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<SEC-DOCUMENT>0000950103-05-000357.txt : 20050301
<SEC-HEADER>0000950103-05-000357.hdr.sgml : 20050301
<ACCEPTANCE-DATETIME>20050301095046
ACCESSION NUMBER:		0000950103-05-000357
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050216
FILED AS OF DATE:		20050301
DATE AS OF CHANGE:		20050301

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:		05648169

	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>feb2805_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>feb2805_6k</TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
<P align="center"> <B><FONT size=3 face="Times New Roman, Times, serif">Form
      6-K</FONT></B> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>SECURITIES
      AND EXCHANGE COMMISSION<br>
  </B></font><font size="3" face="Times New Roman, Times, serif"><B>Washington,
  D.C. 20549 </B> </font></P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>Report
      Of Foreign Private Issuer<br>
  Pursuant To Rule 13a-16 Or 15d-16 Of<br>
  The Securities Exchange Act Of 1934 </B></font><font size="2" face="Times New Roman, Times, serif"> </font></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">For the
    month of February, 2005 </FONT></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">Commission
    File Number: 001-14950</FONT><FONT size="3" face="Times New Roman, Times, serif"> </FONT> </P>
<P align="center">&nbsp; </P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font size="3" face="Times New Roman, Times, serif"><B>ULTRAPAR HOLDINGS
          INC.<br>
    </B></font><FONT size=1 face="Times New Roman, Times, serif">(Translation
    of Registrant&#146;s Name into English)</FONT><FONT size=2 face="Times New Roman, Times, serif"><B> </B> </FONT></td>
  </tr>
  <tr>
    <td align="center"><hr align="left" width=100% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif"><B>Avenida
          Brigadeiro Luis Antonio, 1343, 9&ordm;</B> <B>Andar<br>
S&atilde;o Paulo, SP, Brazil 01317-910<br>
      </B></font><FONT size=1 face="Times New Roman, Times, serif">(Address of
    Principal Executive Offices)</FONT></td>
  </tr>
  <tr>
    <td align="center"><hr align="left" width=100% size=1 noshade color="#000000"></td>
  </tr>
</table>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check
        mark whether the registrant files or will file annual reports under cover
        of Form 20-F or Form 40-F: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <table width="50%" border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
          20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font></td>
      <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="200" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
          40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check
        mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(1):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
      </tr>
    </table>
  </div>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check
        mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(7):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
      </tr>
    </table>
  </div>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check
        mark whether by furnishing the information contained in this Form, the
        Registrant is also thereby furnishing the information to the Commission
        pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
      </tr>
    </table>
  </div>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">If &#147;Yes&#148; is
        marked, indicate below the file number assigned to the registrant in
        connection with Rule 12g3-2(b): <U>N/A</U><B> </B></FONT></p>
  </blockquote>
</blockquote>
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<P align="center"> <B><FONT size="2" face="serif">ULTRAPAR HOLDINGS INC.</FONT></B> </P>
<P align="center"> <font size="2"><B><FONT face="serif">TABLE OF CONTENTS </FONT></B> </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan=3 align="left"><font size="2"><B><FONT face="serif">ITEM</FONT></B></font></TD>
      <TD width="12%" align="center"><font size="2"><B><font size="2"><B><font size="2"><B><FONT face="serif">SEQUENTIAL</FONT></B></font><br>
                  <FONT face="serif">PAGE</FONT></B></font><br>
                  <FONT face="serif">NUMBER</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan=4><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center" valign="top"><b><font face="serif">1.</font></b></TD>
      <TD>&nbsp;</TD>
      <TD><strong>Minutes of a Meeting of the Board of Directors, February 16</strong></TD>
      <TD align="center"><strong>3</strong></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center"><strong>2. </strong></TD>
      <TD>&nbsp;</TD>
      <TD><strong>Minutes of an Extraordinary General Meeting, February 22 </strong></TD>
      <TD align="center"><strong>47</strong></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center">&nbsp;</TD>

      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center" width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="78%">&nbsp;</TD>
      <TD align="center" width="12%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
  <br>
  <br>
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<P align="right">
<B><FONT size=2 face="serif">ITEM 1</FONT></B></P>

