 million reported in the same period of 2003. In 2004, Ultrapar reported R$ 556 million in
sales, general and administrative expenses, 21% higher than in 2003. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz</FONT></B><FONT size=2 face="sans-serif"> &#150; SG&amp;A expenses at Ultragaz amounted to R$ 77 million in the fourth quarter of 2004, the same level as in the 4Q03. The optimization of the sales structure
offset the rise in administrative expenses, which was principally due to (i) higher personnel costs, the result of collective wage agreement celebrated in September 2004; and (ii) consultancy services expenses, part of it being non-recurring. In
2004, SG&amp;A expenses at Ultragaz amounted to R$ 298 million, an increase of 17%, compared to 2003. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150; </FONT></B><FONT size=2 face="sans-serif">SG&amp;A expenses amounted to R$ 58 million in the 4Q04, an increase of R$ 10 million, on a fourth quarter basis. Administrative expenses were up R$ 9
million, mainly due to the collective wage agreement celebrated in the 4Q04 and increased provisions for employee profit-sharing, in line with the improved performance of the company&#146;s results in 2004. For 2004 as a whole, SG&amp;A expenses at
Oxiteno amounted to R$ 213 million, an increase of 24%, compared to 2003. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Ultracargo &#150;</FONT></B><FONT size=2 face="sans-serif"> In the 4Q04, Ultracargo&#146;s SG&amp;A expenses amounted to R$ 14 million, an increase of R$ 3 million in comparison to the 4Q03, the consequence of
collective wage agreements celebrated in the second half of 2004 and expansion of the workforce. For 2004 as a whole, Ultracargo&#146;s SG&amp;A expenses amounted to R$ 51 million, an increase of 29%, compared to 2003. </FONT></P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">EBITDA</FONT></U></B><FONT size=2 face="sans-serif"> &#150; Ultrapar&#146;s consolidated Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the fourth quarter of 2004
amounted to R$ 186 million, an increase of 63%, compared to the 4Q03. This EBITDA growth was accompanied by a widening of the EBITDA margin, from 11% to 15%. Ultrapar&#146;s EBITDA for 2004 amounted to R$ 737 million, an increase of 48%, compared to
2003. During this period, the company's EBITDA margin widened from 12% to 15%.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Ultragaz &#150;</FONT></B><FONT size=2 face="sans-serif"> Ultragaz reported EBITDA of R$ 63 million, 52% higher than the EBITDA reported in the 4Q03. For the year, Ultragaz&#146;s EBITDA amounted to R$ 269 million,
an increase of 29%, compared to 2003. In both cases, the increase was principally due to (i) the acquisition of Shell G&aacute;s and the resulting gains in scale; and (ii) the LPG market expansion.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Oxiteno &#150;</FONT></B><FONT size=2 face="sans-serif"> EBITDA at Oxiteno amounted to R$ 112 million, an increase of 84%, compared to the 4Q03. This EBITDA growth was accompanied by a 76% rise in EBITDA/ton, from
R$ 499 in the 4Q03 to R$ 878 in the 4Q04. For the year, Oxiteno&#146;s EBITDA amounted to R$ 421 million, an increase of 73% in relation to 2003, due to (i) higher sales volume; (ii) higher value-added sales; and (iii) an increase in the
international market price of ethylene oxide derivatives. Furthermore, Canamex also contributed positively to EBITDA growth at Oxiteno.</FONT></P>
<P align="center">
<FONT size=1 face="sans-serif">- 16 - </FONT></P>

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  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
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    <td><hr size="1" noshade></td>
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</table>
<br><P>
<B><FONT size=2 face="sans-serif">Ultracargo &#150; </FONT></B><FONT size=2 face="sans-serif">Ultracargo reported EBITDA of R$ 9 million in the 4Q04 and R$ 41 million for 2004, thus maintaining the same levels seen in the 4Q03 and in 2003,
respectively.</FONT></P>
<div align="center"><IMG src="ultrapar6kx17x1.jpg" border=0>
  <BR>
</div>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Financial Result </FONT></U></B><B><FONT size=2 face="sans-serif">&#150;</FONT></B><FONT size=2 face="sans-serif"> Ultrapar&#146;s financial result recorded a net expense of R$ 10 million in the
4Q04, an improvement of R$ 4 million compared to the same quarter in 2003, due basically to (i) the reduction to zero, from August 2004, of the rates of the PIS and COFINS taxes on financial revenues; and (ii) a reduction in the company&#146;s
foreign currency position, thereby reducing expenses related to exchange variation. Ultrapar ended 2004 with a net cash position of R$ 46 million, the result of the company's strong cash flow. A breakdown of Ultrapar&#146;s debt, with details of
interests and maturity dates, as well as the company's cash position, can be found on the last page of this report.</FONT></P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Net Income &#150;</FONT></U></B><FONT size=2 face="sans-serif"> Consolidated net income in the fourth quarter of 2004 amounted to R$ 110 million, an increase of 86%, compared to the 4Q03. In 2004,
Ultrapar&#146;s net income amounted to R$ 414 million, an increase of 68%, compared to 2003. </FONT></P>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Investments</FONT></U></B><B><FONT size=2 face="sans-serif"> &#150; </FONT></B><FONT size=2 face="sans-serif">Capital Expenditures totalled R$ 73 million in the 4Q04, allocated as
follows:</FONT></P>
<UL>
<LI>
<FONT size=2 face="sans-serif">At Ultragaz, capital expenditures were mainly directed to expanding the company&#146;s small bulk</FONT> <FONT size=2 face="sans-serif">segment (UltraSystem), equipment maintenance and increasing capacity at the Canoas
and</FONT> <FONT size=2 face="sans-serif">Mataripe bases</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="sans-serif">At Oxiteno, capital expenditures was concentrated mainly on increasing the production capacity</FONT> <FONT size=2 face="sans-serif">for specialty chemicals, modernization of the company's plants and on
safety</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="sans-serif">At Ultracargo, capital expenditures went principally into the construction of the Santos Intermodal</FONT> <FONT size=2 face="sans-serif">Terminal and fleet expansion</FONT></LI>
</UL>
<P>
<FONT size=2 face="sans-serif">During the fourth quarter 2004, Ultrapar invested R$ 10 million in the acquisition of a 7.3% stake of Cia Ultragaz, a subsidiary of Ultragaz Participa&ccedil;&otilde;es, held by Nacional Investimentos S/A. </FONT></P>
<div align="center"><IMG src="ultrapar6kx17x2.jpg" border=0>
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<P align="center">
<FONT size=1 face="sans-serif">- 17 - </FONT></P>

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<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
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    <td><hr size="1" noshade></td>
  </tr>
</table>
<br><P>
<FONT size=2 face="sans-serif">In addition, we hereby announce that Ultrapar&#146;s capital expenditure (CAPEX) budget for 2005 amounts to R$ 299 million. Most of this amount will be spent on expanding business, with the remaining being spent on
modernization of the company's assets. </FONT></P>
<table width="80%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="middle" bgcolor="#000099">
        <TD width=37% align="left" nowrap>
<B><I><FONT color="#FFFFFF" size=2 face="sans-serif">CAPEX 2005*</FONT></I></B>
        </TD>
        <TD colspan="2" align="center"><font color="#FFFFFF">&nbsp;</font>
          <B><FONT color="#FFFFFF" size=2 face="sans-serif">R$ million</FONT></B>
        </TD>
        <TD colspan="2" align="center"><font color="#FFFFFF">&nbsp;</font>
          <B><I><FONT color="#FFFFFF" size=2 face="sans-serif">% of Total</FONT></I></B>
        </TD>
  </TR>
<TR>
        <TD width="37%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="19%" align="right"><HR noshade size=1>
        </TD>
        <TD width="16%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="16%" align="right"><HR noshade size=1>
        </TD>
        <TD width="12%" align="left">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align="left" nowrap>
<FONT size=2 face="sans-serif">Ultragaz</FONT>
        </TD>
        <TD width=19% align="right" nowrap> <FONT size=2 face="sans-serif">83</FONT> </TD>
        <TD width=16% align="left" nowrap>&nbsp;</TD>
        <TD width=16% align="right" nowrap> <I><FONT size=2 face="sans-serif">28%</FONT></I> </TD>
        <TD width=12% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align="left" nowrap>
<FONT size=2 face="sans-serif">Oxiteno</FONT>
        </TD>
        <TD width=19% align="right" nowrap> <FONT size=2 face="sans-serif">181</FONT> </TD>
        <TD width=16% align="left" nowrap>&nbsp;</TD>
        <TD width=16% align="right" nowrap> <I><FONT size=2 face="sans-serif">60%</FONT></I> </TD>
        <TD width=12% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align="left" nowrap>
<FONT size=2 face="sans-serif">Ultracargo</FONT>
        </TD>
        <TD width=19% align="right" nowrap> <FONT size=2 face="sans-serif">35</FONT> </TD>
        <TD width=16% align="left" nowrap>&nbsp;</TD>
        <TD width=16% align="right" nowrap> <I><FONT size=2 face="sans-serif">12%</FONT></I> </TD>
        <TD width=12% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align="left" nowrap>
<B><FONT size=2 face="sans-serif">Ultrapar</FONT></B>
        </TD>
        <TD width=19% align="right" nowrap> <B><FONT size=2 face="sans-serif">299</FONT></B> </TD>
        <TD width=16% align="left" nowrap>&nbsp;</TD>
        <TD width=16% align="right" nowrap> <B><I><FONT size=2 face="sans-serif">100%</FONT></I></B> </TD>
        <TD width=12% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="37%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="19%" align="right"><HR noshade size=1>
        </TD>
        <TD width="16%" align="left">
<HR noshade size=1>
        </TD>
        <TD width="16%" align="right"><HR noshade size=1>
        </TD>
        <TD width="12%" align="left">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align="left" nowrap>
<FONT size=1 face="sans-serif">*Net of disposals</FONT>
        </TD>
        <TD width=19% align="right">&nbsp;
        </TD>
        <TD width=16% align="left" nowrap>

        </TD>
        <TD width=16% align="right">&nbsp;
        </TD>
        <TD width=12% align="left" nowrap>

        </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="sans-serif">At Ultragaz, capital expenditure will be largely directed towards expanding
the company's small bulk segment (UltraSystem), modernization of the company's gas bottling structure
and renewing its fleet of vehicles and  gas cylinders. At Oxiteno, investment will be spent on the expansion
of its specialty chemical production capacity, including the fatty alcohol plant, with a view to increasing
the flexibility of Oxiteno&#146;s product sales, as well as achieving a
higher value-added sales mix, thus optimizing the use of the ethylene oxide produced by the company.
As well as investing in expanding capacity, investment will also be made in plant modernization and process
quality, as well as environmental  control. At Ultracargo, investment will be made in the expansion and
renewal of the company's vehicle fleet, maintenance of existing terminals and the expansion of storage
capacity. The Santos Intermodal Terminal is scheduled to begin operations at  the beginning of 2005,
with investment in this project in 2004 amounting to approximately R$ 60 million. </FONT></P>
<P>
<FONT size=2 face="sans-serif">The investments outlined above do not include possible acquisitions. Ultrapar believes that the investments mentioned above will create substantial value for its shareholders, in line with the company's criteria for
return on capital invested and profitability.</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><B><FONT color="#FFFFFF" size=2 face="Arial, Helvetica, sans-serif">Ultrapar in the capital
    markets</FONT></B> </td>
  </tr>
</table>
<P>
<FONT size=2 face="sans-serif">The shares of Ultrapar appreciated by 11% in the fourth quarter of 2004, while the Ibovespa and IBX indexes appreciated by 13% and 16%, respectively. In 2004, as a whole, the Ultrapar&#146;s shares appreciated by 37%.
In the same period, the Ibovespa and the IBX indexes appreciated by 18% and 30%, respectively. Ultrapar's average daily trading volume in 2004 amounted to R$ 3.7 million, an increase of 133% on 2003. </FONT></P>
<P align="center">
<IMG src="ultrapar6kx18x1.jpg" border=0>
</P>
<div align="center"><IMG src="ultrapar6kx18x2.jpg" border=0></div>
  <BR>
<P align="center">
<FONT size=1 face="sans-serif">- 18 - </FONT></P>
  <br>
  <br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<div align="center"><IMG src="ultrapar6kx19x1.jpg" border=0>
  <BR>
</div>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Outlook</FONT></B> </font> </td>
  </tr>
</table>
<P>
<FONT size=2 face="sans-serif">In 2005, Ultragaz will concentrate its efforts on achieving gains in productivity and in the constant innovation of its services. At Oxiteno, investments in expanding production capacity should, together with the
growth in the economy and the improvement in petrochemical commodity prices, result in outstanding profitability for the sector. Moreover, Oxiteno intends to expand its operations in Mexico, increasingly using them as a platform for international
growth. The Santos Intermodal Terminal is scheduled to become operational at the beginning of 2005, thereby leveraging the results at Ultracargo. We continue to examine and identify healthy growth opportunities in the company's business areas,
remaining alert to trends of the global petrochemical sector, global changes in the LPG distribution sector and opportunities arising from the need for logistics infrastructure in Brazil.</FONT><FONT size=2 face="sans-serif"> <br>
</FONT><FONT size=2
face="sans-serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
  <tr>
    <td bgcolor="#000066"><font color="#FFFFFF"><B><FONT size=2 face="Arial, Helvetica, sans-serif">Forthcoming Events</FONT></B> </font> </td>
  </tr>
</table>
<P>
<B><U><FONT color="#000080" size=2 face="sans-serif">Conference Call / Webcast for Market Analysts: February 18, 2005</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Ultrapar will be holding a conference call for analysts on February 18, 2005 to comment on the company's performance in the 4</FONT><SUP><FONT size=2 face="sans-serif">th</FONT></SUP><FONT size=2 face="sans-serif">
quarter of 2004 and the prospects for 2005. The presentation will be available for downloading in the company's website one hour prior to the conference call. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Brazilian conference: 8:30 am (US EST) / 11:30 am (Brazil) <br>
</FONT></B><FONT size=2 face="sans-serif">Telephone number for registration: </FONT><B><FONT size=2 face="sans-serif">55 11 2103-1686</FONT></B><FONT size=2 face="sans-serif"> <br>
Address for registration: </FONT><B><FONT size=2
face="sans-serif">conferencecall@wittel.com.br</FONT></B><FONT size=2 face="sans-serif"> <br>
Code: Ultrapar <br>
</FONT><FONT size=2 face="sans-serif">Please dial your connection five minutes before the conference call is due to start, to ++55 11 2101-1490</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">International conference: 11:00 am (US EST) / 2:00 pm (Brazil)<br>
</FONT></B><FONT size=2 face="sans-serif">Participants in Brazil: </FONT><B><FONT size=2 face="sans-serif">0-800-891-3951</FONT></B><FONT size=2 face="sans-serif"> <br>
Participants in the US: </FONT><B><FONT size=2 face="sans-serif">1-800-322-0079<br>
</FONT></B><FONT size=2 face="sans-serif">Other International participants: +</FONT><B><FONT size=2 face="sans-serif">1 (973) 935-2100</FONT></B><FONT size=2 face="sans-serif"> <br>
Code: 5563970 or Ultrapar </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">WEBCAST: live broadcast through the Internet at the site </FONT></B><U><FONT color="#0000ff" size=2 face="sans-serif">www.ultra.com.br</FONT></U><B><FONT size=2 face="sans-serif">. Please connect to the website 15
minutes in advance. </FONT></B></P>
<P align="center">
<FONT size=1 face="sans-serif">- 19 </FONT><FONT size=2 face="sans-serif">- </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br><TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom" bgcolor="#000099">
        <TD colspan="11" nowrap>
<B><FONT color="#FFFFFF" size=2 face="sans-serif">Operational and Market Information</FONT></B>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#FFFFFF">
  <TD colspan="11" nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">Financial focus</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q03</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">3Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2004</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2003</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="40%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="10%" align="right">
      <HR noshade size=1>
        </TD>
        <TD width="2%" align="right"><HR noshade size=1>
        </TD>
        <TD width="10%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="right"><HR noshade size=1>
        </TD>
        <TD width="10%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="right"><HR noshade size=1>
        </TD>
        <TD width="10%" align="right">
      <HR noshade size=1>
        </TD>
        <TD width="2%" align="right"><HR noshade size=1>
        </TD>
        <TD width="10%" align="right">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Ultrapar - EBITDA margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">11%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">17%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">12%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Ultrapar &#150; Net margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">9%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">6%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">10%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">9%</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">6%</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>

  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">Productivity</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q03</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">3Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2004</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2003</FONT></B>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">EBITDA R$/ton Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">167</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">109</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">183</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">174</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">153</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">EBITDA R$/ton Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">878</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">499</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">839</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">812</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">513</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">Focus on Human Resources</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q03</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">3Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2004</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2003</FONT></B>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Number of employees: Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">6,724</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">6,465</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">6,638</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">6,724</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">6,465</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Number of employees: Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">4,438</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">4,381</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">4,415</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">4,438</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">4,381</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Number of employees: Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">1,121</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">1,078</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">1,113</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">1,121</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">1,078</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Number of employees: Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">966</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">815</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">905</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">966</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">815</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">Focus on Capital markets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">4Q03</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">3Q04</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2004</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2003</FONT></B>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Quantity of shares (m)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">69,691</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">69,691</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">69,691</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">69,691</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">69,691</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Market value &#150; R$ million</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">3,367</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">2,671</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">2,666</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">2,681</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">2,671</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right" bgcolor="#E0E0E0">
    <HR noshade size=1>  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right" bgcolor="#E0E0E0">
    <HR noshade size=1>  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">Bovespa</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap bgcolor="#E0E0E0">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap bgcolor="#E0E0E0">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Daily Volume (&#146;000) shares</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">86,386</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">66,094</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">96,567</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">71,265</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">39,242</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Daily Financial Volume (R$ &#146;000)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">4,211</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">2,173</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">3,728</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">2,848</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">1,114</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Price (R$ / &#146;000 shares )</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">48.7</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">32.9</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">38.61</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">39.96</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">28.40</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right" bgcolor="#E0E0E0">
    <HR noshade size=1>  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right" bgcolor="#E0E0E0">
    <HR noshade size=1>  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">NYSE</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap bgcolor="#E0E0E0">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap bgcolor="#E0E0E0">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Number of ADRs </FONT><SUP><FONT size=2 face="sans-serif">1 </FONT></SUP><FONT size=2 face="sans-serif">(&#145;000 ADRs)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">4,984</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">4,823</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">3,705</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">4,984</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">4,823</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Daily Volume (ADRs)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">32,511</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">28,139</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">19,823</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">21,409</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">16,739</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Daily Financial Volume (US$ &#146;000)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">588,660</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">322,215</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">263</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">308,929</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">160,295</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Price (US$ / ADRs)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">18.11</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">11.45</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">13.28</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">14.43</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">9.58</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right" bgcolor="#E0E0E0">
    <HR noshade size=1>  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right" bgcolor="#E0E0E0">
    <HR noshade size=1>  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<B><FONT size=2 face="sans-serif">Total </FONT></B><B><SUP><FONT size=2 face="sans-serif">2</FONT></SUP></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Daily Volume (&#146;000 shares)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">118.897</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">94.233</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">116.391</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">92.423</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">55.651</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% nowrap>
<FONT size=2 face="sans-serif">Average Daily Financial Volume (R$ &#146;000)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">5,837</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">3,109</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">4,506</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap bgcolor="#E0E0E0">
<FONT size=2 face="sans-serif">3,721</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<FONT size=2 face="sans-serif">1,586</FONT>
        </TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR>
  <TD><i><sup><font size=1 face="sans-serif">1</font></sup></i><i><font size=1 face="sans-serif"> 1 ADR = 1000 preferred shares </font></i><i><sup><font size=1 face="sans-serif"><br>
2</font></sup></i><i><font size=1 face="sans-serif"> Total = BOVESPA + NYSE </font></i></TD>
  <TD>&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>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD><HR noshade size=2>
  </TD>
  <TD align="right">
    <HR noshade size=2>  </TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="right">
    <HR noshade size=2>  </TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="right">
    <HR noshade size=2>  </TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="right">
    <HR noshade size=2>  </TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="right">
    <HR noshade size=2>  </TD>
</TR>
</TABLE>
<P><FONT size=1 face="sans-serif">All financial information is presented according to the accounting principles laid down in Brazilian Corporate Legislation (BR GAAP). All figures are expressed in Brazilian reais. except for the amounts on page 18.
which are expressed in US dollars and were obtained using the average rate of exchange (commercial dollar rate) for the corresponding periods.</FONT></P>
<P>
<FONT size=1 face="sans-serif">This document may contain forecasts of future events. Such predictions merely reflect the expectations of the Company's management. Words such as: "believe". "expect". "plan". "strategy". "prospects". "envisage".
"estimate". "forecast". "anticipate". "may" and other words with similar meanings are intended as preliminary declarations regarding expectations and future forecasts. Such declarations are subject to risks and uncertainties. anticipated by the
company or otherwise. which could mean that the reported results turn out to be significantly different from those forecast. Therefore. the reader should not base investment decisions solely on these estimates.</FONT></P>
<table width="90%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"><b><font size=1 face="sans-serif">For additional information please contact: <br>
    </font></b><font size=1 face="sans-serif">Investor Relations Management - Ultrapar Participa&ccedil;&otilde;es S.A. <br>
(55 11) 3177-6695 <br>
invest@ultra.com.br </font><u><font color="#0000ff" size=1 face="sans-serif"><br>
www.ultra.com.br</font></u><font size=1
face="sans-serif">&nbsp; </font></td>
    <td width="50%"><IMG src="ultrapar6kx20x1.jpg" border=0 align="right"></td>
  </tr>
</table>