<br>
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<P align="center">
<B><FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="sans-serif">Publicly Listed Company</FONT></B></P>
<div align="center">
  <TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD width=50% align=left>
    <FONT size=2 face="sans-serif">CNPJ n&ordm; 33.256.439/0001- 39</FONT>
      </TD>
      <TD width=50% align=right>
    <FONT size=2 face="sans-serif">NIRE 35.300.109.724</FONT>
      </TD>
    </TR>
  </TABLE>
  <BR>
</div>
<P align="center">
<B><FONT size=2 face="sans-serif">MINUTES OF A MEETING OF THE BOARD OF DIRECTORS (02/2005)</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">Date, Time and Place:</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">16 February 2005, 2:30 p.m., at Company Headquarters, located at Av. Brigadeiro Luiz Ant&ocirc;nio, N&ordm; 1343 &#150; 9th floor, in the City and State of S&atilde;o Paulo. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Present:</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Members of the Board of Directors, whose signatures appear below.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Matters discussed:</FONT></B></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="95%">
<FONT size=2 face="sans-serif">Approval of the Company's financial statements, including the asset balance sheet and management report, referring to the financial year ended 31 December 2004, signed off with an independent auditor's
report.</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="sans-serif">Approval of the capital budget for the financial year 2005 according to article 196, of Law n&ordm; 6.404/76: see attached annex.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="95%">
<FONT size=2 face="sans-serif">Approval "ad referendum" at the Ordinary General Shareholders Meeting, of the following proposal by the Executive Board, for the destination of net earnings in the period covered, which amounted to R$414,479,259.81
(four hundred and fourteen million, four hundred and seventy-nine thousand, two hundred and fifty-nine reais and eighty-one cents):</FONT>	</TD>
</TR></TABLE>
<P align="center">
<FONT size=1 face="sans-serif">(Minutes of the Meeting of Ultrapar Board of Directors (02/2005) 16 February 2005)</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">R$ 20,723,962.99 (twenty million, seven hundred and twenty-three thousand, nine hundred and sixty-two reais and ninety-nine cents), to the Company's Legal Reserve;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

<br>
<br>
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<br>
<br>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">R$32,721,096.28 (thirty-two million, seven hundred and twenty-one thousand, and ninety-six reais and twenty-one cents), to the Company&#146;s Profit Reserves to be Realised;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">R$196,877,648.41 (one hundred and ninety-six million eight hundred and seventy- seven thousand, six hundred and forty-eight reais and forty-one cents), to the Company&#146;s Profit Retention Reserves, based on the
approved capital budget.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">R$164,156,552.13 (one hundred and sixty-four million one hundred and fifty-six thousand, five hundred and fifty-two reais and thirteen cents) for the payment of dividends to shareholders in the financial year, of which
the sum of R$ 92,383,067.10 (ninety-two million three hundred and eighty-three thousand, and sixty-seven reais and ten cents) was paid out as an interim dividend, in accordance with the decision of this Board, of 4 August 2004. The balance of R$
71,773,485.03 (seventy-one million seven hundred and seventy-three thousand, four hundred and eighty-five reais and three cents) will be paid out to shareholders with effect from 4 March 2005, without interest or monetary correction, the holders of
ordinary and preferred shares receiving R$ 0.897985 per lot of one thousand shares, excluding those shares that were held in Treasury as at 15 February 2005. The record date to qualify for the receipt of dividends is hereby approved as 23 February
2005.</FONT>	</TD>
</TR></TABLE>
<P align="center">
<FONT size=1 face="sans-serif">(Meeting of Minutes of the Board of Directors of Ultrapar (02/2005) of 16 February 2005)</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="sans-serif">Approval of the following conditions related to the issue of debentures by the Company, under the terms of the delegation agreed at an Extraordinary General Meeting held on 2 February 2005:</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Method of placement - the debentures will be the object of an underwritten public distribution, with the intermediation of financial institutions that are part of the securities distribution system, through the SDT,
administered by ANDIMA and operated by CETIP, and the BOVESPA FIX, observing, in the latter case, the procedures for compensation and settlement of the CBLC.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Type and form &#150; Nominative simple.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

<br>
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<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Period and conditions of redemption - the debentures will have a period of 3 (three) years, counting from the date of issue, being March 1, 2005, falling due on March 1, 2008. On the date of redemption, the Company
will proceed with the settlement of those debentures which are still in circulation, for their nominal unit value, with interest added and calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis</FONT></I><FONT size=2
face="sans-serif">, under the terms set out in the minutes of the debenture contract, attached as an annex to these minutes.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Amortization - there will be no paying-down of the nominal unit value of these debentures during the three-year period, the entire amount being paid in full on the redemption date.</FONT>	</TD>
</TR></TABLE>
<P align="center">
<FONT size=1 face="sans-serif">(Minutes of Meeting of Ultrapar Board of Directors (02/2005) 16 February 2005)</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Renegotiation </FONT><B><FONT size=2 face="sans-serif">- </FONT></B><FONT size=2 face="sans-serif">there will be no renegotiation of these debentures.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Purchase facility - the Company can, at any time, purchase any of the debentures of this issue, in market circulation, observing the conditions set out in article 55 of Brazilian Corporate Law. The debentures acquired
may be cancelled, held in Treasury or again placed in the market.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">g)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Redemption - there will be no advance redemption of these debentures under normal circumstances.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">h)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Period and conditions for interest payments - interest payable on the debentures must be paid out half-yearly, always on the 1st of March and 1st September of each year, the first payment being due on September 1,
2005. The formula for the calculation and the conditions of payment of the interest on the debentures can be found in the text of the debenture contract, attached as an annex to these minutes.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">i)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Redemption ahead of schedule &#150; certain hypothetical situations, set out in the debenture contract, would result in the immediate demand for payment, from the Company, for the nominal value of each debenture, with
interest added, calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis </FONT></I><FONT size=2 face="sans-serif">from the date of issue of the debentures or the last date of interest payment, if made</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

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<P align="center">
<FONT size=1 face="sans-serif">(Meeting of the Board of Directors of Ultrapar (02/2005) 16 February 2005)</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><FONT size=2 face="sans-serif">up to the date of effective
        payment: such situations being as follows: (a) the request for bankruptcy
        protection on the part of the Company and/or its direct or indirect controlling
        shareholders or any similar procedure subsequently enacted by law; (b)
        the liquidation, dissolving or winding up of the Company and/or its direct
        or indirect controlling shareholders, or any companies under their control;
        (c) a request for winding up by the Company and/or its direct or indirect
        controlling shareholders and companies controlled by it, which is not
        carried according to the legally defined time period; (d) the non-payment
        of principle and/or interest due on the debentures and/or any other amounts
        due to the debenture holders, on the respective redemption dates; (e)
        the selling off, directly or indirectly, of shareholder control of the
        Company, except in the case of the sale of control to a company owned
        by the same economic group as the Company; (f) the incorporation, merger,
        spin-off or the implementation of any other type of corporate reorganisation
        of the Company, which has not been previously approved by debenture holders
        that represent at least 75% (seventy five percent) of the debentures
        in circulation, at a Meeting of Debenture Holders, specially convened
        for this purpose, observing the convening procedure set out in the debenture
        issue contract. Without adversely affecting that previously stated, the
        incorporation, merger, spin-off or any other form of corporate reorganisation
        of the Company involving another Company owned by the same economic group
        of the Company, shall be permitted; (g) failure by the Company to meet
        any and every monetary obligation set out in the debenture issue contract,
    within a period of 30 (thirty) days, </FONT></td>
  </tr>
</table>

<P align="center"><FONT size=1 face="sans-serif">(Minutes of the Meeting of the Board of Directors of Ultrapar (02/2005) 16 February 2005) </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%"><FONT size=2 face="sans-serif">counting from the date of
        receiving written advice sent by the Fiduciary Agent; (h) failure by
        the Company to fulfil the obligation set out under item 8.1. of the debenture
        issue contract; (i) reduction in the paid-up capital of the Company and/or
        any alteration to the Company Bylaws, which implies the concession of
        the right of withdrawal to shareholders of the Company, for an amount
        that could affect, directly or indirectly, the Company's obligations
        set out in the debenture issue contract; (j) legitimate protests by debentures
        holders against the Company, whose aggregate value exceeds R$ 15,000,000.00
        (fifteen million reais), except in the case of the protest being made
        by mistake or in bad faith on the part of third parties, provided that
        this is proven to be validated by the Company, in this instance, or cancelled,
        in any event, within a maximum period of 3 (three) working days of its
        occurrence; (k) the failure to pay, or paying down in advance, of any
    of the Company's debt, for an</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
</table>

<P>&nbsp;</P>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
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    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%"><FONT size=2 face="sans-serif">amount equal or greater than
        R$ 25,000,000.00 (twenty-five million reais), due to a contractual failure
        to pay, for an amount that could, in any event, prejudice the Company's
        pecuniary obligations in regard to the debenture issue, save where the
        Company proves, within one day immediately following the date of its
        occurrence, that this failure to pay or advance paying down of debt,
        did not take place or was definitely deemed as acceptable by the Company;
        (l) the sell-off, confiscation or misappropriation, during the period
        that the debentures are in force, of operational assets which, individually
        or together, result in a reduction in net consolidated operational revenues
        of more than 25% (twenty five percent) in relation to the net operational
        revenues reported by the Company in the year ending 31 December 2004
        (corrected annually by variation in the IGP-M (general prices) index).
        The limit established above being calculated quarterly by the Fiduciary
    Agent </FONT></td>
  </tr>
</table>