<div align="center"></div>
<p align="center"><font size="1" face="Arial, Helvetica, sans-serif">- 20 -</font></p>
<div align="center"><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<p align="center"><B><FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S/A</FONT></B>
<B><FONT size=2 face="sans-serif"><br>
CONSOLIDATED BALANCE SHEET</FONT></B><br>
<B><FONT size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</FONT></B>
</P>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
    <HR noshade size=2></TD>
  <TD align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>QUARTERS ENDED IN </strong></font></TD>
  <TD align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
    <HR noshade size=2></TD>
  <TD align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width="13%" align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width="13%" align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width="13%" align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong></TD>
  <TD width="2%" align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width="13%" align="center" nowrap><HR noshade size=2></TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width="13%" align="center" nowrap><HR noshade size=2></TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width="13%" align="center" nowrap><HR noshade size=2></TD>
  <TD width="2%" align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width="13%" align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width="13%" align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2003</font></strong></TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width="13%" align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
  <TD width="2%" align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=53% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=2></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
    <TD width=2% align="right" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">558.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">554.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">531.8</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">369.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">322.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">366.7</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">206.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">137.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">175.0</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">122.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">148.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">115.9</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,256.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,163.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,189.4</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">31.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">33.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">33.5</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,047.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">968.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,024.5</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">99.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">102.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">94.6</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">38.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">34.3</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long term assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">104.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">84.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">108.4</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long Term Assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,322.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,189.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,295.3</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">TOTAL ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2,578.6</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2,352.3</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2,484.7</FONT></B>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="53%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap></TD>
  <TD width="2%" align="right" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
    <TD width=2% align="right" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">293.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">325.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">308.0</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">102.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">90.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">82.2</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">94.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">74.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">86.2</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">14.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">19.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">15.7</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">92.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">66.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">18.6</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">596.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">577.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">510.7</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">258.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">306.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">283.1</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">32.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">28.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">31.7</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">63.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">51.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">60.7</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long Term Liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">353.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">386.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">375.5</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">TOTAL LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">949.9</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">963.4</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">886.2</FONT></B>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="53%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="right">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">STOCKHOLDERS' EQUITY</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>

        </TD>
    <TD width=2% align="right" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">664.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">664.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">664.0</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">0.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalution reserves</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">16.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">17.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">16.7</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit reserves</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">920.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">674.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">668.4</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">213.3</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,600.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,356.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">1,562.4</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority Interests</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">28.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">32.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">36.1</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">TOTAL STOCKHOLDERS' EQUITY &amp; M.I.</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">1,628.7</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">1,388.9</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">1,598.5</FONT></B>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="53%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align="right" nowrap><HR noshade size=1></TD>
  <TD width="2%" align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<B><FONT size=2 face="sans-serif">TOTAL LIAB. AND STOCKHOLDERS' EQUITY</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2,578.6</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2,352.3</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<B><FONT size=2 face="sans-serif">2,484.7</FONT></B>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="53%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="right">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Long term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">597.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">554.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">566.1</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">551.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">632.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">591.1</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="53%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="13%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=53% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (debt)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">46.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">(78.1</FONT></TD>
        <TD width=2%><FONT size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=13% align="right" nowrap>
<FONT size=2 face="sans-serif">(25.0</FONT></TD>
    <TD width=2% align="left" nowrap><FONT size=2 face="sans-serif">)</FONT></TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=1 face="sans-serif">- 21 - </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">&nbsp;<B><FONT face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S/A <br>
CONSOLIDATED STATEMENT OF INCOME<br>
In millions of reais (except per share data) - Accounting practices adopted In Brazil</FONT></B></font></P>
<BR>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="38%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=38% nowrap><B></B> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><b><font size=2 face="sans-serif">QUARTERS ENDED IN</font></b></TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="3" align="center" nowrap> <B><font size=2 face="sans-serif">ACCUMULATED</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="38%">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <hr noshade size=2></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=38% nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">SEP</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="38%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=38% nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="38%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Net sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,220.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,070.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,319.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4,784.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4,000.3</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(931.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(866.6</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(997.8</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(3,669.9</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(3,196.4</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Gross profit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">288.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">203.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">321.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,114.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">803.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(49.4</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(49.6</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(54.6</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(193.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(163.7</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(67.5</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(55.2</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(60.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(237.5</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(193.8</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(30.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(30.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(31.0</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(124.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(101.4</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=38% nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=10% align="right" nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=10% align="right" nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=10% align="right" nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=10% align="right" nowrap>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=10% align="right" nowrap>&nbsp;</TD>
  <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating income (expenses)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">3.5</FONT>
        </TD>

        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">6.6</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="38%">&nbsp;          </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap><font size=2 face="sans-serif">Income before equity and financial</FONT> <font size=2 face="sans-serif">results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">141.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">71.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">177.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">563.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">351.6</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(9.5</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(13.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(14.6</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(45.0</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(57.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">22.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">11.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">19.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">72.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(32.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(26.2</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(16.1</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(28.2</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(91.4</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes on financial activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(5.8</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(8.8</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(5.8</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(26.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(35.1</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (losses) of affiliates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.1</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.1</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit of tax holidays</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">29.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">13.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">28.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">93.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">52.4</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonoperating income (expense)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(3.9</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(3.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(16.0</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="38%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Income before taxes and profit sharing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">157.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">72.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">187.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">596.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">347.3</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="38%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income and social contribution tax</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(46.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(13.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(55.5</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(176.5</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(97.3</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Income before minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">111.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">58.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">131.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">419.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">250.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(1.2</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(2.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(5.4</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(3.6</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Net Income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">109.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">59.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">129.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">414.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">246.4</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="38%">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%" align="left">&nbsp;</TD>

</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">185.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">113.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">219.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">736.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">498.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">44.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">42.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">42.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">172.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">146.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">82.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">85.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">72.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">283.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">404.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD width="38%">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">RATIOS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR>
  <TD width="38%">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">Earnings / 1000 shares - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.57</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.85</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.86</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5.95</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">3.54</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD width="38%">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%"> </TD>
  <TD width="10%" align="right">&nbsp; </TD>
  <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt / Stockholders' equity</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">Na</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.06</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.02</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net debt / LTM EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">Na</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.17</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.03</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest expense / EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.12</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.07</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.06</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.11</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">19%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">23%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">20%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">7%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">13%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=38% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">11%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=1 face="sans-serif">- 22 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br><P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><font size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S/A <br>
CONSOLIDATED CASH FLOW STATEMENT<br>
</FONT></B>
<B><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</FONT></B></P>
<BR>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align="center" nowrap><b><font size=2 face="sans-serif">DEC</font></b></TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align="right" nowrap><HR noshade size=2></TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="center" nowrap><b><font size=2 face="sans-serif">2004</font></b> </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="center" nowrap><b><font size=2 face="sans-serif">2003</font></b></TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=2></TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Cash Flows from operating activities</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">546.6</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">303.7</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">414.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">246.4</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">5.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">3.6</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">172.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">146.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working capital</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(69.6</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(26.7</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial expenses (A)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(4.8</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(54.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (B)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">28.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(12.0)</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Cash Flows from investing activities</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">(301.1</FONT></B>
        </TD>
        <TD width=2% align="left"><B><font size=2 face="sans-serif">)</FONT></B>
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">(408.5)</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant, equipment and deferred charges (C)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(267.7</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(206.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of minority interests (including treasury shares)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(16.2</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(197.1</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(17.2</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(4.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Cash Flows from financing activities</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">(202.5</FONT></B>
        </TD>
        <TD width=2% align="left"><B><font size=2 face="sans-serif">)</FONT></B>
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">21.0</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short term debt, net</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(64.0</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(36.6</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuances</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">249.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">264.7</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt payments</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(255.4</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(119.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related companies</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(1.3</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(1.7</FONT>

        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid (D)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(132.3</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(80.1</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">1.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">(5.8</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Net increase (decrease) in cash and cash equivalents</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">43.0</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">(83.8</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap><B><font size=2 face="sans-serif">)</FONT></B></TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Cash and cash equivalents at the beginning of the period</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">554.1</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">637.9</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="64%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="15%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="15%" align="right">
<HR noshade size=1>
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Cash and cash equivalents at the end of the period (E)</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">597.1</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<B><font size=2 face="sans-serif">554.1</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="64%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="15%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="15%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="64%">&nbsp;

        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<B><font size=2 face="sans-serif">Supplemental disclosure of cash flow information</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest (F)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">25.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">51.3</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes on income (F)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">49.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=15% align="right" nowrap>
<font size=2 face="sans-serif">25.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<font size=2 face="sans-serif">(A)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<font size=2 face="sans-serif">Not including financial income. Comprised basically of financial expenses, in particular, exchange variations.</FONT>    </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<font size=2 face="sans-serif">(B)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<font size=2 face="sans-serif">Comprised mainly of accrued and deferred taxes and, cost of permanent asset sold</FONT>  </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<font size=2 face="sans-serif">(C)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<font size=2 face="sans-serif">Included ICMS on the Property, plant and equipment according to Law Complemental no. 102/2000.</FONT>    </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<font size=2 face="sans-serif">(D)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<font size=2 face="sans-serif">Including dividends paid by Ultrapar and its subsidiaries.</FONT>        </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<font size=2 face="sans-serif">(E)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<font size=2 face="sans-serif">Included Long term investments.</FONT>   </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<font size=2 face="sans-serif">(F)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<font size=2 face="sans-serif">Included in cash flow from operating activities.</FONT>  </TD>
</TR></TABLE>
<P align="center">
<font size=1 face="sans-serif">- 23 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br><P align="center">
<B><font size=2 face="sans-serif">ULTRAGAZ PARTICIPA&Ccedil;&Otilde;ES LTDA. <br>
CONSOLIDATED BALANCE SHEET<br>
</FONT></B>
<B><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</FONT></B></P>
<BR>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
        <HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>QUARTERS ENDED IN </strong></font></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
        <HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2003</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD align="right" nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">OPERATING ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
    <TD width=2% align="right" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">157.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">173.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">166.6</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">29.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">27.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">29.3</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">37.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">45.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">45.9</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant &amp; equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">453.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">488.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">462.1</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">68.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">67.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">64.2</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
        </TD>
    <TD width="2%" align="right"></TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">TOTAL OPERATING ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">747.3</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">802.5</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">768.1</FONT></B>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="right">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">OPERATING LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
    <TD width=2% align="right" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">17.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">38.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">23.3</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">37.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">33.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">38.4</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">2.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">1.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">2.2</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">5.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">4.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">4.0</FONT>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">TOTAL OPERATING LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">62.8</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">77.8</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">67.9</FONT></B>
        </TD>
    <TD width=2% align="right" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="right">&nbsp;</TD>
</TR>
</TABLE>
<br>
<br>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="70%" align="center"><b><font size=2 face="sans-serif">ULTRAGAZ PARTICIPA&Ccedil;&Otilde;ES LTDA. <br>
CONSOLIDATED STATEMENT OF INCOME<br>
    </font></b><b><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</font></b></td>
    <td width="25%">&nbsp;</td>
  </tr>
</table>
<br>
<br>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap><B></B> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><b><font size=2 face="sans-serif">QUARTERS ENDED IN</font></b></TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="3" align="center" nowrap> <B><font size=2 face="sans-serif">ACCUMULATED</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <hr noshade size=2></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">SEP</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>

    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Net sales</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">726.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">719.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">769.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2,968.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2,622.7</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(615.2</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(629.6</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(649.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(2,519.8</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(2,256.3</FONT>
        </TD>
    <TD width=2% nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Gross profit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">111.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">89.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">120.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">448.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">366.4</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(26.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(28.0</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(28.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(105.7</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(86.7</FONT>
        </TD>
    <TD width=2% nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(21.9</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(20.1</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(19.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(76.3</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(72.3</FONT>
        </TD>
    <TD width=2% nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(28.6</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(28.8</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(28.9</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(116.2</FONT>
        </TD>
        <TD width=2%><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(95.1</FONT>
        </TD>
    <TD width=2% nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.9</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">EBIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">34.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">44.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">152.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">113.2</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">63.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">41.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">73.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">268.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">208.2</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">28.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">28.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">28.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">116.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">95.0</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD> </TD>
  <TD align="right">&nbsp; </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><font size=2 face="sans-serif">RATIOS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">16%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">6%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">6%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">10%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">8%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<p align="center"><font size=1 face="sans-serif">- 24 - </FONT></p>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br><P align="center">
<B><font size=2 face="sans-serif">OXITENO S/A - IND&Uacute;STRIA E COM&Eacute;RCIO <br>
CONSOLIDATED BALANCE SHEET<br>
</FONT></B><B><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</FONT></B></P>
<BR>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
        <HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>QUARTERS ENDED IN </strong></font></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
        <HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2003</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD align="right" nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">OPERATING ASSETS</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">192.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">132.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">181.8</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Inventories</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">174.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">108.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">143.4</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Other</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">32.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">32.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">23.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Property, plant &amp; equipment</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">402.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">358.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">391.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Deferred charges</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">4.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">4.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">4.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">TOTAL OPERATING ASSETS</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">805.4</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">636.8</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">743.9</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">OPERATING LIABILITIES</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Suppliers</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">75.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">44.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">50.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Payroll and related charges</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">47.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">32.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">38.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Taxes</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">6.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">7.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">1.7</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<font size=2 face="sans-serif">Other accounts payable</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">16.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">22.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<font size=2 face="sans-serif">14.3</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% nowrap>
<B><font size=2 face="sans-serif">TOTAL OPERATING LIABILITIES</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">146.4</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">108.2</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><font size=2 face="sans-serif">105.4</FONT></B>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<br>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="70%" align="center"><b><font size=2 face="sans-serif">OXITENO S/A - IND&Uacute;STRIA E COM&Eacute;RCIO <br>
CONSOLIDATED STATEMENT OF INCOME<br>
    </font></b> <b><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</font></b></td>
    <td width="25%">&nbsp;</td>
  </tr>
</table>
<br>
<br>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap><B></B> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><b><font size=2 face="sans-serif">QUARTERS ENDED IN</font></b></TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="3" align="center" nowrap> <B><font size=2 face="sans-serif">ACCUMULATED</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <hr noshade size=2></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">SEP</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Net sales</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">452.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">313.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">509.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,662.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,237.8</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(259.0</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(185.4</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(292.7</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(944.5</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(748.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(25.8</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(23.0</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(27.6</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(93.6</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(83.6</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(8.3</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(8.1</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(7.2</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(30.9</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(31.1</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Gross profit</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">159.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">97.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">181.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">593.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">374.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(22.6</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(21.5</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(25.9</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(87.8</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(76.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(33.6</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(25.0</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(30.1</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(118.1</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(89.1</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(1.9</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(1.7</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(1.8</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(7.2</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(5.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating results</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">EBIT</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">101.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">51.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">124.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">382.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">207.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">EBITDA</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">111.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">60.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">133.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">421.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">243.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">
        </TD>
    <TD width="2%" align="left"></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">10.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">38.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">36.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><font size=2 face="sans-serif">RATIOS</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">35%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">31%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">36%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">36%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">30%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating margin</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">22%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">16%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">23%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">25%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">19%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">26%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">25%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">20%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<font size=1 face="sans-serif">- 25 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br>
<br>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="70%" align="center"><b><font size=2 face="sans-serif">ULTRACARGO PARTICIPA&Ccedil;&Otilde;ES LTDA. <br>
CONSOLIDATED BALANCE SHEET<br>
    </font></b><b><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</font></b></td>
    <td width="25%">&nbsp;</td>
  </tr>
</table>
<br>
<br>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
        <HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif"><strong>QUARTERS ENDED IN </strong></font></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font>
        <HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">DEC</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">SEP</font></strong></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><HR noshade size=2></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2003</font></strong></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap><strong><font size="2" face="Arial, Helvetica, sans-serif">2004</font></strong></TD>
    <TD align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=2></TD>
    <TD align="right" nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<B><FONT size=2 face="sans-serif">OPERATING ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">20.5</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">17.0</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">19.5</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">2.5</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">2.1</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">2.2</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">4.6</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">4.1</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">3.5</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant &amp; equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">181.0</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">110.7</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">160.6</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">5.4</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">2.5</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">4.6</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="52%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%">
        </TD>
    <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<B><FONT size=2 face="sans-serif">TOTAL OPERATING ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><FONT size=2 face="sans-serif">214.0</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><FONT size=2 face="sans-serif">136.4</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><FONT size=2 face="sans-serif">190.4</FONT></B>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="right">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="right">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=2>
        </TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<B><FONT size=2 face="sans-serif">OPERATING LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">10.1</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">8.6</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">9.1</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">9.2</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">7.7</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">8.9</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">2.4</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">3.1</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">3.2</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT size=2 face="sans-serif">Other accounts payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">2.1</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">1.8</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<FONT size=2 face="sans-serif">1.8</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=8>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% nowrap>
<B><FONT size=2 face="sans-serif">TOTAL OPERATING LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><FONT size=2 face="sans-serif">23.8</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><FONT size=2 face="sans-serif">21.2</FONT></B>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=12% align="right" nowrap>
<B><FONT size=2 face="sans-serif">23.0</FONT></B>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="right">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="right">
        </TD>
        <TD width="12%" align="right">
<HR noshade size=1>
        </TD>
    <TD width="2%">&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<B><font size=2 face="sans-serif">ULTRACARGO PARTICIPA&Ccedil;&Otilde;ES LTDA. <br>
CONSOLIDATED STATEMENT OF INCOME<br>
</FONT></B>
<B><font size=2 face="sans-serif">In millions of reais - Accounting practices adopted in Brazil</FONT></B></P>
<BR>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap><B></B> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><b><font size=2 face="sans-serif">QUARTERS ENDED IN</font></b></TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="3" align="center" nowrap> <B><font size=2 face="sans-serif">ACCUMULATED</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <hr noshade size=2></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">SEP</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Net sales</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">52.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">46.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">52.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">197.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">177.1</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD width="36%">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">&nbsp;    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="10%" align="right">&nbsp;
        </TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and services</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(34.9</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(29.7</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(32.8</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(125.0</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(113.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Gross profit</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">16.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">19.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">72.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">63.2</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.2</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.3</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">-</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(13.9</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(11.2</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(12.6</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(50.0</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(38.5</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.1</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.3</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.1</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.5</FONT>
        </TD>
        <TD width=2% align="left"><font size=2 face="sans-serif">)</FONT>
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">(0.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap><font size=2 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating results</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.9</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">EBIT</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">7.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">23.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24.7</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">EBITDA</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">11.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">40.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">40.0</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15.3</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left"> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<B><font size=2 face="sans-serif">RATIOS</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% align="left" nowrap></TD>
</TR>
<TR valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD align="left" nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">34%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">35%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">37%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">37%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">36%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating margin</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">8%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">11%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% nowrap>
<font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBTIDA margin</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">20%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">22%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">21%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">23%</FONT>
        </TD>
    <TD width=2% align="left" nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<font size=2 face="sans-serif">- 26 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="center"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<br><P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><font size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S/A <br>
CONSOLIDATED INCOME STATEMENT<br>
</FONT></B><B><font size=2 face="sans-serif">In millions of US dollars (except per share data) - Accounting practices adopted in Brazil</FONT></B></P>
<BR>
<table width="95%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap><B></B> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan="5" align="center" nowrap><b><font size=2 face="sans-serif">QUARTERS ENDED IN</font></b></TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="3" align="center" nowrap> <B><font size=2 face="sans-serif">ACCUMULATED</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center"><hr noshade size=2></TD>
    <TD align="center"> </TD>
    <TD colspan="3" align="center">
      <hr noshade size=2></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">SEP</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">DEC</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="center" nowrap><b><font size=2 face="sans-serif">(US$ millions)</font></b> </TD>
    <TD nowrap>&nbsp;</TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2004</FONT></B> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align="center" nowrap> <B><font size=2 face="sans-serif">2003</FONT></B> </TD>
    <TD align="left" nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD align="left">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><font size=2 face="sans-serif">Net sales</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">437.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">368.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">443.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,635.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,299.4</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">260.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">247.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">258.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1,014.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">851.9</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">162.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">108.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">171.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">568.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">402.1</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">18.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">67.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">57.5</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><font size=2 face="sans-serif">EBIT</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">50.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">59.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">192.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">114.2</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">52.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">36.7</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">36.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">41.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">130.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">67.2</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">7.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">8.0</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><font size=2 face="sans-serif">Operating margin</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">7%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">13%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">6%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">5%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">4%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">22%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">16%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">23%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">8%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">11%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><font size=2 face="sans-serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">66.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">39.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">73.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">251.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">161.9</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">22.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">14.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">24.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">91.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">67.6</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">40.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">21.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">44.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">143.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">79.0</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">3.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">3.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">3.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">13.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12.9</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><font size=2 face="sans-serif">EBITDA margin</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">11%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">15%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">12%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">6%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">10%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">9%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">8%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">25%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">19%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">26%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">25%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">20%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">17%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">20%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">22%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">21%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">23%</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<B><font size=2 face="sans-serif">Net income</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>

        </TD>
    <TD width=2% nowrap></TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">39.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">20.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">43.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">141.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">80.0</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% nowrap>
<font size=2 face="sans-serif">Net income/ 1,000 shares (US$)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.57</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.29</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">0.62</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">2.03</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align="right" nowrap>
<font size=2 face="sans-serif">1.15</FONT>
        </TD>
    <TD width=2% nowrap>&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="center">
<font size=1 face="sans-serif">- 27 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="right">
<table width="100%"  border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td align="left"><b><i><font size=1 face="sans-serif">4</font></i></b><b><i><sup><font size=1 face="sans-serif">th</font></sup></i></b><b><i><font size=1 face="sans-serif"> Quarter 2004</font></i></b></td>
    <td width="10%" rowspan="2" align="left"><IMG src="ultrapar6kx10x1.jpg" width="79" height="67" border=0 align="right"></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<IMG src="ultrapar6k1x28x1.jpg" border=0>