<P align="center"><FONT size=1 face="sans-serif">(Minutes of the Meeting of the Board of Directors of Ultrapar (02/2005) 16 February 2005) </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><FONT size=2 face="sans-serif">Taking into account the operational
        revenues of the Company during the 12 (twelve) months prior to the end
        of each quarter, and using the financial information normally published
        by the Company; (m) payment by the Company of dividends and/or interest-on-equity,
        except for legally obligatory dividends or interest on equity payments
        ascribed as obligatory dividends, if they are delayed in relation to
        the fulfilment of any of its pecuniary obligations, as set out under
    the debenture issue contract. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">j)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Subscription Price - the debentures will be subscribed for and sold as a whole, for their nominal unit value, with interest added, calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis </FONT></I><FONT
size=2 face="sans-serif">from the date of issue up to the date of payment being effected.</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">l)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="90%">
<FONT size=2 face="sans-serif">Time period and method of subscription and payment - the debentures can be subscribed for at any time, within the public distribution offer period which ends on 15 April 2005, with payment in cash, in Brazilian
national currency (The Real), in the act of subscription.</FONT>	</TD>
</TR>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan=2> <font size=2 face="sans-serif">The minutes of the debenture
      issue contract are presented as an annex to the current minutes and contain
      all the additional characteristics and conditions related to the debenture
    issue. </font></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>

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    <td colspan="2"> <FONT size=2 face="sans-serif">Observations: these deliberations
        were approved by all those present, except for Board Member Renato Ochman,
    who abstained from voting. </FONT></td>
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    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
</table>
<div align="center">
  <p>    <FONT size=1 face="sans-serif">(Minutes of the Meeting of the Board of Directors
      of Ultrapar (02/2005) 16 February 2005)</FONT></p>
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td colspan="2"><FONT size=2 face="sans-serif">There being no further business
        to discuss, the meeting was closed and the minutes of this meeting being
        hereby set out, read and approved by all the undersigned Board Members
        present: <B>Paulo Guilherme Aguiar Cunha</B> &#150; Chairman; <B>Lucio
        de Castro Andrade Filho</B> - Vice
        Chairman; <B>Ana Maria Levy Villela
        Igel; Olavo Egydio Monteiro de Carvalho; Nildemar Secches; Paulo Vieira
    Belotti; Renato Ochman </B>&#150;</FONT> <FONT size=2 face="sans-serif">Board
    Members. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td colspan="2"><hr size=1 color=GRAY noshade></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td colspan="2"> <FONT size=2 face="sans-serif">I declare that this is a
    faithful copy of the minutes written in the Company&#146;s record books. </FONT></td>
  </tr>
</table>

<P>&nbsp;</P>
<P align="center"><B><FONT size=2 face="sans-serif">Paulo Guilherme Aguiar Cunha<br>
</FONT></B><FONT size=2 face="sans-serif">Chairman</FONT></P>
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<P>
<B><FONT size=2 face="sans-serif">CONTRACT FOR THE 1st ISSUE OF SIMPLE, NON-CONVERTIBLE DEBENTURES, UNSECURED AND WITHOUT SPECIAL PRIVILEGES, IN A SINGLE SERIES, FOR PUBLIC DISTRIBUTION, OF ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Under this legal instrument, the parties:</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B><FONT size=2 face="sans-serif">,
a publicly listed company, whose headquarters are located in the City of S&atilde;o
Paulo, in the State S&atilde;o Paulo, at Avenida Brigadeiro
Luiz Ant&ocirc;nio, N&ordm; 1343, 9&ordm; andar, registered under CNPJ/MF n&ordm; 33.256.439/0001-39,
herein referred to as &#147;The Issuer&#148;;</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">OLIVEIRA TRUST DISTRIBUIDORA DE T&Iacute;TULOS
E VALORES MOBILI&Aacute;RIOS S.A.</FONT></B><FONT size=2 face="sans-serif">,
a financial institution whose headquarters are located at Avenida das Am&eacute;ricas
N&ordm; 500, Bloco 13,
Grupo 205, Condom&iacute;nio Downtown, Barra da Tijuca, Rio de Janeiro, registered
under CNPJ/MF n&ordm; 36.113.876/0001 -91, representing the group of debenture
shareholders acquiring those debentures that are the object of this current issue
 (&#147;Debenture Holders&#148;), herein referred to as the "Fiduciary Agent&#148;);</FONT></P>
<P>
<FONT size=2 face="sans-serif">and as intervening Guarantor,</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">OXITENO S.A. IND&Uacute;STRIA E COM&Eacute;RCIO</FONT></B><FONT size=2 face="sans-serif">,
a company whose headquarters are located in the City of S&atilde;o Paulo, in
the State of S&atilde;o Paulo, at Avenida Brigadeiro Luiz
Ant&ocirc;nio, n&ordm; 1343, 7&ordm; andar, registered under CNPJ/MF n&ordm; 62.545.686/0001-53,
herein referred to as &#147;The Guarantor&#148;; </FONT></P>
<P>
<FONT size=2 face="sans-serif">hereby sign in the legally prescribed manner, this contract for the 1st issue of Simple Non-convertible Debentures, unsecured and without special privileges, in a single series for public distribution, of Ultrapar
Participa&ccedil;&otilde;es S.A. (&#147;Issue Contract&#148;), which shall be governed by the following clauses and conditions: </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">I</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-AUTHORIZATION</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">1.1. This Issue Contract is signed, based on the deliberations of the General Shareholders Meeting of the Issuer, held on 2 February 2005 (&#147;EGM&#148;) and the Meeting of the Board of Directors of the Issuer, held on 16
February 2005, (&#147;MBD&#148;). </FONT></P>

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<P>
<FONT size=2 face="sans-serif">1.2. The EGM delegated powers to the Issuer's Board of Directors to deliberate on the conditions that referred to items VI and VIII of article 59 of Law N&ordm; 6.404, of 15 December 1976, and subsequent alterations (&#147;
Brazilian Corporate Law&#148;).</FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">II</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-</FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B><B><FONT size=2 face="sans-serif">REQUIREMENTS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This 1st issue of simple non-convertible debentures, unsecured and without special privileges, in a single series, for public distribution by the Issuer (respectively referred to as the "Issue" and the "Debentures") shall
observe the following requirements: </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">2.1. Registration with the Brazilian Securities Commission (CVM) </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This Issue shall be registered with the Brazilian Securities Commission (&#147;CVM&#148;) according to Law n&ordm; 6.385, of 7 December 1976, and subsequent alterations, Brazilian Corporate Law, CVM Instruction Number N&ordm;
400, of 29 December 2003 (&#147;CVM instruction N&ordm; 400/03&#148;) and other applicable legal and regulatory requirements. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">2.2. Filing of the EGM minutes with the Commercial Registry of the State of S&atilde;o Paulo and their Publication </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The minutes of the EGM shall be filed with the Commercial Registry for the State of S&atilde;o Paulo and published in the Official Gazette of the State of S&atilde;o Paulo and in the newspaper Valor Econ&ocirc;mico.
</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">2.3. Registration of the Debenture Issue Contract with the Commercial Registry for the State of S&atilde;o Paulo </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This Debenture Issue Contract shall be registered with the Commercial Registry of the State of S&atilde;o Paulo, according to the terms of Article 62 of Brazilian Corporate Law. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">2.4. Registration of the Guarantee</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Due to the pledge of security referred to in item 4.5 of Clause IV below, this Debenture Issue Contract shall be registered with the competent Deed and Document Registry Office.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">2.5. Registry with the National Association of Investment Banks</FONT></B></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">This Debenture Issue shall be registered with the National Association of Investment Banks (&#147;ANBID&#148;), under the terms of the Self-Regulation Code for Public Offerings of Securities,
announced by this body at a General Meeting held on 16 January 2002 (&#147;ANBID Code&#148;), within a period of 15 (fifteen) days, counting from the date of the granting of the registration of the Public Debenture Distribution by the CVM.
</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">2.6. Registration for Placing and Trading</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Debentures shall be (i) placed in the primary market through the Securities Distribution System (&#147;SDS&#148;), administered by The National Association of Financial Market Institutions (&#147;ANDIMA&#148;), and
operated by the Custody and Settlement Chamber (&#147;CETIP&#148;) and the BOVESPA FIX Trading System (&#147;BOVESPA FIX&#148;), of the S&atilde;o Paulo Stock Exchange &#150; BOVESPA (&#147;BOVESPA&#148;) observing, in this latter case, the
procedures for clearing and settlement of the Brazilian Settlement and Custody Company (&#147;CBLC&#148;) and (ii) registered for trading on the secondary market under the National Debentures System (&#147;SND&#148;), administered by ANDIMA and
operated by CETIP and by BOVESPA FIX, in this latter case, with transactions settled and Debentures held in custody by the CBLC. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B> <B><FONT size=2 face="sans-serif">III</FONT></B> <B><FONT size=2 face="sans-serif">-</FONT></B> <B><FONT size=2 face="sans-serif">CHARACTERISTICS</FONT></B> <B><FONT size=2 face="sans-serif">OF
THE ISSUE</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">3.1. Issue Number</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This Issue Contract constitutes the 1st Issue of Debentures by the Issuer.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">3.2. Total Value of the Issue</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The total value of the Issue amounts to R$300,000,000.00 (three hundred million reais), on the Date of Issue (as defined in item 4.1.1. of Clause IV below). </FONT></P>
<P> <B><FONT size=2 face="sans-serif">3.3.
<B><FONT size=2 face="sans-serif">Number of Series</FONT></B> </FONT></B></P>
<P> <FONT size=2 face="sans-serif">3.3.1.
    <FONT size=2 face="sans-serif">The Issue shall be carried out in a single
series.</FONT> </FONT></P>
<P> <B><FONT size=2 face="sans-serif">3.4. Placing</FONT></B></P>
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<P>
<FONT size=2 face="sans-serif">The debentures shall be the object of public distribution, on an underwritten basis, with the intermediation of financial institutions that are part of the securities distribution system, through the SDT, administered by
ANDIMA and operated by CETIP, and by BOVESPA FIX, observing, in this latter case, the CBLC&#146;s procedures for clearance and settlement. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">3.5. Trading</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Debentures shall be registered for trading with the SND, administered by ANDIMA and operated by CETIP and with the BOVESPA FIX in this latter case, transactions being settled and Debentures held in custody by the CBLC.
</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">3.6. The Limits of the Issue</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Issue conforms to those limits set out in article 60 of the Brazilian Corporate Law, seeing that the paid-up capital of the Issuer, as at the date of the signing of this Debenture Issue Contract, amounts to R$
898,816,635.09 (eight hundred ninety eight million, eight hundred sixteen thousand, six hundred and thirty-five reais and nine centavos), an amount that exceeds the value of this Issue, which is the first issue of debentures to be carried out by the
Issuer. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">3.7. Issuing Bank and Depository Institution</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Issuing Bank and Depository Institution for the Debenture Issue shall be Banco Bradesco S.A. (&#147;Issuing Bank&#148;). </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">3.8. Destination of Funds</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The funds raised by the Issuer through this Debenture Issue, shall be used for the refinancing of short-term debt and other corporate purposes. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">3.9. Corporate Purpose of the Issuer</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">According to article 3&ordm; of its Company Bylaws, the corporate purpose of the Issuer covers the investment of its own capital in the areas of commerce, industry and agriculture, and in service-providing companies, through
the subscription or acquisition of shares or quotas in other companies. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">IV</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-</FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B><B><FONT size=2 face="sans-serif">DEBENTURE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">CHARACTERISTICS</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>