<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face="sans-serif">ULTRAPAR</FONT></B><B><FONT size=1 face="sans-serif"> </FONT></B><B><FONT size=1 face="sans-serif">PARTICIPA&Ccedil;&Otilde;ES</FONT></B><B><FONT size=1 face="sans-serif"> S/A
</FONT></B><B><FONT size=1 face="sans-serif"><br>
LOANS,</FONT></B><B><FONT size=1 face="sans-serif"> CASH AND </FONT></B><B><FONT size=1 face="sans-serif">MARKETABLE</FONT></B><B><FONT size=1 face="sans-serif"> </FONT></B><B><FONT size=1
face="sans-serif">SECURITIES<br>
</FONT></B><B><FONT size=1 face="sans-serif">In </FONT></B><B><FONT size=1 face="sans-serif">millions</FONT></B><B><FONT size=1 face="sans-serif"> of reais - </FONT></B><B><FONT size=1 face="sans-serif">Accounting</FONT></B><B><FONT size=1 face="sans-serif">
</FONT></B><B><FONT size=1 face="sans-serif">practices</FONT></B><B><FONT size=1 face="sans-serif"> </FONT></B><B><FONT size=1 face="sans-serif">adopted</FONT></B><B><FONT size=1 face="sans-serif"> in Brazil</FONT></B></P>
<BR>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=10% align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Balance in December/2004</font></b> </TD>
  <TD>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Loans</font></b>  </TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right" nowrap><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Index/</font></b></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Interest Rate %</font></b> </TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Maturity and</font></b> </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="center" nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Ultrapar</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Ultrapar</font></b> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Currency (*)</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Minimum</font></b></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Maximum</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Amortization Sched</font></b> </TD>
</TR>
<TR valign="bottom">
  <TD width=10% nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Ultragaz</font></b> </TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Oxiteno </font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Ultracargo</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Holding</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Other</font></b></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD width=8% align="center" nowrap><b><font size=1 face"Times New Roman, Times, serif">Consolidated</font></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap><b></b></TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align="center" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% nowrap><b><font size=1 face"Times New Roman, Times, serif">Foreign Currency</font></b></TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align="right" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurobond</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">151.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">151.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">US$</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Semiannually to 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financings for Property Plant &amp; Equipment</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">8.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">8.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">MX$ + TIIE (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Semiannually to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working capital loan</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">0.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">0.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">MX$ + TIIE (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">1.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">1.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Monthly to 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> </TD>
        <TD width=1% align="right" nowrap></TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Monthly, Semiannually and Annually </FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export prepayment, net of linked operations</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">129.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">129.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">US$</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">4.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">6.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign financing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">32.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">32.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">US$ + LIBOR</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Semiannually to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank for Economic</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> </TD>
        <TD width=1% align="right" nowrap></TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Social Development - BNDES</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">16.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">0.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">20.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">UMBNDES (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">10.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">10.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Monthly to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances on Foreign Exchange Contracts</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">US$</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Maximum of 58 days</FONT>
        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">Subtotal</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">167.9</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">178.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">0.9</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">346.8</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">Local Currency</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> </TD>
        <TD width=1% align="right" nowrap></TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank for Economic</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">91.7</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">33.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">5.1</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">130.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">TJLP (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Monthly to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Social Development - BNDES</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">15.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">15.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">IGP-M (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">6.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">6.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Semiannually to 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency for Financing Machinery and Equipment (FINAME)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.1</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">3.7</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">28.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">34.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">TJLP (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">1.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">4.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Monthly to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<FONT size=1 face"Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and projects financing (FINEP)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">24.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">24.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">TJLP (*)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">(2.0)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">(2.0)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Monthly to 2009</FONT>
        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">Subtotal</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">93.8</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">77.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">33.5</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">204.3</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">Total</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">261.7</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">255.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">34.4</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">551.1</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">Composition per Annum</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> </TD>
        <TD width=1% align="right" nowrap></TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>

        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">Up to 1 Year</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">189.1</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">94.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">9.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">293.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">From 1 to 2 Years</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">38.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">63.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">7.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">109.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">From 2 to 3 Years</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">19.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">28.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">9.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">57.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">From 3 to 4 Years</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">10.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">21.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">5.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">36.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">From 4 to 5 Years</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">4.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">47.1</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">2.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <FONT size=1 face"Times New Roman, Times, serif">-</FONT> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<FONT size=1 face"Times New Roman, Times, serif">54.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR>
        <TD width="10%">&nbsp;

        </TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="center" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">Total</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">261.7</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">255.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">34.4</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap> <B><FONT size=1 face"Times New Roman, Times, serif">-</FONT></B> </TD>
        <TD width=1% align="right" nowrap>&nbsp;</TD>
        <TD width=8% align="right" nowrap>
<B><FONT size=1 face"Times New Roman, Times, serif">551.1</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=9% align="center" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align="right" nowrap>

        </TD>
</TR>
<TR valign="bottom">
  <TD align="center" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD align="right" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" nowrap></TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap></TD>
  <TD>&nbsp;</TD>
  <TD align="right" nowrap></TD>
</TR>
<TR align="left" valign="bottom">
  <TD colspan="21" nowrap><font size=1 face"Times New Roman, Times, serif">(*) TJLP - Long Term </font><font size=1 face"Times New Roman, Times, serif">Interest</font><font size=1 face"Times New Roman, Times, serif"> Rate / IGPM - </font><font size=1 face"Times New Roman, Times, serif">Market</font><font size=1 face"Times New Roman, Times, serif">&nbsp; </font><font
size=1 face"Times New Roman, Times, serif">General</font><font size=1 face"Times New Roman, Times, serif"> Price Index / </font><font size=1 face"Times New Roman, Times, serif">UMBNDES</font><font size=1 face"Times New Roman, Times, serif"> - </font><font size=1 face"Times New Roman, Times, serif">BNDES</font><font size=1
face"Times New Roman, Times, serif">&nbsp; </font><font size=1 face"Times New Roman, Times, serif">Basket</font><font size=1 face"Times New Roman, Times, serif"> of </font><font size=1 face"Times New Roman, Times, serif">Currencies </font><font size=1 face"Times New Roman, Times, serif">/ TIIE - </font><font size=1
face"Times New Roman, Times, serif">Interbank</font><font size=1 face"Times New Roman, Times, serif">&nbsp; </font><font size=1 face"Times New Roman, Times, serif">Interest</font><font size=1 face"Times New Roman, Times, serif"> Rate Even</font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="21" align="center" nowrap><hr size="1" noshade></TD>
</TR>
</TABLE>
<BR>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=10% nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Balance in December/2004</font></b> </TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% nowrap>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="right" nowrap><hr size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align="center" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Ultrapar</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Ultrapar</font></b> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Ultragaz</font></b> </TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Oxiteno </font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Ultracargo</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Holding</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Other</font></b></TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD width=8% align="center" nowrap><b><font size=1 face="Times New Roman, Times, serif">Consolidated</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width=8% align="center" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD align="right" nowrap>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% nowrap> <FONT size=1 face="Times New Roman, Times, serif">&nbsp;<B><FONT size=1 face="Times New Roman, Times, serif">Cash and Long term investments</FONT></B></FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=8% align="center" nowrap> <FONT size=1 face="Times New Roman, Times, serif">107.8</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="center" nowrap> <FONT size=1 face="Times New Roman, Times, serif">387.2</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="center" nowrap> <FONT size=1 face="Times New Roman, Times, serif">97.9</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="center" nowrap> <FONT size=1 face="Times New Roman, Times, serif">2.3</FONT> </TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="center" nowrap> <FONT size=1 face="Times New Roman, Times, serif">1.9</FONT> </TD>
    <TD width=1% align="right" nowrap>&nbsp;</TD>
    <TD width=8% align="center" nowrap> <FONT size=1 face="Times New Roman, Times, serif">597.1</FONT> </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=9% align="center" nowrap>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=8% align="right" nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=1 face="sans-serif">- 28 -</FONT> </P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>


<P align="right"><strong>ITEM 5</strong> </P>
<br>
<br>
<p>&nbsp;</P>
<p align="center"><font size="1" face="Arial, Helvetica, sans-serif">- 29 - </font></P>
<div align="center"></div>
<br>
  <br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P><I><FONT size=2 face="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" cellspacing="0" cellpadding="0">
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%"><B><I><FONT size=4 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.<BR>
and Subsidiaries</FONT></I></B></TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%"><I><FONT size=2 face="sans-serif">Financial Statements for the Years Ended<BR>
December 31, 2004 and 2003 and<BR>
Independent Auditors&#146; Report</FONT></I></TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="60%"><FONT size=1 face="sans-serif">Deloitte Touche Tohmatsu Auditores Independentes</FONT></TD>
  </TR>
</TABLE>

<P align="center">
<FONT size=1 face="sans-serif">- 30 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- 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>
<P><U><FONT size=2 face="serif">INDEPENDENT AUDITORS&#146; REPORT</FONT></U></P>
<P><FONT size=2 face="serif">To the Stockholders and Management of </FONT><BR>
  <FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. </FONT><BR>
  <U><FONT size=2 face="serif">S&atilde;o Paulo - SP</FONT></U><FONT size=2 face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">We have audited the accompanying individual (Company) and consolidated balance sheets of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries (&#147;Companies&#148;) as of December 31, 2004 and 2003, 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 colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">Our audits were conducted in accordance with auditing standards in Brazil and comprised: (a) 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
Companies&#146; management, as well as the presentation of the financial statements taken as a whole.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<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, 2004 and 2003, 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 colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<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 colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">S&atilde;o Paulo, February 4, 2005</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=20% align=left nowrap>
<FONT size=2 face="serif">Altair Tadeu Rossato</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left nowrap>
<FONT size=2 face="serif">Auditores Independentes</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=20% align=left nowrap>
<FONT size=2 face="serif">Engagement Partner</FONT>
        </TD>
</TR>
</TABLE>
<BR>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P><br>
  <br>
</P>
<TABLE width="100%"  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><FONT size=1 face="sans-serif">(Convenience Translation into English from the Original Previously
    Issued in Portuguese)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">BALANCE SHEETS AS OF DECEMBER 31, 2004 AND 2003</FONT><BR>
      <FONT size=1 face="sans-serif">(In thousands of Brazilian reais - R$)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="23" align=left></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="23" align=left></TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>&nbsp;
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=6% align=center>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>&nbsp;
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=6% align=center>&nbsp;</TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>&nbsp;
        </TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=6% align=center>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=center>&nbsp;
        </TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=6% align=center>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD colspan="3" align="center"><FONT size=1 face="sans-serif">Company</FONT></TD>
  <TD align="center"></TD>
  <TD colspan="3" align="center"><FONT size=1 face="sans-serif">Consolidated</FONT></TD>
  <TD align="center"></TD>
  <TD align="center"></TD>
  <TD align="center"></TD>
  <TD colspan="4" align="center"><FONT size=1 face="sans-serif">Company</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"></TD>
  <TD colspan="4" align="center"><FONT size=1 face="sans-serif">Consolidated</FONT></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width="16%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="3"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="3"><HR noshade size=1>
        </TD>
        <TD width="3%">
        </TD>
        <TD width="16%">
        </TD>
        <TD>
        </TD>
        <TD colspan="4"><HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD colspan="4"><HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="16%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="3%">
        </TD>
        <TD width="16%">
<HR noshade size=1>     </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">CURRENT ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">CURRENT LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Cash and banks</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">321</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">248</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">41.280</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">46.743</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">293.039</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">325.877</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left nowrap>
<FONT size=1 face="sans-serif">Temporary cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">1.932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">23.383</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">517.099</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">507.347</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">163</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">51</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">102.052</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">90.281</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">369.302</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">322.323</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Salaries and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">456</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">412</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">94.137</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">74.741</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">206.041</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">137.708</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Taxes payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">34</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">11.833</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">12.770</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">11.415</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">13.301</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">100.073</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">115.512</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Dividends payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">71.851</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">39.028</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">74.700</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">41.736</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Dividends receivable</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">88.242</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">43.094</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">621</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">Income and social contribution </FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Other</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">5.570</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">3.628</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">17.097</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">29.878</FONT> </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">60</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">2.978</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">6.581</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Prepaid expenses</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">5.538</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.835</FONT> </TD>
  <TD width=3%>&nbsp;
    </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">17.931</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">25.119</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD width="16%" valign="bottom"> </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="3%">
    </TD>
        <TD width="16%">
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">107.480</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">83.654</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.256.430</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.162.967</FONT> </TD>
  <TD width=3%>&nbsp;
    </TD>
        <TD width=16% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">72.476</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">39.585</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">596.670</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">577.105</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD width="16%" valign="bottom"> </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="3%">
    </TD>
        <TD width="16%">
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD width="16%"></TD>
  <TD width="2%"></TD>
  <TD width="6%">&nbsp;</TD>
  <TD width="2%"></TD>
  <TD width="6%">&nbsp;</TD>
  <TD width="2%"></TD>
  <TD width="6%">&nbsp;</TD>
  <TD width="2%"></TD>
  <TD width="6%">&nbsp;</TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">LONG-TERM LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">NON-CURRENT ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">258.091</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">306.269</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Long-term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">38.754</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">420.710</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">421.633</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">8.790</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">8.989</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Related companies</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">51.545</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">51.611</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">3.136</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.779</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">Deferred income and social </FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=1 face="sans-serif">Deferred income and social </FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
        <TD width=16% align=left>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">32.125</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="sans-serif">28.696</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">&nbsp;&nbsp;contribution taxes</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.687</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.576</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">63.274</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">61.367</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Other taxes</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">7.843</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">7.173</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">52.069</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">40.899</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Recoverable taxes</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">9.478</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
        <TD width=16% align=left> <FONT size=1 face="sans-serif">Other</FONT> </TD>
        <TD width=2%>&nbsp; </TD>
        <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD width=1% align=left> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD width=1% align=left> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <FONT size=1 face="sans-serif">2.297</FONT> </TD>
        <TD width=1% align=left> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <FONT size=1 face="sans-serif">1.405</FONT> </TD>
        <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Escrow deposits</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">14.103</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">9.904</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
        <TD width="16%"> </TD>
        <TD> </TD>
        <TD width="6%">
      <HR noshade size=1>
    </TD>
        <TD width="1%">&nbsp;
    </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
      <HR noshade size=1>
    </TD>
        <TD width="1%">&nbsp;
    </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
      <HR noshade size=1>
    </TD>
        <TD width="1%">&nbsp;
    </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
      <HR noshade size=1>
    </TD>
        <TD width="1%">&nbsp;
    </TD>
</TR>
<TR>
  <TD width=16% align=left valign="bottom"> <FONT size=1 face="sans-serif">Trade accounts receivable</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">11.945</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">8.896</FONT> </TD>
  <TD width="3%" valign="bottom"> </TD>
  <TD width=16% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">428.553</FONT> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">428.806</FONT> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">353.372</FONT> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">386.258</FONT> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Other</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.570</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.019</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width="16%"> </TD>
  <TD> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
</TR>
<TR>
  <TD width="16%" valign="bottom"> </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>

  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="2%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width=3% valign="bottom">&nbsp; </TD>
  <TD width=16% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">54.232</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">54.187</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">143.260</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">84.965</FONT> </TD>
  <TD width="3%"> </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">MINORITY INTEREST</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">28.220</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">32.211</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width="16%"> </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width="16%"> </TD>
  <TD> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
</TR>
<TR>
  <TD width="16%" valign="bottom"></TD>
  <TD width="2%" valign="bottom"></TD>
  <TD width="6%" valign="bottom">&nbsp;</TD>
  <TD width="2%" valign="bottom"></TD>
  <TD width="6%" valign="bottom">&nbsp;</TD>
  <TD width="2%" valign="bottom"></TD>
  <TD width="6%" valign="bottom">&nbsp;</TD>
  <TD width="2%" valign="bottom"></TD>
  <TD width="6%" valign="bottom">&nbsp;</TD>
  <TD width="3%" valign="bottom"> </TD>
  <TD width=16% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width="16%"> </TD>
  <TD> </TD>
  <TD width="6%"> </TD>
  <TD width="1%"> </TD>
  <TD width="1%"> </TD>
  <TD width="6%"> </TD>
  <TD width="1%"> </TD>
  <TD width="1%"> </TD>
  <TD width="6%"> </TD>
  <TD width="1%"> </TD>
  <TD width="1%"> </TD>
  <TD width="6%"> </TD>
  <TD width="1%"> </TD>
</TR>
<TR>
  <TD width=16% align=left valign="bottom"> <FONT size=1 face="sans-serif">PERMANENT ASSETS</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=3% valign="bottom">&nbsp; </TD>
  <TD width=16% align=left valign="bottom"> <FONT size=1 face="sans-serif">STOCKHOLDERS' EQUITY</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Investments:</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Capital</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">663.952</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">663.952</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">663.952</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">663.952</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;Subsidiary and affiliated</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Capital reserve</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.855</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.152</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">142</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">9</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> &nbsp;<FONT size=1 face="sans-serif"> &nbsp;&nbsp;&nbsp;companies</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.944.742</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.690.492</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">5.944</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">5.721</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Revaluation reserve</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">16.371</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">17.787</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">16.371</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">17.787</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> &nbsp;<FONT size=1 face="sans-serif">Other</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">186</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">347</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">25.895</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">27.396</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Profit reserves</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">929.068</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">677.495</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">929.068</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">677.495</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Property, plant and equipment</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.047.434</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">968.555</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Treasury shares</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">(5.635</FONT> </TD>
  <TD width=1% align=left> <FONT size=1 face="sans-serif">)</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">(97</FONT> </TD>
  <TD width=1% align=left> <FONT size=1 face="sans-serif">)</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">(9.031</FONT> </TD>
  <TD width=1% align=left> <FONT size=1 face="sans-serif">)</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">(2.550</FONT> </TD>
  <TD width=1% align=left> <FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">Deferred charges</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">99.801</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">102.663</FONT> </TD>
  <TD width="3%"> </TD>
  <TD width="16%"> </TD>
  <TD> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD width="16%"> </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.605.611</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.360.289</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.600.502</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.356.693</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR>
  <TD width=16% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">1.944.928</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">1.690.839</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">1.179.074</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <FONT size=1 face="sans-serif">1.104.335</FONT> </TD>
  <TD width="3%" valign="bottom"> </TD>
  <TD width="16%" valign="bottom"> </TD>
  <TD valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="1%" valign="bottom">&nbsp;
  </TD>
  <TD width="1%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="1%" valign="bottom">&nbsp;
  </TD>
  <TD width="1%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="1%" valign="bottom">&nbsp;
  </TD>
  <TD width="1%" valign="bottom"> </TD>
  <TD width="6%" valign="bottom">
    <HR noshade size=1>
  </TD>
  <TD width="1%" valign="bottom">&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR>
  <TD width=16% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=3% valign="bottom">&nbsp; </TD>
  <TD width=16% align=left valign="bottom" nowrap> <FONT size=1 face="sans-serif">TOTAL MINORITY INTEREST AND</FONT> </TD>
  <TD width=2% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% align=left valign="bottom"> </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> &nbsp;<FONT size=1 face="sans-serif">STOCKHOLDERS' EQUITY</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">-</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.628.722</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.388.904</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD width="16%"> </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="3%"> </TD>
  <TD width="16%"> </TD>
  <TD> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%">&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD width=16% align=left> <FONT size=1 face="sans-serif">TOTAL</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.106.640</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.828.680</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.578.764</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.352.267</FONT> </TD>
  <TD width=3%>&nbsp; </TD>
  <TD width=16% align=left> <FONT size=1 face="sans-serif">TOTAL</FONT> </TD>
  <TD width=2%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.106.640</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">1.828.680</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.578.764</FONT> </TD>
  <TD width=1% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <FONT size=1 face="sans-serif">2.352.267</FONT> </TD>
  <TD width=1% align=left> </TD>
</TR>
<TR valign="bottom">
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD colspan="23" align=left valign="bottom">&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD colspan=23 align=left><FONT size=1 face="sans-serif">The accompanying notes are an integral part
    of these financial statements.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan=23 align=left><HR noshade size=1></TD>
</TR>
<TR align="right" valign="bottom">
  <TD colspan=23>&nbsp;</TD>
</TR>
</TABLE>
<p align="right"><font size="1" face="Arial, Helvetica, sans-serif">2</font></p>
<div align="right">
</div>
<br>
  <br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%"  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><FONT size=1 face="sans-serif">(Convenience Translation into English from the Original Previously
        Issued in Portuguese)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">STATEMENTS OF INCOME<BR>
FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003<BR>
(In thousands of Brazilian reais - R$, except for per share data)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><FONT size=1 face="sans-serif">Company</FONT></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="4" align=center><FONT size=1 face="sans-serif">Consolidated</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="4" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2004</FONT></TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">GROSS SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">5.250.629</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">4.603.778</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Taxes on sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(419.151</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(248.143</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Rebates, discounts and returns</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(47.229</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(355.326</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">NET SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">4.784.249</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">4.000.309</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(3.669.907</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(3.196.445</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">GROSS PROFIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">1.114.342</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">803.864</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">418.052</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">236.811</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">93.502</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">51.894</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">OPERATING (EXPENSES) INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(193.739</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(163.665</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(315</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(112</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(232.065</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(188.610</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Management compensation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(601</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(518</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(5.442</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(5.183</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(124.737</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(101.390</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">815</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">440</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">5.587</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">6.567</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>
        </TD>