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<P>
<B><FONT size=2 face="sans-serif">4.1. Basic Characteristics</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">4.1.1. Issue Date:</FONT></B><FONT size=2 face="sans-serif"> for all purposes and effects, the date of the Debenture Issue shall the 1st (first) of March 2005 (&#147;Date of Issue&#148;). </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.1.2. Convertibility, type and form:</FONT></B><FONT size=2 face="sans-serif"> simple, not convertible into shares.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.1.3. Class:</FONT></B><FONT size=2 face="sans-serif"> the Debentures shall be of an unsecured nature, without special privileges. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.1.4. Term and Redemption Date: </FONT></B><FONT size=2 face="sans-serif">the Debentures shall have a term of 3 (three) years, counting from the Date of Issue, falling due on the 1st (first) March 2008 (&#147;Redemption
Date&#148;). The Issuer is obliged, on the Redemption Date, to proceed with the settlement of those debentures that are still in circulation, for their Nominal Unit Value (as defined in subparagraph 4.1.5. below), with interest added, as set out in
item 4.2. below, calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis</FONT></I><FONT size=2 face="sans-serif">, from the last payment date of the said interest. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.1.5. Nominal Unit Value:</FONT></B><FONT size=2 face="sans-serif"> the nominal unit value of the Debentures, as at the Date of Issue, shall be R$10,000.00 (ten thousand reais) (&#147;Nominal Unit Value&#148;). </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.1.6. Quantity of Debentures Issued: </FONT></B><FONT size=2 face="sans-serif">30,000</FONT><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">(thirty thousand) debentures. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.2. Remuneration (interest payable) </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">4.2.1. From the Date of Issue, the Debentures shall carry remuneration (&#147;Remuneration&#148;) in the form of remunerative interest on their Nominal Value, from the Date of Issue, and paid at the end of each Capitalisation
Period, as defined in item 4.2.8. , according to the formula below. The rate of interest applicable to the Debentures shall be defined in the bookbuilding process, observing a maximum rate of 103% (one hundred and three percent) for the accumulation
of DI (inter-financial deposits) average daily rates, &#147;over extra group&#148;, calculated and published by CETIP, based on 252 days, expressed in the form of an annual percentage (&#147;DI Rate&#148;).</FONT></P>
<P>
<FONT size=2 face="sans-serif">4.2.1.1. At the end of the bookbuilding procedure,
the Issuer's Board of Directors will ratify the DI Rate percentage which shall
be applicable to the Debentures.</FONT></P>

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<FONT size=2 face="sans-serif">4.2.2. The average daily rates are accumulated
in exponential form using the criteria of </FONT><I><FONT size=2 face="sans-serif">pro
rata temporis</FONT></I><FONT size=2 face="sans-serif">, until the effective
interest payment, in such a  way as to cover the entire Capitalization Period,
as defined under item 4.2.8. </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.2.3. The calculation of remunerative interest shall be worked out according to the following formula: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD align=right><I><FONT size=2 face="serif">JR </FONT></I><FONT size=2 face="sans-serif">= </FONT><I><FONT size=2 face="serif"></FONT></I></TD>
  <TD>&nbsp;</TD>
  <TD align=left> <I><FONT size=2 face="serif">VN </FONT></I><font size="2" face="sans-serif"> x </font><FONT size=2 face="serif">[<I>FatorDI </I></FONT><FONT size=2 face="sans-serif">- </FONT><FONT size=2 face="serif">1]</FONT><FONT size=2 face="sans-serif">,
    where:</FONT></TD>
</TR>
<TR valign="top">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=12% align=right>
<FONT size=2 face="sans-serif">JR =</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT size=2 face="sans-serif">The value of remunerative interest to be paid on the</FONT>
<FONT size=2 face="sans-serif">respective due dates, calculated to 6 (six) decimal
places</FONT><FONT size=2 face="sans-serif">without rounding up or down;</FONT> 	</TD>
</TR>
<TR valign="top">
	<TD width=12% align=left>

	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=86% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=12% align=right>
<FONT size=2 face="sans-serif">VN =</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT size=2 face="sans-serif">Nominal Unit Value, stated to 6 (six) decimal places, without</FONT>
<FONT size=2 face="sans-serif">rounding up or down; and</FONT> 	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="3" align=left>
<FONT size=2 face="sans-serif">DI Factor (</FONT><I><FONT size=2 face="sans-serif">Fator DI</FONT></I><FONT size=2 face="sans-serif">) =</FONT>	</TD>
  </TR>
<TR valign="bottom">
  <TD width=12% align=left>&nbsp;</TD>
  <TD width=2% align=left>&nbsp;</TD>
	<TD width=86% align=left> <FONT size=2 face="sans-serif">Product of the DI rates, from the date of the beginning of</FONT>
      <FONT size=2 face="sans-serif">capitalization, inclusive, to the date of
    the calculation,</FONT> <FONT size=2 face="sans-serif">exclusive, calculated
    to 8 (eight) decimal places, the figures</FONT> &nbsp;<FONT size=2 face="sans-serif">being
    rounded up or down, according to the formula below:</FONT> 	</TD>
</TR>
</TABLE>
<br>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="14%">&nbsp;</td>
    <td width="12%" valign="middle"><FONT size=2 face="serif">Fator DI </FONT><FONT size=2 face="sans-serif">=</FONT></td>
    <td width="74%"><img src="formula01.jpg" width="243" height="49"></td>
  </tr>
  <tr valign="top">
    <td width="14%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
    <td width="74%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="14%">&nbsp;</td>
    <td width="12%"><FONT size=2 face="serif">n</FONT><I><FONT size=2 face="serif"><sub>DI</sub> =</FONT></I></td>
    <td width="74%"> <FONT size=2 face="sans-serif">total number of DI rates, "</FONT><FONT size=2 face="serif">n</FONT><I><FONT size=2 face="serif"><sub>DI</sub> </FONT></I><FONT size=2 face="sans-serif">" being
    a whole</FONT> <FONT size=2 face="sans-serif">number;</FONT> </td>
  </tr>
  <tr valign="top">
    <td width="14%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
    <td width="74%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <FONT size=2 face="sans-serif">TDI</FONT><FONT size=2 face="sans-serif"><sub>k</sub></FONT> <I><FONT size=2 face="serif">=</FONT></I></td>
    <td> <FONT size=2 face="sans-serif">DI rate expressed per day, calculated
        to 8</FONT> <FONT size=2 face="sans-serif">(eight) decimal places, rounded
    up or down as</FONT><FONT size=2 face="sans-serif">follows:</FONT> </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><img src="formula02.jpg" width="344" height="51"></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="14%">&nbsp;</td>
    <td width="12%"> <FONT size=2 face="sans-serif">DI</FONT><FONT size=2 face="sans-serif"><sub>k</sub></FONT><I><FONT size=2 face="serif">=</FONT></I></td>
    <td width="74%"> <FONT size=2 face="sans-serif">DI rate, on an annual percentage
        basis, based</FONT> <FONT size=2 face="sans-serif">on 252 (two hundred
        and fifty-two) working</FONT><FONT size=2 face="sans-serif">days, calculated
        and published by CETIP,</FONT><FONT size=2 face="sans-serif">referring
    to day "k";</FONT> </td>
  </tr>
</table>
<BR>
<P>  <br>
</P>
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<br>
<br>
<br>
<br>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width=14% align=right>&nbsp;</TD>
	<TD width=12%> <FONT size=2 face="sans-serif">d</FONT><FONT size=2 face="sans-serif"><sub>k</sub></FONT><I><FONT size=2 face="serif">=</FONT></I></TD>
	<TD width=74% align=left>
<FONT size=2 face="sans-serif">number of working day(s) corresponding to the</FONT>
<FONT size=2 face="sans-serif">validity period of the DI rate, "d</FONT><FONT size=2 face="sans-serif"><sub>k</sub></FONT><FONT size=2 face="sans-serif">" being
a whole</FONT><FONT size=2 face="sans-serif">number; and</FONT> 	</TD>
</TR>
<TR valign="top">
	<TD width=14% align=left>