        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">417.951</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">236.621</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">657.448</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">403.477</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Financial income (expenses), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">2.027</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">15.225</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(18.670</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(22.167</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Taxes (CPMF/IOF/PIS/COFINS) on financial activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(261</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(588</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(26.312</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(35.081</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCOME FROM OPERATIONS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">419.717</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">251.258</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

<FONT size=1 face="sans-serif">612.466</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">346.229</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Nonoperating (expenses) income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(17</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(16.019</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">1.007</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCOME BEFORE TAXES ON INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">419.700</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">251.255</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">596.447</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">347.236</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Current</FONT>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(5.332</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(5.419</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(174.996</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(112.953</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">111</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">543</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(1.516</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">15.730</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(5.221</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(4.876</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(176.512</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(97.223</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCOME BEFORE MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">419.935</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">250.013</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(5.456</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">(3.634</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">NET INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;

        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">EARNINGS PER THOUSAND SHARES (BASED ON</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">ANNUAL WEIGHTED AVERAGE) - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">5,95</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="sans-serif">3,54</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
        </TD>
        <TD width="2%">
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;

        </TD>
</TR>
</TABLE>
<p align="right"><font size="1" face="Arial, Helvetica, sans-serif">3</font></p>
<div align="right">
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%"  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><FONT size=1 face="sans-serif">(Convenience Translation into English from the Original Previously
        Issued in Portuguese)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (COMPANY)<BR>
FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003</FONT> <FONT size=1 face="sans-serif"><BR>
(In thousands of Brazilian reais - R$)</FONT> </TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD width="45%" align=left></TD>
      <TD>&nbsp;</TD>
      <TD align=left></TD>
      <TD>&nbsp;</TD>
      <TD align=left></TD>
      <TD>&nbsp;</TD>
      <TD width=5% rowspan="5" align=center>      <FONT size=1 face="sans-serif">Revaluation<BR>
      reserve of<BR>
      subsidiary<BR>
      and affiliated<BR>
      companies</FONT></TD>
      <TD align=left></TD>
      <TD colspan="5" align=center></TD>
      <TD>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
  <TR valign="bottom">
        <TD width=45% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD colspan="5" align=center>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="45%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD colspan="5" align="center"><FONT size=1 face="sans-serif">Profit reserves</FONT> </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="1%">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
        <TD>
      <HR noshade size=1>
    </TD>
        <TD><HR noshade size=1>
    </TD>
        <TD>
      <HR noshade size=1>
    </TD>
        <TD><HR noshade size=1>
    </TD>
        <TD>

      <HR noshade size=1>
    </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=center>
<FONT size=1 face="sans-serif">Capital </FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=center><FONT size=1 face="sans-serif">Capital<BR>
          reserve
        </FONT></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=center><FONT size=1 face="sans-serif">Legal</FONT></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=center><FONT size=1 face="sans-serif">Retention<BR>
          of profits
        </FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=center>
<FONT size=1 face="sans-serif">Realizable<BR>
profits</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=center>
<FONT size=1 face="sans-serif">Retained<BR>
earnings </FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=center><FONT size=1 face="sans-serif">Treasury<BR>
    shares</FONT></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=center>
<FONT size=1 face="sans-serif">Total</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="45%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%"><HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%"><HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD width=45% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">BALANCES AT DECEMBER 31, 2002</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">663.952</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">26.036</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">28.546</FONT></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">  432.355</FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">40.593</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">(398</FONT>
        </TD>
        <TD width=1% align=left><FONT size=1 face="sans-serif">)</FONT></TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">1.191.084</FONT></TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Acquisition of treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif"> (2.173</FONT></TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(2.173</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Sale of treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">1.152</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">2.474</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">3.626</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Realization of revaluation reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(8.249</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">1.733</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(6.516</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left nowrap>
<FONT size=1 face="sans-serif">Income and social contribution taxes on realization of revaluation reserves of subsidiaries</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(111</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(111</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Realization of profit reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">(40.593</FONT>
        </TD>
        <TD width=1% align=left><FONT size=1 face="sans-serif">)</FONT></TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">40.593</FONT></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Appropriation of net income:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Legal reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">12.319</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(12.319</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Interim dividends (R$0.461996 and R$0.508195 per thousand common and</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">preferred shares, respectively)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(33.000</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(33.000</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left nowrap>
 &nbsp;<FONT size=1 face="sans-serif">Proposed dividends payable (R$0.545231 and R$0.599754 per thousand common and</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">preferred shares, respectively)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(39.000</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(39.000</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Realizable profits reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">85.622</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(85.622</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Reserve for retention of profits</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">118.653</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(118.653</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="45%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">BALANCES AT DECEMBER 31, 2003</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">663.952 </FONT>
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><FONT size=1 face="sans-serif">1.152</FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">17.787 </FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">40.865</FONT></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">551.008</FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">85.622</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">(97</FONT>
        </TD>
        <TD width=1% align=left><FONT size=1 face="sans-serif">)</FONT></TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">1.360.289</FONT></TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Acquisition of treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">- </FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">(6.758</FONT></TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(6.758</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Sale of treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">703</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">1.220</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">1.923</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Realization of revaluation reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(1.416</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">1.416</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Income and social contribution taxes on realization of revaluation reserves of subsidiaries</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(166</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(166</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Realization of profit reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="sans-serif">(85.622</FONT>
        </TD>
        <TD width=1% align=left><FONT size=1 face="sans-serif">)</FONT></TD>
        <TD align=right><FONT size=1 face="sans-serif">85.622</FONT></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">Appropriation of net income:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Legal reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">20.724</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(20.724</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Interim dividends (R$1.330000 per thousand common and preferred shares)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(92.383</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(92.383</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Proposed dividends payable (R$1.032683 per thousand common and</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">preferred shares)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(71.773</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(71.773</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Realizable profits reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">118.343</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">(118.343</FONT></TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Reserve for retention of profits</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">198.128</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(198.128</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="45%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="5%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">BALANCES AT DECEMBER 31, 2004</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">663.952</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif"> 1.855</FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">16.371</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">61.589</FONT></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif">  749.136</FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">118.343</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=right>
<FONT size=1 face="sans-serif">(5.635</FONT>
        </TD>
        <TD width=1% align=left><FONT size=1 face="sans-serif">)</FONT></TD>
        <TD width=5% align=right><FONT size=1 face="sans-serif"> 1.605.611</FONT></TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="45%">
        </TD>
        <TD width="1%">

        </TD>
        <TD width="5%"><HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="5%"><HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=2></TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=2></TD>
        <TD width="1%">
        </TD>
        <TD width="5%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="5%"><HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="5%"><HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%"><HR noshade size=2></TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD width="45%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=1 face="sans-serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="20" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left></TD>
</TR>
<TR align="right" valign="bottom">
        <TD colspan="20">       </TD>
  </TR>
</TABLE>
<BR>
<p align="right"><font size="1" face="Arial, Helvetica, sans-serif">4</font></p>
<div align="right">
</div>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%"  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><FONT size=1 face="sans-serif">(Convenience Translation into English from the Original Previously
    Issued in Portuguese)</FONT> </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><U><FONT size=1 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="sans-serif">STATEMENTS OF CHANGES IN FINANCIAL POSITION<BR>
      FOR THE YEARS ENDED
        DECEMBER 31, 2004 AND 2003</FONT> <BR>
<FONT size=1 face="sans-serif">(In thousands of Brazilian reais - R$)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD colspan=4 align=center>
      <FONT size=1 face="sans-serif">Company</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD colspan=4 align=center>
      <FONT size=1 face="sans-serif">Consolidated</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="4" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
      <FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>
      <FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>
      <FONT size=1 face="sans-serif">2004</FONT>
        </TD>
        <TD width=1% align=center>

        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>
      <FONT size=1 face="sans-serif">2003</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">SOURCES OF FUNDS</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">From operations:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">414.479</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">246.379</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Items not affecting working capital:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Equity in subsidiary and affiliated companies</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(418.052</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(236.811</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(93.502</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(51.894</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">172.691</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">146.870</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Credits of PIS and COFINS (taxes on revenue) on depreciation</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">2.936</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">758</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tax incentives</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">93.477</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">52.409</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Long-term interest and monetary variations</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">657</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">975</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">22.617</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(30.264</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(111</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(543</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.516</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(15.730</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Minority interest</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">5.456</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">3.634</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net book value of permanent assets written off</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">174</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">24.063</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">22.771</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Other long-term taxes</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">58</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">512</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">7.992</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">3.924</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Provision (reversal of provision) for probable losses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">on permanent assets</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(1.268</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(440</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(2.798</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">10.518</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">650.457</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">378.417</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">From stockholders:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Disposal of treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.923</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">3.626</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">410</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">30</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">From third parties:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Increase in long-term liabilities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">32</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">2.837</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Decrease in non-current assets</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">66</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Proposed dividends and interest on capital (gross)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">163.626</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">43.094</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Long-term loans and financing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">293.037</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">258.645</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">163.692</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">43.094</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">293.069</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">261.482</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Total sources</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">162.817</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">57.238</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">943.936</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">639.929</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">USES OF FUNDS</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Permanent assets:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.695</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">227.163</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">299.533</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">Deferred charges</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">48.305</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">87.158</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">275.468</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">388.386</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Dividends and interest on capital</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">164.156</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">72.000</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">165.243</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">72.865</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Transfer from long-term to current liabilities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">354.562</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">280.432</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Decrease in long-term liabilities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">968</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">36.981</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Increase in non-current assets</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">4.917</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">59.318</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">27.767</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Acquisition of treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">6.758</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">2.173</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">6.758</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">2.173</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Acquisition of shares from minority stockholders</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">8.520</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Taxes on realization of revaluation reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">166</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">254</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

<FONT size=1 face="sans-serif">Decrease in minority interest</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">855</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">7.726</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">44.071</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">429.327</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">311.481</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Total uses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">171.882</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">116.071</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">870.038</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">772.732</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(9.065</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(58.833</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">73.898</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(132.803</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">REPRESENTED BY</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Current assets:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">At end of year</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">107.480</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">83.654</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.256.430</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.162.967</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">At beginning of year</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">83.654</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">148.402</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.162.967</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">1.186.895</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">23.826</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(64.748</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">93.463</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(23.928</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">Current liabilities:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">At end of year</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">72.476</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">39.585</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">596.670</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">577.105</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=1 face="sans-serif">At beginning of year</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">39.585</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">45.500</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">577.105</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">468.230</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">32.891</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(5.915</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">19.565</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">108.875</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(9.065</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(58.833</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">73.898</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="sans-serif">(132.803</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="sans-serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
      <HR noshade size=2>       </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=1 face="sans-serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD colspan=13><HR noshade size=1></TD>
  </TR>
<TR>
        <TD colspan=3>&nbsp;
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">&nbsp;
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">&nbsp;
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">&nbsp;
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
</TABLE>
<p align="right"><font size="1" face="Arial, Helvetica, sans-serif">5</font></p>
<div align="right">
</div>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%"  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD><FONT size=2 face="serif">(Convenience Translation into English from the Original Previously
    Issued in Portuguese)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">NOTES TO THE FINANCIAL STATEMENTS <BR>
    </FONT><FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003<BR>
(Amounts in thousands of Brazilian reais - R$, unless otherwise stated)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">OPERATIONS</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT size=2 face="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 colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT size=2 face="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 logistic services for chemicals and
fuels (Ultracargo).</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">PRESENTATION OF FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING PRACTICES</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD colspan=2>
<FONT size=2 face="serif">The accounting practices adopted to record transactions and prepare the financial statements are those established by accounting practices adopted in Brazil and the Brazilian Securities Commission (CVM).</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">Results of operations</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD>
<FONT size=2 face="serif">Determined on the accrual basis of accounting.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">Current and non-current assets</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD>
<FONT size=2 face="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 colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD>
<FONT size=2 face="serif">The allowance for doubtful accounts is based on estimated losses and is considered by management to be sufficient to cover potential losses on accounts receivable.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD>
<FONT size=2 face="serif">Inventories are stated at the lower of average cost of acquisition or production, or at market or net realizable value.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD>
<FONT size=2 face="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 colspan=3>&nbsp;</TD></TR></TABLE>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="4%">&nbsp;</TD>
<TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Permanent assets</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD colspan=2>
<FONT size=2 face="serif">Stated at cost monetarily restated through December 31, 1995, and at nominal amounts from that date, combined with the following aspects:</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD width="4%">&nbsp;</TD>
<TD width="4%">&nbsp;</TD>
<TD width="2%" valign=top nowrap>&bull;&nbsp;&nbsp;
 </TD>
        <TD>
<FONT size=2 face="serif">Significant investments in subsidiary and affiliated companies are recorded under the equity method, as shown in Note 10.</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD nowrap valign=top>&bull;
</TD>
        <TD>
<FONT size=2 face="serif">Property, plant and equipment include revaluation write-ups based on appraisal reports issued by independent appraisers.</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD nowrap valign=top>&bull;
</TD>
        <TD>
<FONT size=2 face="serif">Depreciation is calculated on a 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 colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD nowrap valign=top>&bull;
</TD>
        <TD>
<FONT size=2 face="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 colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Current and long-term liabilities</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD colspan=2>
<FONT size=2 face="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 colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Basis for translation of the financial statements of foreign subsidiaries</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>  <TD colspan=2>
<FONT size=2 face="serif">The financial statements of foreign subsidiaries are translated into Brazilian reais at the current exchange rate. The criteria for preparation of the financial statements have been adapted to conform to accounting
practices adopted in Brazil.</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">The balance sheet information of 2003 related to other current assets and other taxes payable have been reclassified for better year to year comparison.</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=3>
<FONT size=2 face="serif">CONSOLIDATION PRINCIPLES</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD colspan=3>
<FONT size=2 face="serif">The consolidated financial statements have been 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 colspan=4>&nbsp;</TD></TR></TABLE>


<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=7 align=center>
      <FONT size=2 face="serif">Ownership interest - %</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan=7 align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=2 face="serif">2003</FONT>
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">Direct</FONT>    </TD>

        <TD width=2% align="center"><u>
        </u></TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">Indirect </FONT>    </TD>
    <TD width=2% align=center><u></u></TD>
    <TD width=8% align=center><FONT size=2 face="serif">Direct</FONT></TD>
    <TD width=2% align=center><u></u></TD>
    <TD width=8% align=center><FONT size=2 face="serif">Indirect</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">86</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">86</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LPG International Inc.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">93</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oleoqu&iacute;mica Ind&uacute;stria e Com&eacute;rcio de Produtos</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>

        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Qu&iacute;micos Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Barrington S.L.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno International Co.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Overseas Co.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="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="serif">On August 8, 2003, the Company acquired, through its subsidiary Companhia Ultragaz S.A., the LPG distribution business of Shell Petroleum N.V. in Brazil (SPG&aacute;s Distribuidora de G&aacute;s Ltda.). This acquisition
amounted to R$170,566, for the purchase of 100% of the company&#146;s shares and the extinguishment of its debt. The financial statements include the account balances and transactions of the acquired business since August 2003. The goodwill of
R$24,427 on this acquisition is based on its expected future profitability and is being amortized over five years, beginning August 2003. </FONT></P>
<P>
<FONT size=2 face="serif">On December 4, 2003, the Company acquired, through its subsidiary Barrington S.L., the chemical business of the Berci Group in Mexico (Canamex Qu&iacute;micos S.A. de C.V.). This acquisition amounted to US$10,250 million,
without assumption of any debt. The financial statements include the account balances and transactions of the acquired business since December 2003.</FONT></P>

<P align="right"><FONT size="2" face="serif">8</FONT></P>

<br>
<br>
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<br>
<br>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">On December 31, 2003, in order to reduce costs, 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 the latter into Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">On December 29, 2004, the Company acquired, through its subsidiary Ultragaz</FONT> <FONT size=2 face="serif">Participa&ccedil;&otilde;es
Ltda., an additional 7.31% of Companhia Ultragaz S.A. total share capital. This acquisition amounted
to R$10,000, with a goodwill of R$1,813 based on its expected future profitability to be amortized over
five years beginning January 2005.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="96%">
<FONT size=2 face="serif">TEMPORARY CASH INVESTMENTS</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="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 currency hedges, and are stated at cost plus
accrued income (on a &#147;pro rata temporis&#148; basis).</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=center>
      <FONT size=2 face="serif">Company</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=4 align=center>
      <FONT size=2 face="serif">Consolidated</FONT>
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Fixed-income securities and funds</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,932</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,383</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">536,326</FONT>
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">489,490</FONT>
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Foreign investments (a)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">108,093</FONT>
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">73,631</FONT>
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Net expenses from hedge operations (b)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">(88,566</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">(55,774</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">1,932</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">23,383</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">555,853</FONT>
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">507,347</FONT>
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Current assets</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,932</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,383</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">517,099</FONT>
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">507,347</FONT>
        </TD>
        <TD align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Non-current assets</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">38,754</FONT>
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD align=left>

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="4%" valign=top nowrap>&nbsp;</TD>
        <TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">(a)&nbsp;</FONT></TD>
        <TD width="93%">
<FONT size=2 face="serif">Investments made by the indirect subsidiary Oxiteno Overseas Co. in fixed-income securities, Brazilian corporate securities, and investment grade securities.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Accumulated gain or loss on hedge positions (see Note 19).</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=left>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">.</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">ACCOUNTS RECEIVABLE (CONSOLIDATED)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Domestic customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">353,879</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">299,805</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Foreign customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">91,467</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">71,371</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">(-) Advances on foreign exchange contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(55,455</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31,546</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">(-) Allowance for doubtful accounts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(20,589</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">(17,307</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=70% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">369,302</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">322,323</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>


<P align="right"><FONT size="2" face="serif">9</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>


<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD width=72% align=left> <FONT size=2 face="serif">INVENTORIES (CONSOLIDATED)</FONT>
        </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=72% align=left>

        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Finished products</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">115,911</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
 &nbsp;<FONT size=2 face="serif">78,403</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Liquefied petroleum gas (LPG)</FONT>
        </TD>
        <TD width=10% align=right>
 &nbsp;<FONT size=2 face="serif">22,983</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
 &nbsp;<FONT size=2 face="serif">22,736</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Raw materials</FONT>
        </TD>
        <TD width=10% align=right>
 &nbsp;<FONT size=2 face="serif">49,357</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
 &nbsp;<FONT size=2 face="serif">25,438</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Supplies and cylinders for resale</FONT>
        </TD>
        <TD width=10% align=right>      &nbsp;<FONT size=2 face="serif">17,790</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>      &nbsp;<FONT size=2 face="serif">11,131</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=72% align=left>

        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">206,041</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">137,708</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left> <FONT size=2 face="serif">7</FONT> </TD>
  <TD align=left> <FONT size=2 face="serif">RECOVERABLE TAXES</FONT> </TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD colspan="4" align=left><font size=2 face="serif">Represented, substantially, by credit balances of
            ICMS (State Value-added Tax - VAT), IPI (Federal excise tax), PIS and COFINS (taxes on revenue)
    and prepaid income and social contribution taxes, which can all be offset against future taxes payable.</font>      </TD>
  </TR>
</TABLE>
<BR>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">Company</FONT> </TD>
  <TD align="center">&nbsp; </TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">Consolidated</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=41% align="left">&nbsp;
        </TD>
        <TD colspan="3" align=center><HR noshade size=1></TD>
        <TD width=3% align="center">&nbsp;</TD>
        <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=41% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>

  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Income and social contribution taxes</FONT> </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">11,334</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">13,260</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">57,173</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">64,244</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">ICMS</FONT> </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">-</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">-</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">31,105</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">40,736</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">PIS and COFINS</FONT> </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">40</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">-</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">7,324</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">2,311</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">IPI</FONT> </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">-</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">-</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">150</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">2,845</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Other, principally VAT of subsidiary Canamex</FONT> </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Qu&iacute;micos S.A. de C.V.</FONT> </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">41</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">41</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">4,321</FONT></I>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<I><FONT size=2 face="serif">5,376</FONT></I>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right> <I><FONT size=2 face="serif">11,415</FONT></I> </TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right> <I><FONT size=2 face="serif">13,301</FONT></I> </TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right> <I><FONT size=2 face="serif">100,073</FONT></I> </TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right> <I><FONT size=2 face="serif">115,512</FONT></I> </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left></TD>
        <TD width=41% align=left> </TD>
        <TD width=10% align=right><HR noshade size=2></TD>
        <TD width=3% align="left">&nbsp;</TD>
        <TD width=10% align=right><HR noshade size=2></TD>
        <TD width=3% align="left">&nbsp;</TD>
        <TD width=10% align=right><HR noshade size=2></TD>
        <TD width=3% align="left">&nbsp;</TD>
        <TD width=10% align=right><HR noshade size=2></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2" face="serif">10</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>


<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan=20 align=left>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">RELATED COMPANIES</FONT>
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>

        </TD>

        <TD width=6% align=right>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>&nbsp;
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD colspan="3" align="center"><font size=1 face="serif">Company</font></TD>
  <TD align="left"></TD>
  <TD colspan="14" align=center><font size=1 face="serif">Consolidated</font></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>

        </TD>
        <TD colspan="3" align="right">
      <HR noshade size=1>
    </TD>
        <TD align="left"> </TD>
        <TD colspan="14" align=center><hr noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>

        </TD>
        <TD colspan="3" align=center>
      <FONT size=1 face="serif">Loans</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=1 face="serif">Loans</FONT>
        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=1 face="serif">Trade accounts</FONT>
        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=1 face="serif">Transactions</FONT>
        </TD>
        <TD width=1% align="center">&nbsp;
        </TD>
        <TD width=6% rowspan="3" align=center> <FONT size=1 face="serif">Financial<br>
    </FONT>  <FONT size=1 face="serif">income<br>
        </FONT>
    <FONT size=1 face="serif">(expenses)</FONT> </TD>
        <TD width=1% align=center>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">
        </TD>
        <TD width="32%" align="left">
        </TD>
        <TD colspan="3" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD colspan="3" align="right">
      <HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD colspan="3" align="right">
      <HR noshade size=1>
    </TD>
        <TD align="left"> </TD>
        <TD colspan="3" align="right">
      <HR noshade size=1>
    </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="1%" align="left">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Assets</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Liabilities</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Assets</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Liabilities</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Receivable</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Payable</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Sales</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">Purchases</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">
        </TD>
        <TD width="32%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left nowrap>
<FONT size=1 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">364,574</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">33,000</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">51,545</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">22,658</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">478</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">7,662</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">(699</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left nowrap>
<FONT size=1 face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de Equipamentos de </FONT>
        </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Processamentos de Dados e Servi&ccedil;os Correlatos</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,644</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">800</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">6,983</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">128,731</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">668</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">7,704</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">129</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,926</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,344</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">4</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,090,869</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">15</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">518</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">32,840</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">93,386</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">576,897</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Supergasbras Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">11</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,054</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Cia. Termel&eacute;trica do Planalto Paulista - TPP</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,433</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">175</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Plenog&aacute;s - Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>

        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">871</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Other related companies</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">59</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">257</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">19</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">520</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">413</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,737</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">
        </TD>
        <TD width="32%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="1%" align="left">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Total as of December 31, 2004</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">51,545</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">420,710</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">3,136</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">8,790</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,518</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">41,811</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">98,301</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,805,938</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">(524</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%" align="left">
        </TD>
        <TD width="32%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=32% align=left>
<FONT size=1 face="serif">Total as of December 31, 2003</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">51,611</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">421,633</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,779</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">8,989</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">60</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">10,771</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">57,826</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,323,820</FONT>
        </TD>
        <TD width=1% align="left">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">(584</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%" align="left">
        </TD>
        <TD width="32%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="1%" align="left">
<HR noshade size=2>
        </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD colspan="19" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD colspan="19" align="left"><font size=2 face="serif">The loan </font><font size=2 face="serif">balances</font><font size=2 face="serif"> with </font><font size=2 face="serif">Qu&iacute;mica</font><font size=2 face="serif"> da
      Bahia </font><font size=2
face="serif">Ind&uacute;stria</font><font size=2 face="serif"> e </font><font size=2 face="serif">Com&eacute;rcio</font><font size=2 face="serif"> S.A.
      and Cia. </font><font size=2 face="serif">Termel&eacute;trica</font><font size=2 face="serif"> do </font><font size=2 face="serif">Planalto</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">Paulista</font><font size=2 face="serif"> -
      TPP are </font><font size=2 face="serif">adjusted</font><font size=2 face="serif"> based on the </font><font size=2 face="serif">Brazilian</font><font size=2 face="serif"> long-term
      interest rate (TJLP). Other loans are not subject to </font><font size=2 face="serif">financial</font><font size=2 face="serif">&nbsp; </font><font size=2
face="serif">charges.</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">Purchase</font><font size=2 face="serif"> and
      sale </font><font size=2 face="serif">transactions</font><font size=2 face="serif"> refer </font><font size=2
face="serif">principally</font><font size=2 face="serif"> to </font><font size=2 face="serif">purchases</font><font size=2 face="serif"> of
      raw </font><font size=2 face="serif">materials,</font><font size=2 face="serif"> other </font><font size=2
face="serif">materials</font><font size=2 face="serif"> and storage </font><font size=2 face="serif">services,</font><font size=2 face="serif"> carried
    out at market prices and </font><font size=2 face="serif">conditions.</font><font size=2
face="serif">&nbsp;</font></TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD colspan="19" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD colspan="19" align="left"><font size=2 face="serif">The loan </font><font size=2 face="serif">agreement</font><font size=2 face="serif"> with </font><font size=2 face="serif">Ultracargo</font><font size=2 face="serif"> - </font><font size=2
face="serif">Opera&ccedil;&otilde;es</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">Log&iacute;sticas</font><font size=2 face="serif"> e </font><font size=2 face="serif">Participa&ccedil;&otilde;es</font><font size=2 face="serif"> Ltda.
      results from the sale of shares issued by </font><font size=2 face="serif">Oxiteno</font><font size=2 face="serif"> S.A.
      - </font><font size=2 face="serif">Ind&uacute;stria </font><font size=2 face="serif">e </font><font size=2
face="serif">Com&eacute;rcio</font><font size=2 face="serif"> to the </font><font size=2 face="serif">Company,</font><font size=2 face="serif"> so
      as to avoid a </font><font size=2 face="serif">reciprocal</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">shareholding</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">resulting</font><font size=2 face="serif"> from
      a </font><font size=2 face="serif">corporate</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">restructuring</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">conducted</font><font size=2 face="serif"> in
    2002.</font></TD>
  </TR>
</TABLE>
<BR>
<P align="center"><FONT size=2 face="serif">11</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="3" align="left" valign=top nowrap><font size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries</font></TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">9.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan="2" align="left">
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>   </TD>
  </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="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 other procedures. The
tax credits are based on continuing profitability from operations. 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>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan=3 align=center> <U><FONT size=2 face="serif">Company</FONT></U> </TD>
  <TD align="left">&nbsp; </TD>
  <TD colspan=3 align=center> <U><FONT size=2 face="serif">Consolidated</FONT></U> </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=41% align="left">&nbsp;
        </TD>
        <TD colspan=3 align=center><HR noshade size=1></TD>
        <TD width=3% align="left">&nbsp;</TD>
        <TD colspan=3 align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=41% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Non-current assets-</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred income and social contribution
            taxes on:</FONT> </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accruals which are tax
            deductible only when</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">expenses
            are incurred</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,687</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,576</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">51,171</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">48,574</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income and social contribution
            tax loss</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">carryforwards</FONT> </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">12,103</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">12,793</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align="right">
    <hr noshade size=1>
</TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left></TD>
        <TD width=41% align=left> </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">2,687</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">2,576</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">63,274</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">61,367</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Long-term liabilities-</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred income and social contribution
            taxes on:</FONT> </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Revaluation of property,
            plant and equipment</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,645</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,072</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income earned abroad</FONT> </TD>
        <TD width=10% align=right>
          <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
          <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">30,480</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">26,624</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">
    <hr noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=41% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
          <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
          <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">32,125</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">28,696</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="3" align="left" valign=top nowrap><font size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and
    Subsidiaries</font></TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Reconciliation of income and social contribution taxes in the statement of income Income and social contribution taxes are reconciled to official tax rates as follows:</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD width=42% align=left></TD>
  <TD colspan=3 align=center> <FONT size=2 face="serif">Company</FONT> </TD>
  <TD>&nbsp; </TD>
  <TD colspan=3 align=center> <FONT size=2 face="serif">Consolidated</FONT> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>

        </TD>
        <TD colspan=3 align=center><HR noshade size=1></TD>
        <TD width=2%>&nbsp;</TD>
        <TD colspan=3 align=center><HR noshade size=1></TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>

        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2004</FONT></U>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<U><FONT size=2 face="serif">2003</FONT></U>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Income before taxes, equity in subsidiary and</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">affiliated companies and minority interest</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,648</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">14,444</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">502,945</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">295,342</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Official tax rates - %</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <hr noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Income and social contribution taxes at official</FONT>
        </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">rates</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">(560</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">(4,911</FONT>
        </TD>
        <TD width=2% align=left><U><FONT size=2 face="serif"></FONT></U><FONT size=2 face="serif">)</FONT></TD>
        <TD width=10% align=right><font size=2 face="serif">(171,001</font></TD>
        <TD width=2% align=left><u><font size=2 face="serif"></font></u><font size=2 face="serif">)</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(100,416</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <hr noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Adjustments to the effective tax rate:</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Operating provisions and nondeductible</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">expenses/nontaxable income</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">196</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(5,239</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,363</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Adjustments to estimated income</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,457</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(290</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,137</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Interest on capital received</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(3,400</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Workers&#146; meal program (PAT)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">616</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">330</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">(598</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">(637</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <hr noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Income and social contribution taxes in the</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">statement of income</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">(5,221</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">(4,876</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width=10% align=right><font size=2 face="serif">(176,512</font></TD>
        <TD width=2% align=left><font size=2 face="serif">)</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(97,223</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <hr noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=2>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(5,332</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(5,419</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width=10% align=right><font size=2 face="serif">(174,996</font></TD>
        <TD width=2% align=left><font size=2 face="serif">)</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(112,953</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">111</FONT>
        </TD>
        <TD width=2% align=left>

        </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">(1,516</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">15,730</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
        </TD>
        <TD width=5% align="left"><font size=2 face="serif">c)</font>
        </TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Tax exemption</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD>&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align=left><font size=2 face="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:</font></TD>
  </TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=47% align="left">&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">Exemption</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">Expiration</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=47% align=left> <U><FONT size=2 face="serif">Subsidiary</FONT></U> </TD>
        <TD width=20% align=center>
<U><FONT size=2 face="serif">Plants</FONT></U>
        </TD>
        <TD width=10% align=center>
      <FONT size=2 face="serif">- %</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
      <FONT size=2 face="serif">date</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=47% align=left> <FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT> </TD>
        <TD width=20% align=left>

        </TD>
        <TD align="right">
      <hr noshade size=1>
    </TD>
        <TD align="left"> </TD>
        <TD align="right">
      <HR noshade size=1>
    </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=47% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Com&eacute;rcio</FONT> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Cama&ccedil;ari plant</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
  <TD width=47% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=47% align=left> <FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Mataripe base</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2013</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left></TD>
        <TD width=47% align=left> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Juazeiro base</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2004</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left></TD>
        <TD width=47% align=left> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Suape base</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left></TD>
        <TD width=47% align=left> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Ilh&eacute;us base</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left></TD>
        <TD width=47% align=left> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Aracaju base</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left></TD>
        <TD width=47% align=left> </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Caucaia base</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=47% align=left> <FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar </FONT> </TD>
        <TD width=20% align=left><font size=2 face="serif">Aratu Terminal</font></TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=47% align="left">&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">Suape Terminal (storage of acetic</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=47% align="left">&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=2 face="serif">acid and butadiene byproducts)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>


<P>&nbsp;</P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="3" align="left" valign=top nowrap><font size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries</font></TD>
  </TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD><font size=2 face="serif">Tax </font><font size=2 face="serif">benefits</font><font size=2 face="serif"> from
      income tax </font><font size=2 face="serif">reduction</font><font size=2 face="serif"> for </font><font size=2
face="serif">activities</font><font size=2 face="serif"> eligible for tax </font><font size=2 face="serif">incentives</font><font size=2 face="serif"> were </font><font size=2 face="serif">recorded</font><font size=2 face="serif"> in
      a </font><font
size=2 face="serif">specific</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">account</font><font size=2 face="serif"> in </font><font size=2 face="serif">stockholders&#146;</font><font size=2 face="serif"> equity
      by the </font><font size=2 face="serif">subsidiaries</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">benefited</font><font size=2 face="serif"> from
      tax </font><font size=2 face="serif">incentives,</font><font size=2 face="serif"> and </font><font size=2 face="serif">recognized</font><font size=2 face="serif"> in
      income by the </font><font size=2 face="serif">Company</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">through</font><font size=2 face="serif"> equity
    pick-up, as shown in Note 10.</font></TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">10.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan="2" align="left">
      <FONT size=2 face="serif">INVESTMENTS  </FONT></TD>
  </TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left"><font size=2 face="serif">a)</font></TD>
  <TD><font size=2 face="serif">Subsidiaries of the Company</font></TD>
</TR></TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><font size=2 face="serif">December 31, 2004</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Ultragaz<br>
  </font> <font size=2 face="serif">Participa&ccedil;&otilde;es<br>
  </font> <font size=2 face="serif">Ltda. (*)</font> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Ultracargo -<br>
  </font> <font size=2 face="serif">Opera&ccedil;&otilde;es<br>
  </font> <font size=2 face="serif">Log&iacute;sticas e<br>
  </font><font size=2 face="serif">Participa&ccedil;&otilde;es<br>
  </font> <font size=2 face="serif">Ltda. (*)</font> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Imaven<br>
  </font> <font size=2 face="serif">Im&oacute;veis e<br>
  </font><font size=2 face="serif">Agropecu&aacute;ria<br>
  </font> <font size=2 face="serif">Ltda. (*)</font> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Oxiteno S.A.<br>
  </font> <font size=2 face="serif">- Ind&uacute;stria e<br>
  </font> <font size=2 face="serif">Com&eacute;rcio (*)</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <hr noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left"> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Number of shares or sharequotas held</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,336,062</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,461,346</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">27,733,974</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35,102,127</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Net equity - R$</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">272,249</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">602,864</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">46,556</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,023,073</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=41% align=left> <FONT size=2 face="serif">Net income for the year - R$</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">66,284</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">21,038</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,022</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">325,600</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="13" align=center><font size=2 face="serif">2004</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="13" align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=1 face="serif">Ultragaz<br>
    </font> <font size=1 face="serif">Participa&ccedil;&otilde;es<br>
    </font> <font size=1 face="serif">Ltda. (*)</font> </TD>
  <TD align="center"><font size="1">&nbsp;</font></TD>
  <TD align=center><font size=1 face="serif">Ultracargo -<br>
    </font> <font size=1 face="serif">Opera&ccedil;&otilde;es<br>
    </font> <font size=1 face="serif">Log&iacute;sticas e<br>
Participa&ccedil;&otilde;es<br>
    </font> <font size=1 face="serif">Ltda. (*)</font> </TD>
  <TD align="center"><font size="1">&nbsp;</font></TD>
  <TD align=center><font size=1 face="serif">Imaven<br>
    </font> <font size=1 face="serif">Im&oacute;veis e<br>
Agropecu&aacute;ria<br>
    </font> <font size=1 face="serif">Ltda. (*)</font> </TD>
  <TD align="center"><font size="1">&nbsp;</font></TD>
  <TD align=center><font size=1 face="serif">Oxiteno S.A.<br>
    </font> <font size=1 face="serif">- Ind&uacute;stria e<br>
    </font> <font size=1 face="serif">Com&eacute;rcio (*)</font> </TD>
  <TD align=center></TD>
  <TD align=center><font size=1 face="serif">Subtotal</font> </TD>
  <TD align=center></TD>
  <TD align=center><font size=1 face="serif">Other</font> </TD>
  <TD align=center></TD>
  <TD align=center><font size=1 face="serif">Total</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=1 face="serif">Total</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left">&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1></TD>
  <TD align="left">&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left">&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left">&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left">&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align="left">&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
<FONT size=1 face="serif">Changes in investments:</FONT>
        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Balance at beginning of year</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">231,898</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">637,055</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">46,834</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">774,705</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,690,492</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">347</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,690,839</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,503,755</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Reversal of provision (provision) for losses</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Write-off</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(174</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(174</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Income taxes on revaluation reserves in subsidiaries</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(166</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(166</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(166</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(111</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Write-off of revaluation reserve</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(6,516</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Dividends and interest on capital</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(25,767</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(55,229</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(5,300</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(77,330</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(163,626</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(163,626</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">(43,094</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Equity pick-up</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">66,284</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">21,038</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">5,022</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">325,698</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">418,042</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">10</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">418,052</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">236,811</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD width="10%" align="left"></TD>
        <TD width="26%" align="left">
        </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=10% align=left>&nbsp;</TD>
        <TD width=26% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Balance at end of year</FONT>
        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">272,249</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">602,864</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">46,556</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,023,073</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,944,742</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">186</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,944,928</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=7% align=right>
<FONT size=1 face="serif">1,690,839</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD width="10%" align="left"></TD>
        <TD width="26%" align="left">
        </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>
</TABLE>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Affiliated companies (consolidated)</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="57%" align=left>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><font size=2 face="serif">December 31, 2004</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="57%" align=left>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="57%" align=left>&nbsp;</TD>
  <TD width="15%" align=center nowrap><font size=2 face="serif">Qu&iacute;mica da<br>
  </font> <font size=2 face="serif">Bahia Ind&uacute;stria e<br>
  </font> <font size=2 face="serif">Com&eacute;rcio S.A. (**)</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD width="15%" align=center nowrap><font size=2 face="serif">Oxicap Ind&uacute;stria<br>
  </font> <font size=2 face="serif">de Gases Ltda. (**)</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="57%" align=left>&nbsp;</TD>
  <TD width="15%" align=right><HR noshade size=1></TD>
  <TD align="right">&nbsp;</TD>
  <TD width="15%" align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="57%" align=left>&nbsp;</TD>
  <TD width="15%" align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD width="15%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=57% align=left> <FONT size=2 face="serif">Number of shares or sharequotas held</FONT> </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">3,174,501</FONT>
        </TD>
        <TD width=3% align="right">&nbsp;
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">156</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=57% align=left> <FONT size=2 face="serif">Adjusted net equity - R$</FONT> </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">10,118</FONT>
        </TD>
        <TD width=3% align="right">&nbsp;
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">5,331</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=57% align=left> <FONT size=2 face="serif">Net income for the year - R$</FONT> </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="right">&nbsp;
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">659</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=57% align=left> <FONT size=2 face="serif">Ownership interest - %</FONT> </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">45.56</FONT>
        </TD>
        <TD width=3% align="right">&nbsp;
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><font size=2 face="serif">2004</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center nowrap><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center nowrap><font size=2 face="serif">Qu&iacute;mica da<br>
  </font> <font size=2 face="serif">Bahia Ind&uacute;stria e<br>
  </font> <font size=2 face="serif">Com&eacute;rcio S.A. (**)</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><font size=2 face="serif">Oxicap Ind&uacute;stria<br>
  </font> <font size=2 face="serif">de Gases Ltda. (**)</font> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Other</FONT> </TD>
  <TD align="center">&nbsp; </TD>
  <TD align=center> <FONT size=2 face="serif">Total</FONT> </TD>
  <TD align="center">&nbsp; </TD>
  <TD align=center> <FONT size=2 face="serif">Total</FONT> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=30% align=left> <FONT size=2 face="serif">Changes in investments:</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=30% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Balance at beginning of year</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,610</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">950</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">161</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,721</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">7,128</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=30% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Capital increase</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">206</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">206</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=30% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Equity pick-up</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">178</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">188</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">349</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=30% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Write-off</FONT> </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(171</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">(171</FONT></TD>
        <TD width=2% align="left"><U><FONT size=2 face="serif"></FONT></U><FONT size=2 face="serif">)</FONT> </TD>
        <TD width=10% align=right><font size=2 face="serif">(1,756</font></TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=30% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Balance at end of year</FONT> </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">4,610</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">1,334</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">5,944</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">5,721</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="85%" align="left">
<FONT size=2 face="serif">Financial statements audited or reviewed by our independent auditors.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="85%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">(**)</FONT>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width="85%" align="left">
<FONT size=2 face="serif">Financial statements audited by other independent auditors.</FONT>    </TD>
</TR>
<TR>

  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan=2 align="left"><font size=2 face="serif">The consolidated amount of equity in subsidiary
      and affiliated companies presented in the statement of income includes R$93,477 (2003 - R$52,409)
      of subsidiaries&#146; income tax incentives arising substantially from operations in regions eligible
    for such incentives. </font></TD>
  </TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD colspan=2 align="left"><font size=2 face="serif">In the consolidated financial statements, the
      investment of Oxiteno S.A - Ind&uacute;stria e Com&eacute;rcio in the affiliated company Oxicap
      Ind&uacute;stria de Gases Ltda. is carried under the equity method based on the affiliated financial
      statements as of November 30, 2004. The investment of Oxiteno Nordeste S.A. - Ind&uacute;stria
      e Com&eacute;rcio in the affiliated company Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio
      S.A. is not based on the equity method, since the affiliated companies&#146; operations are dormant
    and management evaluates that its carrying value is adequate.</font></TD>
</TR></TABLE>

<P align="center"><FONT size="2" face="serif">15</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>

<P>
<FONT size=2 face="serif">11.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED) </FONT></P>
<blockquote>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
    <TD rowspan="3" align=center nowrap><i><font size=2 face="serif">Annual<br>
      </font></i> <i><font size=2 face="serif">depreciation<br>
    </font></i> <font size=2 face="serif">rates - %</font></TD>
      <TD align=center></TD>
      <TD colspan="5" align=center><font size=2 face="serif">2004</font></TD>
      <TD align="center">&nbsp;</TD>
      <TD align=center><font size=2 face="serif">2003</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center></TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=center nowrap><i><font size=2 face="serif">Revalued<br>
  </font></i> <font size=2 face="serif">cost</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><i><font size=2 face="serif">Accumulated<br>
  </font></i> <font size=2 face="serif">depreciation</font></TD>
  <TD align=center></TD>
  <TD align=center nowrap><font size=2 face="serif">Net book<br>
  </font> <i><font size=2 face="serif">value</font></i></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><font size=2 face="serif">Net book<br>
  </font> <i><font size=2 face="serif">value</font></i></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>

  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">46,290</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">46,290</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">46,853</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4 to 5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">380,282</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(136,647</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">243,635</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">233,721</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5 to 10</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,017,065</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(488,127</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">528,938</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">511,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">20 to 30</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">146,837</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(101,418</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">45,419</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">41,329</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">18,337</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(6,734</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11,603</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,113</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Construction in progress</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">94,971</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">94,971</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">46,025</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Imports in transit</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,933</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,933</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">302</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.5 to 30</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">128,874</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(54,229</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">74,645</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">78,462</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,834,589</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">787,155</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,047,434</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">968,555</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<p>
  <FONT size=2 face="serif">Construction in progress refers mainly to the construction of the Santos Intermodal Terminal (TIS) of subsidiary Terminal Qu&iacute;mico de Aratu S.A. -Tequimar, as well as improvements of other subsidiaries&#146; plants.
</FONT></p>
<p>
  <FONT size=2 face="serif">Other refers to computer equipment in the amount of R$17,242 (2003 - R$19,596), software in the amount of R$27,740 (R$2003 - R$29,901), and commercial property rights, mainly those described below: </FONT></p>
<ul>
  <li><FONT size=2 face="serif">On July 11, 2002, the subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT> <FONT size=2 face="serif">won the auction and signed a contract for use of the site on which it operates</FONT> <FONT size=2
face="serif">the Aratu Terminal for another 20 years, renewable for the same period. The</FONT> <FONT size=2 face="serif">price paid by Tequimar amounted to R$12,000, and is being amortized over</FONT> <FONT size=2 face="serif">40 years, equivalent
    to annual amortization of R$300.</FONT><br>
    <br>
  </li>
  <li><FONT size=2 face="serif">Further, Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has a 20 year lease of an</FONT> <FONT size=2 face="serif">area adjacent to the Santos harbor which allows it to build, operate and exploit</FONT> <FONT size=2
face="serif">the terminal, intended for the distribution of liquid bulk. The price paid by</FONT> <FONT size=2 face="serif">Tequimar was R$3,803 and will be amortized until December 31, 2022 from</FONT> <FONT size=2 face="serif">the start of its
  operation, expected for April 2005.</FONT></li>
</ul>
</blockquote>
<P>
<FONT size=2 face="serif">12.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&nbsp;&nbsp;DEFERRED CHARGES (CONSOLIDATED)</FONT></P>
<blockquote>
  <p>
    <FONT size=2 face="serif">Represented substantially by costs incurred in the implementation of systems modernization projects in the amount of R$2,052 (2003 - R$3,203), amortized over five to ten years, and for the installation of Ultrasystem
    equipment on customers&#146; premises in the amount of R$55,954 (2003 - R$56,836), amortized over the terms of the LPG supply contracts with these customers. Deferred charges also include the goodwill from acquisitions, as stated in Note
    3.</FONT></p>
</blockquote>

<P align="center"><FONT size="2" face="serif">16</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P>
<FONT size=2 face="serif">13.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&nbsp;&nbsp;FINANCING (CONSOLIDATED) </FONT></P>
<blockquote>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD><font size=1 face="serif"><u>Description</u></font></TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="serif"><u>2004</u></font></TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="serif"><u>2003</u></font></TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="serif">Index/<br>
  </font> <font size=1 face="serif"><u>Currency</u></font></TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="serif">Annual<br>
  </font> <font size=1 face="serif">interest<br>
  </font> <font size=1 face="serif"><u>rate - %</u></font></TD>
  <TD></TD>
  <TD><font size=1 face="serif"><u>Maturity and amortization</u></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Foreign currency:</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Eurobonds</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">151,473</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">3.5</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Semiannually until 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Working capital loan</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">481</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">518</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">MX$ + TIIE (*)</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">1.4</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Monthly until 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Syndicated loan</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">173,598</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">4.25</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Semiannually until 2004</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Foreign financing</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">32,197</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">US$ + LIBOR</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">2.0</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Semiannually until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Inventories and property, plant</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and equipment financing</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">8,829</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">11,414</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">MX$ + TIIE (*)</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">2.0</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Semiannually until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Advances on foreign exchange</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">From 2.0 to</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">contracts</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">3,268</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">24,896</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">2.86</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Maximum of 58 days</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">National Bank for Economic and</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">10.91</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Social Development (BNDES)</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">20,763</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">23,177</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">UMBNDES (**)</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Export prepayments, net of linked</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">From 4.22 to</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Monthly, semiannually and annually</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">operations</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">129,798</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">205,082</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">6.85</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Subtotal</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">346,809</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">438,685</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR>
        <TD width="20%" align="left">&nbsp;

        </TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="10%" align="center">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="20%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Local currency:</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">National Bank for Economic and</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">From 3.0 to</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Social Development (BNDES)</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">130,239</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">142,213</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">TJLP</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">3.85</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">National Bank for Economic and</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Social Development (BNDES)</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">15,549</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">17,128</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">IGP-M</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">6.5</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Government Agency for</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Machinery and Equipment</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">From 1.8 to</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Financing (FINAME)</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">34,163</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">28,864</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">TJLP</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">4.85</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Research and projects financing</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(FINEP)</FONT></TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">24,370</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">5,256</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=1 face="serif">TJLP</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=1 face="serif">(2.0</FONT><FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=3% align=left>&nbsp;
        </TD>
        <TD width=20% align=left>
<FONT size=1 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Subtotal</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">204,321</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">193,461</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Total financing</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">551,130</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">632,146</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Current liabilities</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">(</FONT><FONT size=1 face="serif">293,039</FONT><FONT size=1 face="serif">) </FONT>
        </TD>
        <TD width=3% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size=1 face="serif">(</font><font size=1 face="serif">325,877</font><font size=1 face="serif">)</font></TD>
        <TD width=3% align=right>&nbsp;</TD>
        <TD width=15% align=right>&nbsp;</TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Long-term liabilities</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">258,091</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">306,269</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=15% align=center>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=1 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=1 face="serif">MX$ = Mexican peso; TIIE = Mexican break-even interbank interest rate.</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=1 face="serif">(**)</FONT>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width="95%" align="left">
<FONT size=1 face="serif">UMBNDES = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing
the composition of the BNDES debt in foreign currency, 84% of which is linked to the U.S. dollar.</FONT>      </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR></TABLE>
<p>
  <FONT size=2 face="serif">The long-term portion matures as follows: </FONT></p>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=77% align=left>

        </TD>
        <TD width=10% align=right><u><FONT size=2 face="serif">2004</FONT></u>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif"><u>2003</u></FONT>
        </TD>
</TR>
<TR>
        <TD width="77%" align="left">&nbsp;

        </TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">2005</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">160,770</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">109,338</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">94,656</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">2007</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">57,304</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34,599</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">2008</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">36,920</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">15,280</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">2009</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">54,529</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">964</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=1>          </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">258,091</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">306,269</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD align=right><hr noshade size=2>          </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=2>          </TD>
</TR>
</table>
<BR>
<TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan=3 align=left>
<FONT size=2 face="serif">In June 1997, subsidiary Companhia Ultragaz S.A. issued eurobonds in the total</FONT>
<FONT size=2 face="serif">amount of US$60 million, maturing in 2005, with put/call options in 2002, and</FONT>
<FONT size=2 face="serif">guaranteed by Ultrapar Participa&ccedil;&otilde;es S.A. and Ultragaz Participa&ccedil;&otilde;es Ltda. In</FONT>
<FONT size=2 face="serif">June 2002, subsidiary LPG International Inc. exercised the call option for these</FONT>
<FONT size=2 face="serif">securities using funds from a loan in the same amount, maturing in August 2004.</FONT>
<FONT size=2 face="serif">However, in January 2004, LPG International Inc. issued eurobonds in the total</FONT>
<FONT size=2 face="serif">amount of US$60 million, maturing in June 2005 and with an annual interest rate</FONT>
<FONT size=2 face="serif">of 3.5%. The proceeds from the issuance were used to settle the loan.</FONT>
        </TD>
  </TR>
</TABLE>
</blockquote>

<P align="center"><FONT size="2" face="serif">17</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<blockquote>
  <p>
    <FONT size=2 face="serif">The eurobonds are guaranteed by the Company and its subsidiary Ultragaz Participa&ccedil;&otilde;es Ltda., which are subject to covenants that provide for restrictions on, among other things, their ability to incur
    indebtedness, pay dividends and other distributions, and conduct merger and acquisition transactions. None of these covenants have restricted our ability to conduct our business. </FONT></p>
  <p>
    <FONT size=2 face="serif">A portion of the financing is collateralized by liens on property, plant and equipment, shares, promissory notes and guarantees provided by the Company and its subsidiaries, as shown below: </FONT></p>

<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=77% align=left>

        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif"><u>2004</u></FONT>
        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif"><u>2003</u></FONT>
        </TD>
</TR>
<TR>
        <TD width="77%" align="left">&nbsp;

        </TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">Amount of financing secured by:</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">39,007</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34,256</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Shares of affiliated companies</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">15,549</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,128</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Minority stockholders&#146; guarantees</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">15,549</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,642</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD align=right><hr noshade size=1>
     </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=1>
     </TD>
</TR>
<TR valign="bottom">
        <TD width=77% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">70,105</FONT>
        </TD>
        <TD width=3% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">69,026</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD align=right><hr noshade size=2>
     </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=2>
     </TD>
</TR>
</TABLE>
</blockquote><br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%" align="left">&nbsp;</TD> <TD colspan=2 align="left">
<FONT size=2 face="serif">Other loans are collateralized by guarantees issued by the Company and by the future flow of exports. The Company is responsible for sureties and guarantees offered on behalf of its subsidiaries, amounting to
R$533,126.</FONT>       </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD colspan=2 align="left">
<FONT size=2 face="serif">Certain subsidiaries have issued guarantees to financial institutions related to amounts owed to those institutions by certain of their customers (vendor financing). There are no recourse provisions or collaterals that
would enable the Company or its subsidiaries to recover any amounts paid to the financial institutions under these agreements. In the event such payments are made, the subsidiaries may recover such amounts paid directly from their customers. Maximum
future payments related to these guarantees amount to R$45,230 (2003 - R$19,792), with terms ranging up to 210 days. As of December 31, 2004, the Company and its subsidiaries have not suffered any losses related to these guarantees, neither recorded
any liability related to them.</FONT>   </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">14.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2 align="left">
<FONT size=2 face="serif">STOCKHOLDERS&#146; EQUITY</FONT>      </TD>
    </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Capital</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">The Company is a listed corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 69,691,268,828 shares without par value, comprised of
51,264,621,778 common and 18,426,647,050 preferred shares.</FONT>       </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">As of December 31, 2004, 4,984,044,000 preferred shares were outstanding abroad, in the form of American Depositary Receipts - ADRs.</FONT>   </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">Preferred shares are not convertible into common shares, do not entail voting rights, and have priority in capital redemption, without premium, in the event of liquidation of the Company.</FONT>    </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">Until May 18, 2004, preferred shares entitled their holders to dividends at least 10% higher than those attributable to common shares. On that date the Special Meeting of Preferred Stockholders and the
Extraordinary</FONT>    <font size=2 face="serif">Stockholders&#146; Meeting of Ultrapar approved to equalize
the dividends of common and preferred shares.</font></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2" face="serif">18</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Treasury shares</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company was authorized to acquire its own shares at market price, without capital reduction, for holding in treasury and subsequent disposal or cancellation, in accordance with the provisions of Brazilian Securities
Commission (CVM) Instructions No. 10, of February 14, 1980, and No. 268, of November 13, 1997.</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">In 2004, 219,600,000 preferred shares were acquired at the average unit cost of R$30.19 with a minimum cost of R$27.50 and a maximum cost of R$34.80 per thousand shares.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">As of December 31, 2004, the Company&#146;s financial statements record 182,699,760 preferred shares and 6,616,359 common shares in treasury, which were acquired at the average cost of R$30.14 and R$19.30 per thousand
shares, respectively. The consolidated financial statements record 327,699,760 preferred shares and 6,616,359 common shares in treasury, which were acquired at the average cost of R$28.08 and R$19.30 per thousand shares, respectively.</FONT>       </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The market price of shares issued by the Company as of December 31, 2004 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R$51.00 per thousand shares.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Capital reserve</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The capital reserve in the amount of R$1,855 reflects the goodwill on sale of shares from the Company to certain subsidiaries, at the average cost of R$38.27 per thousand shares. Executives of these subsidiaries were given
the usufruct of such shares, as described in Note 21.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Revaluation reserve</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">This reserve reflects the revaluation write-up of assets of subsidiaries and is realized based upon depreciation, write-off or sale of revalued assets, including the related tax effects.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">In some cases, taxes on the revaluation reserve of certain subsidiaries are recognized only upon the realization of this reserve, since the revaluations occurred prior to the publication of CVM Resolution No. 183/95. Taxes
on these reserves are R$7,769 (2003 - R$7,641).</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Retention of profits reserve</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="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 the realization of the revaluation reserve.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Realizable profits reserve</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">This reserve is established in conformity with article 197 of Brazilian corporate law, based on the equity pick-up in subsidiaries and affiliated</FONT>      <font size=2 face="serif">companies.
Realization of the reserve usually occurs upon receipt of dividends, sale and write-off of investments.</font></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>


<P align="center"><FONT size="2" face="serif">20</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Dividends and appropriation of net income</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width="90%" align="left">
<FONT size=2 face="serif">According to the Company&#146;s bylaws, the stockholders are entitled to a minimum annual dividend of 50% of adjusted net income, calculated according to the terms of accounting practices adopted in Brazil.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width="90%" align="left">
<FONT size=2 face="serif">Proposed dividends as shown in the Company&#146;s financial statements, subject to approval at the Stockholders&#146; Annual Meeting, are as follows:</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>

        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif"><u>2004</u></FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="79%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">414,479</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Legal reserve</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(20,724</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Retention of profits reserve</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(196,878</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Realization of realizable profits reserve</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">85,622</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD align="left">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Mandatory dividends</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">282,499</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="79%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Realizable profits reserve</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(118,343</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Interim dividends (R$1.330000 per thousand common and preferred shares)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(92,383</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Proposed dividends payable (R$1.032683 per thousand common and</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">preferred shares)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(71,773</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="79%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Management proposes to retain the balance of profits for the year in the</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">retention of profits reserve to support the business expansion project set forth</FONT>
        </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">in its investment program.</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="79%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
        </TD>
        <TD width=5% align="left"><FONT size=2 face="serif">h)</FONT>
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Reconciliation of stockholders&#146; equity - Company and consolidated</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="79%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,605,611</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(3,396</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Capital reserve arising from sale of treasury shares to subsidiaries, net of</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">realization</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,713</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% align="left">&nbsp;
        </TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,600,502</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">15.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=2 face="serif">NONOPERATING (EXPENSES) INCOME, NET (CONSOLIDATED)</FONT>     </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">Refers principally to the result on sales of permanent assets, especially cylinders, as well as the write-off, in 2004, of the investment in the affiliate Extracta Mol&eacute;culas Naturais S.A.</FONT>     </TD>
</TR>
</TABLE>

<P align="center"><FONT size="2" face="serif">22</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P>
<FONT size=2 face="serif">16.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;RECONCILIATION OF EBITDA (CONSOLIDATED)</FONT></P>
<blockquote>
  <p>
    <FONT size=2 face="serif">The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by the Company, as shown below: </FONT></p>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=center><font size=2 face="serif">2004</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=right><hr noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><i><font size=2 face="serif"><u>Ultragaz</u></font></i></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif"><u>Oxiteno</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif"><u>Ultracargo</u></font></TD>
  <TD align=left></TD>
  <TD align=right><font size=2 face="serif"><u>Other</u></font></TD>
  <TD align=left></TD>
  <TD align=right><FONT size=2 face="serif"><u>Consolidated</u></FONT></TD>
  <TD align=left></TD>
  <TD align=right><FONT size=2 face="serif"><u>Consolidated</u></FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Operating income</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">117,559</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">455,501</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35,619</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,787</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">612,466</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">346,229</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">(-) Equity in subsidiary and</FONT>
        </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliated companies</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(7,343</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width=10% align=right><font size=2 face="serif">(86,340</font></TD>
        <TD width=2% align="left"><font size=2 face="serif">)</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(3,438</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,619</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(93,502</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(51,894</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+/-) Financial income</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(expense)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">42,442</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13,779</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(9,184</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(2,055</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">44,982</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">57,248</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+) Depreciation and</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">116,238</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">38,086</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,530</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">837</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">172,691</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">146,870</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">268,896</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">421,026</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">40,527</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">6,188</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">736,637</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">498,453</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=2>          </TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
</TR>
</TABLE>
</blockquote>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">17.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=2 face="serif">SEGMENT INFORMATION</FONT>    </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">The Company has three reportable segments: gas, chemicals and logistics. The gas segment distributes LPG to retail, commercial and industrial consumers mainly in the South, Southeast and Northeast Regions of Brazil. The
chemicals segment primarily produces ethylene oxide derivatives. Operations in the logistics segment include storage and transportation, mainly in the Southeast and Northeast Regions 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 with third parties.</FONT>        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">The principal financial information about each of the Company&#146;s reportable segments is as follows: </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="9" align=center><font size=1 face="serif">2004</font></TD>
  <TD align=left></TD>
  <TD align=center><font size=1 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="9" align=center><hr noshade size=1></TD>
  <TD align=left></TD>
  <TD align=center><hr noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right><font size=1 face="serif"><u>Ultragaz</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=1 face="serif"><u>Oxiteno</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=1 face="serif"><u>Ultracargo</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=1 face="serif"><u>Other</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=1 face="serif"><u>Consolidated</u></font></TD>
  <TD align=left></TD>
  <TD align=right><font size=1 face="serif"><u>Consolidated</u></font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left nowrap>
<FONT size=1 face="serif">Net sales, net of related-party transactions</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">2,967,651</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">1,662,886</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">153,624</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">88</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">4,784,249</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">4,000,309</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left nowrap>
<FONT size=1 face="serif">Operating income before financial income</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left nowrap>
 &nbsp;<FONT size=1 face="serif">(expenses) and equity in subsidiary and</FONT>
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left>
 &nbsp;<FONT size=1 face="serif">affiliated companies</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">152,658</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">382,940</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">22,997</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">5,351</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">563,946</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">351,583</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left>
<FONT size=1 face="serif">EBITDA</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">268,896</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">421,026</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">40,527</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">6,188</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">736,637</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">498,453</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left nowrap>
<FONT size=1 face="serif">Total assets, net of related parties</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">953,502</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">1,262,985</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">331,640</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">30,637</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">2,578,764</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=1 face="serif">2,352,267</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="23%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="23%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">18.</FONT>
        </TD>
        <TD colspan=13 align=left>
<FONT size=2 face="serif">FINANCIAL INCOME AND EXPENSES, NET (CONSOLIDATED)</FONT>
        </TD>
  </TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="23%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="23%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan=8 align=left>
<FONT size=2 face="serif">Interest on temporary cash investments and long-term investments</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">72,164</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">105,660</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan=8 align=left>
<FONT size=2 face="serif">Interest on trade accounts receivable</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,863</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,357</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan="8" align=left>
<FONT size=2 face="serif">Interest on loans and financing</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(45,224</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(56,892</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan="8" align=left>
<FONT size=2 face="serif">Bank charges</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(12,161</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(6,698</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan=8 align=left>
<FONT size=2 face="serif">Monetary and exchange variations, including financial expenses from</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan="8" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">currency hedges</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(37,232</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(67,840</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan=8 align=left>
<FONT size=2 face="serif">Taxes (CPMF, PIS, COFINS and IOF)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(26,312</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(35,081</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan="8" align=left>
<FONT size=2 face="serif">Other expenses</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,080</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,754</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="8" align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD colspan="8" align=left>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">44,982</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">57,248</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="8" align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<P align="center"><FONT size="2" face="serif">23</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">19.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=2 face="serif">RISKS AND FINANCIAL INSTRUMENTS (CONSOLIDATED)</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="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 behavior of demand, 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>
<blockquote>
<UL>
<LI>
<FONT size=2 face="serif">Customer default - These risks are managed by specific policies for accepting</FONT> <FONT size=2 face="serif">customers and analyzing credit, and are mitigated by diversification of sales.</FONT><BR>
<FONT size=2 face="serif">On December 31, 2004, the subsidiaries Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT> <FONT size=2 face="serif">and Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio maintained R$2,077 (2003</FONT> <FONT
size=2 face="serif">- R$3,522) and the subsidiaries of Ultragaz Participa&ccedil;&otilde;es Ltda. maintained</FONT> <FONT size=2 face="serif">R$23,062 (2003 - R$17,367) as an allowance for doubtful accounts</FONT> <FONT size=2
face="serif">receivable.</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">Interest rates - The Company and its subsidiaries adopt conservative policies</FONT> <FONT size=2 face="serif">to obtain and invest funds and to minimize the cost of capital. The temporary</FONT> <FONT size=2
face="serif">cash investments of the Company and its subsidiaries are comprised</FONT> <FONT size=2 face="serif">substantially of transactions linked to the interbank deposit (CDI) rate, as</FONT> <FONT size=2 face="serif">described in Note 4. A
portion of the financial assets is intended for foreign</FONT> <FONT size=2 face="serif">currency hedges, as mentioned below. Funds obtained originate from BNDES</FONT> <FONT size=2 face="serif">and foreign currency financing, as mentioned in Note
13.</FONT><br>
<br>
</LI>
<LI>
<FONT size=2 face="serif">Exchange rate - The Company&#146;s subsidiaries use hedge (mainly US$ to CDI)</FONT> <FONT size=2 face="serif">instruments available in the financial market to cover assets and liabilities in</FONT> <FONT size=2
face="serif">foreign currency, so as to reduce the exchange rate variation effects on their</FONT> <FONT size=2 face="serif">results. Such hedges have amounts, periods and indexes equivalent to the</FONT> <FONT size=2 face="serif">assets and
liabilities in foreign currency, to which they are linked. Shown</FONT> <FONT size=2 face="serif">below are the assets and liabilities in foreign currency, translated into</FONT> <FONT size=2 face="serif">Brazilian reais at December 31,
2004:</FONT></LI>
</UL></blockquote>
<blockquote>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=74% rowspan="2" align="left">&nbsp;
        </TD>
        <TD width=10% rowspan="2" align=right>
<FONT size=2 face="serif">Carrying<br>
</FONT>
<FONT size=2 face="serif"><u>amount</u></FONT>
        </TD>
        <TD width=2% rowspan="2" align="left">&nbsp;
        </TD>
        <TD width=10% rowspan="2" align=right>
      <FONT size=2 face="serif"><u>Fair value</u></FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
    </TR>
<TR>
        <TD width="4%" align="left">&nbsp;

        </TD>
    <TD width="74%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> <FONT size=2 face="serif">Assets:</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Investments abroad and hedges</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">266,619</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">275,613</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Cash and temporary cash investments</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">108,977</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">108,977</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Receivables from foreign customers,
            net of advances on</FONT> </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;</TD>
        <TD width=10% align=right></TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">export contracts</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35,002</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35,002</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left></TD>
        <TD width=74% align=left> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">410,598</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">419,592</FONT>
        </TD>
</TR>
<TR>
        <TD width="4%" align="left">&nbsp;</TD>
    <TD width="74%" align="left">&nbsp; </TD>
    <TD align=right valign="bottom"><hr noshade size=1></TD>
    <TD align="left" valign="bottom">&nbsp; </TD>
    <TD align=right valign="bottom"><hr noshade size=1>
    </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> <FONT size=2 face="serif">Liabilities:</FONT> </TD>
        <TD width=10% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Foreign currency financing</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">346,809</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">350,318</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Import payables</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">12,294</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">12,294</FONT>
        </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align="left" valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left></TD>
        <TD width=74% align=left> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">359,103</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">362,612</FONT>
        </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align="left" valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=74% align=left> <FONT size=2 face="serif">Net asset position</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">51,495</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">56,980</FONT>
        </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp; </TD>
  <TD align=right valign="bottom"><hr noshade size=2></TD>
  <TD align="left" valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
</TR>
</TABLE>
</blockquote>

<P align="center"><FONT size="2" face="serif">24</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%" align="left">&nbsp;</TD> <TD colspan=2 align="left">
<FONT size=2 face="serif">The exchange rate variation related to cash and banks, temporary cash investments and investments abroad was recorded as financial expense in the statement of income for 2004, in the amount of R$10,995 (2003 - financial
expense of R$24,251). Other financial instruments recorded in the financial statements as of December 31, 2004 were determined in conformity with the accounting criteria and practices described in the respective notes, at amounts which approximate
their fair value.</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">20.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2 align="left">
<FONT size=2 face="serif">CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</FONT>   </TD>
    </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Labor, civil and tax lawsuits</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="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 an 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 bargaining for the interpretation and clarification of the fourth
clause of the agreement. Based on the opinion of its legal counsel, who analyzed the last decision of the Federal Supreme Court (STF) on the collective bargaining, as well as the status of the individual lawsuit of the subsidiary, management
believes that a reserve is not necessary as of December 31, 2004.</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="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) lawsuit for reimbursement of expenses by the administration company of the shopping mall and its insurance
company; and (iii) class action suit 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. The subsidiary has insurance for this contingency;
the uninsured amount is R$36,720.</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">The Company and its subsidiaries obtained injunctions to pay PIS and COFINS (taxes on revenues) without the changes introduced by Law No. 9,718/98 in its original version. The ongoing questioning refers to the levy of these
taxes on sources other than revenues. The unpaid amounts were recorded in the financial statements of the Company and its subsidiaries, totaling R$33,699 (2003 - R$30,498).</FONT>     </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">The main tax 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 long-term liabilities as other taxes and deferred income and social contribution taxes, respectively.</FONT> </TD>
</TR>
</TABLE>

<P align="center"><FONT size="2" face="serif">26</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<blockquote>
  <blockquote>
    <p>
      <FONT size=2 face="serif">The subsidiary Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio recorded an accrual of R$7,346 for an ICMS tax assessment under judgment at the administrative level. The subsidiary currently awaits a decision on its appeal
      filed in July 2004. </FONT></p>
    <p>
      <FONT size=2 face="serif">The subsidiary Uting&aacute;s Armazenadora S.A. has been challenging in court an ISS tax assessments issued by the municipal government of Santo Andr&eacute;. Legal counsel of the subsidiary classifies the risk as low,
        since a significant portion of the lower court decisions was favorable to the subsidiary. The thesis defended by the subsidiary is supported by the opinion of a renowned tax specialist. The updated amount of the contingency as of December 31, 2004
      is R$25,405. </FONT></p>
    <p>
      <FONT size=2 face="serif">The Company and its subsidiaries have other ongoing administrative and judicial proceedings; legal counsel classified the risks of these proceedings as possible or remote and, therefore, no reserves for potential losses on
      these proceedings have been recorded. </FONT></p>
    <p>
      <FONT size=2 face="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. Escrow deposits and provisions are summarized below: </FONT></p>
  </blockquote>
</blockquote>

<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">2004</font> </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">2003</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=right><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=right><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><i><font size=2 face="serif">Escrow<br>
  </font></i> <i><font size=2 face="serif"><u>deposits</u></font></i></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif"><u>Provision</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Escrow<br>
  </font> <font size=2 face="serif"><u>deposits</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif"><u>Provision</u></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=44% align=left> <FONT size=2 face="serif">Social contribution tax on net income</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,910</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">31</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,917</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=44% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Labor claims</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9,904</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,016</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">7,433</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">914</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=44% align=left> <FONT size=2 face="serif">PIS and COFINS on other revenues</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">33,699</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">30,498</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=44% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;ICMS</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">538</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9,435</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=44% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT> </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,603</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,009</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,382</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">6,570</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=44% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">14,103</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">52,069</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9,904</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">40,899</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Contracts</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="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 their port
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 port rates in effect at the date established for payment. As of December 31, 2004, such rates were
R$3.67 and R$3.44 per ton for Aratu and Suape, respectively. The subsidiary has met the minimum cargo movement limits since the inception of the contracts.</FONT>      </TD>
</TR>
</TABLE>

<p align="center"><br>
  <font size="2" face="Times New Roman, Times, serif">27</font><br>
</p>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<blockquote>
  <blockquote>
    <p>
      <FONT size=2 face="serif">The subsidiary 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 consumption level of ethylene per year. The minimum
        purchase commitment and the actual demand for the years ended December 31, 2004 and 2003, expressed in tons of ethylene, are summarized below. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine of 40% of the
      current ethylene price for the quantity not purchased.</FONT></p>
  </blockquote>
</blockquote>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=56% align="left">&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=2 face="serif">Minimum purchase</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif"><u>Actual demand</u></FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>

        </TD>
        <TD width=56% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;commitment&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif"><u>2004</u></FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif"><u>2003</u></FONT>
        </TD>
</TR>
<TR>
        <TD width="10%" align="left">&nbsp;</TD>
    <TD width="56%" align="left">&nbsp; </TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=56% align=left> <FONT size=2 face="serif">In tons</FONT> </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">137,900</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">192,439</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">188,850</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=90% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left">
<FONT size=2 face="serif">c) </FONT></TD>
<TD width="90%" align="left"><font size=2 face="serif">Insurance coverage for subsidiaries</font></TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">It is the subsidiaries&#146; practice to maintain insurance policies in amounts considered sufficient to cover potential losses on assets, as well as for civil responsibility for involuntary, material damages and/or bodily
harm 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>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">21.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan="2" align="left">
<FONT size=2 face="serif">STOCK COMPENSATION PLAN (CONSOLIDATED)</FONT> </TD>
    </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD colspan="2" align="left">
<FONT size=2 face="serif">The Extraordinary Stockholders&#146; Meeting held on
November 26, 2003 approved a</FONT> <font size=2 face="serif">compensation plan
for management of the Company and its subsidiaries, which</font>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD colspan="2" align="left">
<FONT size=2 face="serif">provides for: (i) the initial grant of usufruct of shares issued by the Company and held in treasury by the subsidiaries in which the beneficiaries are employed, and (ii) the transfer of the beneficial ownership of the
shares after ten years of the initial concession provided that the professional relationship between the beneficiary and the Company and its subsidiaries is not interrupted. The total value granted to executives until December 2004, including taxes,
was R$7,654 (2003 - R$4,960). Such value is being amortized over a period of ten years and the amortization related to the year ended December 31, 2004, in the amount of R$567 (2003 - R$42), was recorded as an operating expense of the
period.</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">22.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan="2" align="left">
<FONT size=2 face="serif">EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</FONT>      </TD>
    </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD colspan="2" align="left">
<FONT size=2 face="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>       </TD>
</TR>
</TABLE>
<P align="center"><br>
  <font size="2" face="Times New Roman, Times, serif">28</font><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%" align="left">&nbsp;</TD> <TD colspan=2 align="left">
<FONT size=2 face="serif">In August 2001, the Company and its subsidiaries began to provide a defined contribution pension plan to their employees. This plan is managed by Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia Complementar. 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 deplete the fund accumulated in the
participant&#146;s name in a period of 5 to 25 years. Accordingly, neither the Company nor its subsidiaries assume responsibility for guaranteeing the levels of amounts or periods of receipt of the retirement benefit. In 2004, the Company and its
subsidiaries contributed R$3,991 (2003 - R$3,355) to Ultraprev, which was charged to income for the year. The total number of participating employees as of December 31, 2004 was 5,503, with no participants retired to date.</FONT>   <font size=2 face="serif">Additionally,
Ultraprev has 1 active participant and 33 former employees receiving defined benefits according to the
policies of a previous plan.</font></TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">23.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2 align="left">
<FONT size=2 face="serif">SUBSEQUENT EVENTS</FONT>      </TD>
    </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">The Extraordinary Stockholders&#146; Meeting held on February 2, 2005 approved the issuance by the Company and the public distribution in a single block of 30,000 (thirty thousand) non-convertible debentures with nominal
unit value of R$10,000.00 (ten thousand reais), resulting in a total amount of R$300,000.00 (three hundred thousand reais). The proceeds obtained from these debentures will be used to retire short-term debt and/or other general corporate
purposes.</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">According to the press release issued on February 3, 2005 Monteiro Aranha S.A. and certain shareholders of Ultra S.A. disclosed their intention to undertake a secondary public distribution of Ultrapar shares. The request
for this offer was filed with the Brazilian Securities Commission (CVM) and the Securities and Exchange Commission - SEC, and is subject to the approval of both agencies.</FONT>       </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">To prepare this offering, the Board of Directors approved on February 2, 2005 a stock dividend, effected through the capitalization of part of the Company&#146;s reserve for retention of profits, with the issuance of 10.5
billion of new preferred shares, to be distributed to shareholders in the proportion of 15 new preferred shares, for each of 100 common or preferred shares held.</FONT>        </TD>
</TR>
</TABLE>

<div align="center"><br>
  <br>
    <font size="2" face="Times New Roman, Times, serif">29</font><br>
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<P align="right">
<B><FONT size=2 face="serif">ITEM 6</FONT></B></P>

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<P align="center">
<B><FONT size=2 face="serif">MANAGEMENT REPORT 2004</FONT></B></P>
<P>
<FONT size=2 face="serif">Dear Shareholders, </FONT></P>
<P>
<FONT size=2 face="serif">The Management of ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. (Ultrapar) is pleased to present the following Management Report, Balance Sheet and other Financial Statements for the fiscal year ending December 31, 2004. All
data herein has been prepared according to Brazilian corporate law and is accompanied by an independent auditor&#146;s report.</FONT></P>
<P>
<B><FONT size=2 face="serif">ECONOMIC BACKGROUND </FONT></B><br>

<FONT size=2 face="serif">The year 2004 was characterised by a more favourable macroeconomic environment, both in Brazil and worldwide. The domestic economy benefited from the expressive increase in exports, and at the end of 2003, after a period of
low industrial activity, the economy started to show signs of recovery. Estimates are that during 2004 GDP grew approximately 5%, with reflections in increased income, employment and consumption. The external macroeconomic scenario was extremely
favourable to the Brazilian economic growth, with the largest global GDP expansion in the last 20 years, stimulating exports and increasing Brazil&#146;s trade surplus. In addition, international interest rates remained low and the US dollar
depreciated gradually against the world's major currencies. The year ended with a continuing appreciation of the Real, bringing risks to the future macroeconomic performance or Brazil.</FONT></P>
<P>
<B><FONT size=2 face="serif">ULTRAPAR IN 2004</FONT></B></P>
<P><B><FONT size=2 face="serif">  Highlights of the year</FONT></B></P>
<P>
  <FONT size=2 face="serif">For Ultrapar, two major events stood out in the year 2004 (</FONT><I><FONT size=2 face="serif">i</FONT></I><FONT size=2 face="serif">) a significant increase in the level of the company&#146;s results, and (</FONT><I><FONT
size=1 face="serif">ii</FONT></I><FONT size=2 face="serif">) the conclusion of a new agreement between the shareholders of Ultra S.A., the company&#146;s controlling shareholder, so as to consolidate a stable and defined controlling block in
    Ultrapar. The new level of results was achieved through good positioning in the three businesses in which Ultrapar operates, the benefits arising from the integration of the operations of Shell G&aacute;s and Canamex - companies acquired at the end
    of 2003 &#150; the economic growth, and through the strong world demand for ethylene oxide derivatives. For Ultragaz, the year 2004 saw the benefits from the higher operational scale as a result of acquiring Shell G&aacute;s in 2003 and from the
    recovery in Brazil's LPG market, which, after shrinking for three years, presented growth of 2.7% . At Oxiteno, the focus on meeting clients needs allowed the company to increase its results in 2004, by meeting the growing demand in the domestic
    market and achieving a higher added-value sales mix. Furthermore, the strong worldwide demand for ethylene oxide derivatives has consequently improved international prices. Additionally, Oxiteno consolidated its operation in Mexico and announced the
    acquisition of the assets of Rhodia Especialidades Qu&iacute;micas in July 2004. Ultracargo consolidated the level of results achieved in 2003 and began operations at the Tatu&iacute; and Montes Claros terminals, this latter inaugurating storage
    services for Brazil's main fuel distributors. This performance led Ultrapar to end 2004 with consolidated EBITDA of R$ 737 million and net earnings of R$ 414 million, representing an increase of 48% and 68%, respectively, compared to
    2003.</FONT></P>
<div align="center"><IMG src="item6x2x1.jpg" border=0>
     <BR>
</div>
<P>
<FONT size=2 face="serif">The signing of a new agreement between the shareholders of Ultra S.A., the company's controlling shareholder, was another significant event in 2004, representing the consolidation of a stable and defined controlling
shareholder block in Ultrapar, determination to continue to be driven by the professional management, and improvement in the company's corporate governance principles.</FONT></P>
<P align="center">
<FONT size=2 face="serif">32</FONT></P>

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<P>
<FONT size=2 face="serif">Moreover, Ultrapar ended the year with the certainty of having taken significant steps towards continuation of its sustainable long-term development, among which we highlight (i) the start-up of operations at the Santos
Intermodal Terminal &#150; scheduled for the first half of 2005 &#150; with the capacity to store 112,000 m</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif"> of chemical products, alcohol and vegetable oils; (ii) the
expansion of company's capacity to produce specialty chemicals, with particular emphasis on the construction of a fatty alcohol plant; and (iii) a feasibility study for the production of basic petrochemicals, including ethylene, from heavy oil.
</FONT></P>
<P>
<FONT size=2 face="serif">In 2004 Oxiteno founded its own &#147;Science and Technology Council&#148;, with six of the world&#146;s major specialists in tensoactives being members. The Council, which first met in December 7 to 10, 2004, analysed
critically the company&#146;s R&amp;D projects&#146; portfolio, as well as the methodology used. Many recommendations will enable the company to increase its efficiency in R&amp;D, as well as enlarge its partnerships with international
entities.</FONT></P>
<P>
<B><FONT size=2 face="serif">Investments</FONT></B><br>
<FONT size=2 face="serif">Ultrapar&#146;s decisions on investments follow strict criteria regarding returns over cost of capital, with EVA&#153; (Economic Value Added) being one of its main tools. This discipline in the allocation of capital, allied
to a strategic vision focused on those businesses in which we believe we have competitive advantages, has resulted in growing returns on capital, as can be seen in the chart below. In 2004, net investments totalled R$ 284 million. At Ultragaz, R$ 99
million was invested, mainly in expanding the small-bulk delivery system (UltraSystem), in the replacement of fleet and cylinders, and in the acquisition of minority shareholdings. At Oxiteno, investment totalled R$ 86 million, and were focused on
the modernisation of the company's industrial plants and expanding the production capacity of specialty chemicals, aiming at the growing domestic demand and increasing sales flexibility at Oxiteno. Investment at Ultracargo amounted to R$ 92 million
in 2004 and were directed mainly to the construction of the Santos Intermodal Terminal and expansion of the company's fleet.</FONT></P>
<div align="center"><IMG src="p33x3x1.jpg" width="501" height="201"><BR>
</div>
<P>
<B><FONT size=2 face="serif">Corporate Governance</FONT></B></P>
<P>  <FONT size=2 face="serif">The concept of corporate governance was introduced at Ultrapar back in the Seventies, with the professionalization of the Company's management, which up to that time had been family-managed. Over the years, Ultrapar has
  moved to become a company with shared control between executives and the founding family. At the end of 2004, the successful conclusion of a new agreement between the controlling shareholders of Ultrapar ratified this control structure and
  constituted an important step in the evolution of the company's corporate governance. In addition, Ultrapar has improved its existing mechanisms of corporate governance, adding tag-along rights to the company's bylaws, for all shareholders, at 100%
  of the offer price, a right which was already conceived through a shareholder agreement. The company's efforts to carry out its activities with a high degree of transparency and respect for minority shareholders were recognised with the awarding of
  prize for Best Firm in Corporate Governance and Second Best Firm in Investor Relations in the Oil, Gas and Petrochemicals segment, for the 2004 Latin American Ranking, produced by the </FONT><I><FONT size=2 face="serif">Institutional Investor
  Research Group</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P>
<B><FONT size=2 face="serif">Capital Markets</FONT></B><br>

<FONT size=2 face="serif">On 18 May 2004, at an Extraordinary General Shareholders Meeting, the Company approved the equalisation of dividend distribution to the holders of common and preferred shares. This proposal had been</FONT></P>
<P align="center">
<FONT size=2 face="serif">33</FONT></P>

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<P>
<FONT size=2 face="serif">previously submitted to a Special Meeting of Preferred Shareholders and approved by 70% of the Company&#146;s preferred shareholders.</FONT></P>
<P>
<FONT size=2 face="serif">We declared dividends of R$ 164 million in 2004, representing 40% of net earnings for the year and a </FONT><I><FONT size=2 face="serif">dividend yield</FONT></I><FONT size=2 face="serif"> of 4.6%, taking the share price of
R$ 51.00/thousand shares as of December 30, 2004. Additionally, the shares of Ultrapar appreciated by 37% in 2004. During this same period, the Ibovespa and IBX indexes appreciated by 18% and 30%, respectively. Shares issued by the company
experienced a significant increase in liquidity in 2004. Some 11.4 thousand trades were made on the S&atilde;o Paulo Stock Exchange (Bovespa), an increase of 73% over the previous year. These transactions resulted in an average daily trading volume
of R$ 2.8 million, an increase of 155% in relation to 2003. The company's ADRs (American Depository Receipts, representing the company's preferred shares traded on the New York Stock Exchange) presented an average daily trading volume of R$ 0.9
million in 2004, an increase of 84% in relation to 2003.</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="2">
     <tr align="center">
          <td width="50%"><IMG src="item6x4x1.jpg" border=0></td>
          <td width="50%"><IMG src="item6x4x2.jpg" border=0></td>
     </tr>
</table>


<P>
<B><FONT size=2 face="serif">Quality, Safety and the Environment</FONT></B></P>
<P>  <FONT size=2 face="serif">In 2004 Ultrapar, through its subsidiaries, continued its program of improving aspects of quality, safety and the environment, involving not only the company's operations, but also external agents, such as clients,
  suppliers and the community. In addition, the company has benefited from the investment in increasing productivity, made in 2003. Ultragaz, in recognition of its results and operational standards, was the first Brazilian company invited to
  participate in the Board of the World LPG Association, a body which brings together the world&#146;s leading companies in the LPG sector, thus demonstrating the advances made by the company in meeting its target of "Being a Global LPG Benchmark".
  Ultragaz has also dedicated itself to extending its ISO 9001 certification program, adapting its procedures and installations at facilities which had still not been certified. Furthermore, Ultragaz has carried out activities in the community,
  publishing guidelines on the safe uses of LPG and the prevention of accidents. Oxiteno, reinforcing its commitment to quality, safety and the environment, directed efforts towards recertification of all standards to which must comply, also altering
  the certificating company, a process which was concluded by the end of 2004. In this process, as well as the updating of certain standards, others were improved - for example: alteration of the certification required by the automotive industry, from
  QS-9000, which covers just three vehicle assemblers, to ISO/TS 16949, which extends to all the clients in the sector. In recognition of the company&#146;s responsible</FONT></P>
<P align="center">
<FONT size=2 face="serif">34</FONT></P>

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<P>
<FONT size=2 face="serif">conduct, Oxiteno&#146;s largest plant, located at Cama&ccedil;ari - Bahia, received five stars at the Safety, Industrial Hygiene, Environmental, and Occupational Health awards, presented by the Cama&ccedil;ari Petrochemical
Complex. Finally, Ultracargo began in 2004 a new process for certifying its facilities, already certified for management quality under ISO 9001, that now includes ISO 14001 certification, the first being the Paul&iacute;nia Intermodal Terminal in
the state of S&atilde;o Paulo. In addition, the Aratu Terminal was submitted to an audit by the CDI-T (</FONT><I><FONT size=2 face="serif">Chemical Distribution Institute &#150; Terminals</FONT></I><FONT size=2 face="serif">), a rigorous system of
terminal evaluation, representing the best global quality practices. Awards from clients were also received, in recognition of the quality and safety in services provided. </FONT></P>
<P>
<B><FONT size=2 face="serif">Personnel Management and Social Responsibility</FONT></B></P>
<P>  <FONT size=2 face="serif">The guidelines to which Ultrapar adheres in conducting its operations - based on ethics, personnel appreciation, sound management and consistency - are the same as those applied to its employees, suppliers, consumers,
  communities and the preservation of the environment. Internally, Ultrapar has developed a human resources policy focused on attracting, developing and retaining talent. To this end, the company runs annually trainee and apprenticeship to graduate
  students programs and invests in the specialisation of its employees and in expanding their professional horizons. In 2004, the company provided approximately 68,000 hours in training sessions. Variable remuneration is also an important instrument
  in achieving growing levels of efficiency and is linked to meeting annual EVA&#153; (</FONT><I><FONT size=2 face="serif">Economic Value Added</FONT></I><FONT size=2 face="serif">) and BSC (</FONT><I><FONT size=2 face="serif">Balanced
  ScoreCard</FONT></I><FONT size=2 face="serif">) performance indicator targets. With the aim of providing benefits that are complementary to those provided under the government pension scheme, Ultrapar maintains a private pension fund whose net
  worth, as at December 31, 2004, amounted to R$ 69 million. Outside the company, the relationships with suppliers and dealers is based on the principles of partnership and commitment to environmental preservation. Ultrapar's social initiatives are
  based on the belief that everyone has much to contribute to the transformation of society. Thus, in addition to funding activities devoted to improving the quality of life in the community, the company seeks to involve its employees to this end, the
  main focus of which is education. </FONT></P>
<TABLE><TR><TD width="138" nowrap>
<B><FONT size=2 face="serif">Value Added</FONT></B></TD></TR></TABLE>
<P>
<FONT size=2 face="serif">Ultrapar generated "Value Added" of R$ 1.2 billion,
37% higher than in 2003, distributed as shown in the chart below:</FONT></P>
<TABLE width="100%">
     <TR><TD width="100%" align="center"><IMG src="item6x5x1.jpg" border=0>
</TD>
</TR></TABLE>


<P>
<I><FONT size=2 face="serif">Note: According to the model developed by Fipecafi (the S&atilde;o Paulo University Institute for Accounting, Actuarial and Financial Research</FONT></I><FONT size=2 face="serif">) </FONT></P>
<P>
<B><FONT size=2 face="serif">Independent Auditors</FONT></B></P>
<P>
<FONT size=2 face="serif">Ultrapar&#146;s dealings with its independent auditors as regards services unrelated to external auditing are based on the principle of preserving the auditors&#146; independence. During the year 2004, the amount paid for
services not related to external audit amounted to less than 5% of the fees paid to the Independent Auditors. </FONT></P>
<P>
<B><FONT size=2 face="serif">OUTLOOK </FONT></B></P>
<P>
<FONT size=2 face="serif">Ultrapar will continue to direct its resources to achieving sustainable growth in its businesses. Ultragaz shall concentrate its efforts in 2005 on achieving gains in productivity, in the constant innovation of its services
and in a closer relationship with its clients. At Oxiteno, investment in the expansion of production capacity, together with economic growth and the continued strengthening of petrochemical commodity prices, should result in an outstanding level of
profitability in the sector. In addition, Oxiteno expects to expand its operations in Mexico, increasingly using them as a platform for international expansion. Early in 2005, the</FONT></P>
<P align="center">
<FONT size=2 face="serif">35</FONT></P>

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<P>
<FONT size=2 face="serif">Santos Intermodal Terminal will begin operations, leveraging the results of Ultracargo. Opportunities in our three businesses are constantly being evaluated, with the focus always on sustainable growth and creating
shareholder value.</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">Finally, we thank all those who have helped to achieve another year of important conquests for the company. </FONT></P>
<P>
  <FONT size=2 face="serif"><strong>ANALYSIS OF THE FINANCIAL PERFORMANCE IN 2004</strong></FONT></P>
<P><FONT size=2 face="serif">  <FONT size=2 face="serif">The financial and operational information of Ultrapar is presented on a consolidated basis, according to the general accounting practices adopted in Brazil. Financial and operational information from Ultragaz, Oxiteno and
  Ultracargo are presented on an unconsolidated basis and consequently, intercompany transactions have not been eliminated between the companies. </FONT></FONT></P>
<B><FONT size=2 face="serif">
<P>
<B><FONT size=2 face="serif">Financial highlights, by line of business </FONT></B><br>
<B><I><FONT size=2 face="serif">Amounts expressed in R$ million </FONT></I></B></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD width=20% align=left><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width=8% align=left><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width=8% align=left><hr noshade size=1>          </TD>
     <TD><hr noshade size=1>          </TD>
     <TD width=8% align=left><hr noshade size=1>          </TD>
     <TD><hr noshade size=1>          </TD>
     <TD width=8% align=left><hr noshade size=1>          </TD>
     <TD><hr noshade size=1></TD>
     <TD width=8% align=left><hr noshade size=1>          </TD>
     <TD><hr noshade size=1>          </TD>
     <TD width=8% align=center><hr noshade size=1>           </TD>
     <TD align=center><hr noshade size=1>          </TD>
     <TD width=8% align=center><hr noshade size=1></TD>
     <TD><hr noshade size=1>          </TD>
     <TD width=8% align=left><hr noshade size=1>          </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<B><FONT size=2 face="serif">2004</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">2003</FONT></B>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=8% align=center>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
        </TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1> </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%"><hr noshade size=1>
        </TD>
        <TD><hr noshade size=1>      </TD>
        <TD width="8%"><hr noshade size=1>           </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<B><FONT size=2 face="serif">Financial Indicators</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">Ultrapar</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">Ultragaz </FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size=2 face="serif">Oxiteno</font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">Ultrapar</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Net revenue</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,784</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,968</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,663</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">197</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,000</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,623</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,238</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">177</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Gross profit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,114</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">448</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">594</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">72</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">804</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">366</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">374</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">63</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Operating profit<SUP>1</SUP></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">564</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">153</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">383</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">352</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">113</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">207</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Net earnings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">415</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">246</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR>
        <TD width="20%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<B><FONT size=2 face="serif">EBITDA<SUP>2</SUP></FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">737</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">269</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">421</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">41</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">498</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">208</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">243</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">40</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="20%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><hr noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=1>
<TR valign="bottom">
     <TD width=4% align=left valign="top"><font size=1 face="serif">1 </font></TD>
        <TD width=96% align=left><FONT size=1 face="serif">Operating profit before financial income (expenses) and equity income.</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD width=4% align=left valign="top"><font size=1 face="serif">2 </font></TD>
        <TD width=96% align=left><FONT size=1 face="serif">EBITDA
is a measure used to approximate the company's ability to generate cash. For
a better understanding of the EBITDA calculation, see Note 16 in the consolidated
financial statements.</FONT>
        </TD>
</TR>
</TABLE>

</font></b><FONT size=2 face="serif">
<P>
  <b><FONT size=2 face="serif">Sales Volume &#150; </FONT></b><FONT size=2 face="serif">The
  economic growth and the improvement in the population's average income level
  in 2004 contributed to the 2.7% growth in sales volume in the LPG distribution
  market. In this period, Ultragaz&#146;s sales volume saw an increase of 14% in relation to 2003, partly due to the growth in the LPG market and partly due to the acquisition of Shell G&aacute;s
  in August 2003. Total sales volume at Oxiteno amounted to 518,000 tons in 2004,
  an increase of 9% compared to 2003. This increase was mainly due to (i) the
  acquisition of new clients, through import substitution; (ii) sales more concentrated
in specialty chemicals; and (iii) the growth in the Brazilian economy. </FONT></P>
<B>
<div align=center>
  <TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom" bgcolor="#0000FF">
          <TD width=53% align=left>
  <B><FONT color="#FFFFFF" size=2 face="serif">Sales Volume - Ultragaz</FONT></B>
          </TD>
          <TD width=15% align=center>
  <B><FONT color="#FFFFFF" size=2 face="serif">2004</FONT></B>
          </TD>
          <TD width=15% align=center>
  <B><FONT color="#FFFFFF" size=2 face="serif">2003</FONT></B>
          </TD>
          <TD width=17% align=center>
          <font color="#FFFFFF"><B><I><FONT size=2 face="serif">&#916;(%)<br>
          </FONT></I></B> <B><I><FONT size=2 face="serif">2004x2003</FONT></I></B>
         </font></TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <B><FONT size=2 face="serif">Total Volume (&#145;000 tons)</FONT></B>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">1,549</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">1,362</FONT>
          </TD>
          <TD width=17% align=center>
  <B><FONT size=2 face="serif">14%</FONT></B>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <FONT size=2 face="serif">Bottled</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">1,052</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">891</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">18%</FONT>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <FONT size=2 face="serif">Bulk</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">497</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">471</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">6%</FONT>
          </TD>
  </TR>
  <TR>
          <TD width="53%">
  <HR noshade size=2>   </TD>
          <TD width="15%">
  <HR noshade size=2>   </TD>
          <TD width="15%">
  <HR noshade size=2>   </TD>
          <TD width="17%">
  <HR noshade size=2>   </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>

        </TD>
          <TD width=15% align=left>

        </TD>
          <TD width=15% align=left>

        </TD>
          <TD width=17% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#0000FF">
          <TD width=53% align=left>
  <B><FONT color="#FFFFFF" size=2 face="serif">Sales Volume - Oxiteno</FONT></B>
          </TD>
          <TD width=15% align=center>
  <B><FONT color="#FFFFFF" size=2 face="serif">2004</FONT></B>
          </TD>
          <TD width=15% align=center>
  <B><FONT color="#FFFFFF" size=2 face="serif">2003</FONT></B>
          </TD>
          <TD width=17% align=center>
  <B><I><FONT color="#FFFFFF" size=2 face="serif">&#916;(%)<br>
  2004x2003</FONT></I></B>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <B><FONT size=2 face="serif">Total Volume (&#145;000 tons)</FONT></B>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">518</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">474</FONT>
          </TD>
          <TD width=17% align=center>
  <B><FONT size=2 face="serif">9%</FONT></B>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
   <FONT size=2 face="serif">Sales in Brazil</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">341</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">283</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">21%</FONT>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <FONT size=2 face="serif">Sales outside Brazil</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">177</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">191</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">(7%)</FONT>
          </TD>
  </TR>
  <TR>
          <TD width="53%">
  <HR noshade size=2>   </TD>
          <TD width="15%">
  <HR noshade size=2>   </TD>
          <TD width="15%">
  <HR noshade size=2>   </TD>
          <TD width="17%">
  <HR noshade size=2>   </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>

        </TD>
          <TD width=15% align=left>

        </TD>
          <TD width=15% align=left>

        </TD>
          <TD width=17% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#0000FF">
          <TD width=53% align=left>
  <B><FONT color="#FFFFFF" size=2 face="serif">Sales Volume - Ultracargo</FONT></B>
          </TD>
          <TD width=15% align=center>
  <B><FONT color="#FFFFFF" size=2 face="serif">2004</FONT></B>
          </TD>
          <TD width=15% align=center>
  <B><FONT color="#FFFFFF" size=2 face="serif">2003</FONT></B>
          </TD>
          <TD width=17% align=center>
          <font color="#FFFFFF"><B><I><FONT size=2 face="serif">&#916;(%)<br>
          </FONT></I></B> <B><I><FONT size=2 face="serif">2004x2003</FONT></I></B>
         </font></TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <FONT size=2 face="serif">Effective storage (&#145;000 m<SUP>3</SUP>) <SUP>*</SUP></FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">204</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">196</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">4%</FONT>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <FONT size=2 face="serif">Effective storage (&#145;000 m<SUP>2</SUP>) <SUP>*</SUP></FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">7</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">5</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">45%</FONT>
          </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <FONT size=2 face="serif">Total kilometrage (million)</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">50</FONT>
          </TD>
          <TD width=15% align=center>
  <FONT size=2 face="serif">49</FONT>
          </TD>
          <TD width=17% align=center>
  <FONT size=2 face="serif">1%</FONT>
          </TD>
  </TR>
  <TR>
      <TD width="53%">
          <HR noshade size=2>
      </TD>
      <TD>
          <HR noshade size=2>
      </TD>
      <TD>
          <HR noshade size=2>
      </TD>
      <TD>
          <HR noshade size=2>
      </TD>
  </TR>
  <TR valign="bottom">
          <TD width=53% align=left>
  <I><SUP><FONT size=2 face="serif">* </FONT></SUP><FONT size=2 face="serif">Monthly Average</FONT></I>
          </TD>
          <TD width=15% align=left>

        </TD>
          <TD width=15% align=left>

        </TD>
          <TD width=17% align=left>

        </TD>
  </TR>
  </TABLE>
</div>
</b></font><FONT size=2 face="serif">
<P align="center">
<FONT size=2 face="serif">36</FONT></P>
<B><br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>

</b>
<P>
  <b><FONT size=2 face="serif">Net Revenue &#150;</FONT></b><FONT size=2 face="serif"> In
    2004, Ultrapar&#146;s net revenue amounted to R$ 4,784 million, 20% higher than the net revenue reported in 2003. Ultragaz reported net revenue of R$ 2,968 million,
    an increase of 13% in relation to 2003, due principally to the higher sales volume. Oxiteno reported net revenue of R$ 1,663 million, 34% higher than in 2003, due to (i) increased demand in the domestic market; (ii) higher petrochemical commodity
    prices in international markets; and (iii) the acquisition of Canamex. At Ultracargo, investment in the new terminals at Tatu&iacute; and
    Montes Claros, as well as the economic recovery, enabled net revenue to increase
by 11%, amounting to R$ 197 million in 2004. </FONT></P>
<P>
  <b><FONT size=2 face="serif">Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) &#150; </FONT></b><FONT size=2 face="serif">Ultrapar
    reported EBITDA of R$ 737 million in 2004, an increase of 48% in relation
    to 2003. Ultragaz reported EBITDA of R$ 269 million, 29% higher than in 2003,
    resulting from increased volume and gains in scale following the acquisition
    of Shell G&aacute;s. Ultragaz&#146;s EBITDA/ton increased from R$ 153 in
    2003 to R$ 174 in 2004. Oxiteno reported EBITDA growth of 73%, with EBITDA
    margin widening to 25%, an increase of 5 percentage points compared to the
    previous year. Factors underlying the improvement in EBITDA at Oxiteno included
    (i) a more value-added-sales mix, the result of increased sales of specialty
    chemicals, and increased sales to the domestic market; and (ii) higher petrochemical
    commodities in the international markets. Ultracargo reported EBITDA of R$
41 million, consolidating the level achieved in 2003.</FONT></P>
<P>
  <b><FONT size=2 face="serif">Net Earnings &#150; </FONT></b><FONT size=2 face="serif">Consolidated net earnings in 2004 amounted to</FONT> <FONT size=2 face="serif">R$ 414 million, an increase of 68% compared
to 2003, basically due to increased EBITDA.</FONT></P>
<P>
  <b><FONT size=2 face="serif">Financial Liabilities and Debt &#150; </FONT></b><FONT size=2 face="serif">We ended 2004 with a debt of R$ 551 million. Of this total, R$ 204 million was in the form of </FONT><I><FONT size=2
face="serif">real</FONT></I><FONT size=2 face="serif">-denominated loans, principally
    from BNDES &#150; National Bank for Economic and Social Development. The average weighted cost of this debt, as at December 31, 2004, was approximately 67% of CDI
    (Interbank Certificate Deposit Rate). Foreign currency denominated loans amounted to R$ 347 million, comprising for the most part of export prepayments and eurobonds, at an average weighted cost of 5.3% above the exchange rate variation.
  Ultrapar&#146;s cash position as at December 31, 2004 amounted to R$ 597 million,
resulting therefore in net cash of R$ 46 million. </FONT></P>
<P>
  <b><FONT size=2 face="serif">Cash Flow &#150; </FONT></b><FONT size=2 face="serif">The
    statement below shows the company's cash flow, including long and short-term
    cash and cash equivalents, in 2003 and 2004. In 2004, cash flows before financing
    activities increased by R$ 350 million, basically as a result of the growth
    in cash flows from operating activities (R$ 242 million). Additionally, the
    lack of significant acquisitions in 2004 resulted in a reduction in cash
flow from investing activities of R$ 108 million for the year.</FONT> </P>
<P align="center">
<FONT size=2 face="serif">37</FONT></P>
<B><br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>

<P>
  <B><FONT size=2 face="serif">CONSOLIDATED CASH FLOW STATEMENT</FONT></B><br>
<I><FONT size=2 face="serif">(Amounts expressed in R$ million)</FONT></I></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=1>
  <TR valign="bottom">
    <TD width=76% align=left>

    </TD>
    <TD colspan=4 align=center>
 &nbsp;<B><FONT size=2 face="serif">As of December 31,</FONT></B>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">    </TD>
    <TD colspan=4><hr noshade size=1>
    </TD>
     <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>

    </TD>
    <TD width=8% align=center>
  <B><FONT size=2 face="serif">2004</FONT></B>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=center>
  <B><FONT size=2 face="serif">2003</FONT></B>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">
    </TD>
    <TD width="8%">
  <HR noshade size=1>
    </TD>
    <TD width="2%"></TD>
    <TD width="4%">
    </TD>
    <TD width="8%">
  <HR noshade size=1>
    </TD>
     <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Cash Flows from operating activities</FONT></B>
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">546</FONT></B>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">304</FONT></B>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net income</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">414</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">246</FONT>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">6</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">4</FONT>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation and amortization</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">173</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">147</FONT>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Working capital</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(70</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(27</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Financial expenses</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(5</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(54</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other (A)</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">28</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(12</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Cash Flows from investing activities</FONT></B>
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">(301</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="serif">)</FONT></B></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">(409</FONT></B></TD>
     <TD width=2% align=left><B><FONT size=2 face="serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Additions to property, plant, equipment and deferred</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(268</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(207</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Acquisition of minority interests (including treasury shares)</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(16</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(197</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(17</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(5</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Cash Flows from financing activities</FONT></B>
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">(202</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="serif">)</FONT></B></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">21</FONT></B>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Short term debt, net</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(64</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(37</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Issuances</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">249</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">265</FONT>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Debt payments</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(256</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(119</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Related companies</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(1</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(2</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Dividends paid</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(132</FONT></TD>
    <TD width=2%><FONT size=2 face="serif">)</FONT></TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(80</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">2</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">(6</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Net increase (decrease) in cash and cash equivalents</FONT></B>
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">43</FONT></B>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">(84</FONT></B></TD>
     <TD width=2% align=left><B><FONT size=2 face="serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Cash and cash equivalents at the beginning of the period</FONT></B>
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">554</FONT></B>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">638</FONT></B>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">
    </TD>
    <TD width="8%">
  <HR noshade size=1>
    </TD>
    <TD width="2%"></TD>
    <TD width="4%">
    </TD>
    <TD width="8%">
  <HR noshade size=1>
    </TD>
     <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Cash and cash equivalents at the end of the period</FONT></B>
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">597</FONT></B>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <B><FONT size=2 face="serif">554</FONT></B>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="76%">
    </TD>
    <TD width="8%">
  <HR noshade size=2>
    </TD>
    <TD width="2%"></TD>
    <TD width="4%">
    </TD>
    <TD width="8%">
  <HR noshade size=2>
    </TD>
     <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
  <B><FONT size=2 face="serif">Supplemental disclosure of cash flow information</FONT></B>
    </TD>
    <TD width=8% align=left>

    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=left>

    </TD>
     <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Cash paid for interest (B)</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">25</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">51</FONT>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Cash paid for taxes on income</FONT>
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">50</FONT>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=4%>&nbsp;
    </TD>
    <TD width=8% align=right>
  <FONT size=2 face="serif">25</FONT>
    </TD>
     <TD width=2% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE width="95%">
     <TR><TD width="778" nowrap>
<FONT size=2 face="serif">(A) Comprised mainly of (i) accrued and deferred taxes and, (ii) gain/loss of the disposal of assets</FONT><BR>
<FONT size=2 face="serif">(B) Included in cash flow from operating activities.</FONT></TD></TR>
</TABLE>
</b>
<P align="center">
<FONT size=2 face="serif">38</FONT></P>
<B><br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
  <div align="center"><br>


            <B><FONT size=2 face="serif"><br>
            <br>
            SIGNATURES</FONT></B>
</div>
</b>
<P>
  <FONT size=2 face="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>
<B>
<P>
<B><FONT size=2 face="serif">ULTRAPAR HOLDINGS INC. </FONT></B></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
        <TD width=5% align=left>
  <FONT size=2 face="serif">By:</FONT>
        </TD>
        <TD colspan=2 align=left>
  <FONT size=2 face="serif">/s/ Fabio Schvartsman</FONT>
        </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD colspan="2" align=left><hr align="left" width="25%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=7% align=left>
  <FONT size=2 face="serif">Name:</FONT>
        </TD>
        <TD width=88% align=left>
  <FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
  </TR>
  <TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=7% align=left>
  <FONT size=2 face="serif">Title:</FONT>
        </TD>
        <TD width=88% align=left>
  <FONT size=2 face="serif">Chief Financial and Investor Relations Officer</FONT>
        </TD>
  </TR>
</TABLE>
<font size="2"><br>
</font></b><font size="2">Date: February 18, 2005<br>
</font>
</TEXT>
</DOCUMENT>
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<SEQUENCE>2
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