	</TD>
	<TD width=12%>&nbsp;
	</TD>
	<TD width=74% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=14% align=right>&nbsp;</TD>
	<TD width=12%> <FONT size=2 face="sans-serif">S </FONT><I><FONT size=2 face="serif">=</FONT></I>
	</TD>
	<TD width=74% align=left>
<FONT size=2 face="sans-serif">percentage applied at the DI rate, stated to 2</FONT>
<FONT size=2 face="sans-serif">(two) decimal places.</FONT> 	</TD>
</TR>
<TR valign="top">
	<TD width=14% align=left>

	</TD>
	<TD width=12%>&nbsp;
	</TD>
	<TD width=74% align=left>&nbsp;</TD>
</TR>
</TABLE>
<blockquote>
  <p>
    <FONT size=2 face="sans-serif">4.2.3.1. The factor resulting from the formula (</FONT><FONT size=2 face="serif">1 </FONT><FONT size=2 face="sans-serif">+ </FONT><FONT size=2 face="serif">TDI</FONT><FONT size=2 face="serif"><sub>k</sub></FONT><font size="2" face="sans-serif"> x </font><I><FONT size=2 face="serif">S </FONT></I><FONT size=2 face="serif">/100</FONT><font size="2" face="sans-serif">) is
    considered to 16 (sixteen) decimal places, without rounding up or down. </font></p>
  <p>
  <FONT size=2 face="sans-serif">4.2.3.2. The product of the daily factors</FONT><FONT size=2 face="sans-serif"> (</FONT><FONT size=2 face="serif">1 </FONT><FONT size=2 face="sans-serif">+ </FONT><FONT size=2 face="serif">TDI</FONT><FONT size=2 face="serif"><sub>k</sub></FONT><font size="2" face="sans-serif"> x </font><I><FONT size=2 face="serif">S </FONT></I><FONT size=2 face="serif">/100</FONT><font size="2" face="sans-serif">)</font><FONT size=2 face="sans-serif">,
  each daily factor accumulated, shortening the result to 16 (sixteen) decimal
  places, applying the next daily factor, and so on thereafter until the last factor
  to be considered. </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">4.2.3.3. Once the factors are accumulated, the resulting DI Factor will be stated to 8 (eight) decimal places, without rounding up or down. </FONT></p>
</blockquote>
<p>
  <FONT size=2 face="sans-serif">4.2.4. The DI Rate to be used must be calculated to the identical number of decimal places as that published by the body responsible for its calculation, except when expressly indicated otherwise. </FONT></p>
<p>
  <FONT size=2 face="sans-serif">4.2.5. If on the due date of any pecuniary obligations by the Issuer, no DI Rate has been published by CETIP, the latest published DI Rate shall be used, there being no compensation due whatever between the Issuer and the
    Debenture Holders, when the next applicable DI Rate is published. If the DI Rate is not published for a period of more than 10 (ten) consecutive days, the terms set out under items 4.2.6. and 4.2.7. below apply, with regard to the definition of new
  parameters for Debenture Remuneration. </FONT></p>
<P>
<FONT size=2 face="sans-serif">4.2.6. In the case of the ceasing, absence of calculation and/or publishing of the DI Rate for more than 10 (ten) consecutive days after the date expected for its calculation, and/or publication, or the legal impossibility of
applying the DI Rate to the Debentures, the Fiduciary Agent must, within a maximum period of 20 (twenty) days, counting from the event, hold a General Debenture Holders Meeting (according to the method and time periods specified in Clause X of this
Debenture Issue Contract, and article 124 of Brazilian Corporate Law), for the deliberation, in common agreement with the Issuer, on the new parameters for the payment of remunerative interest, to be proposed by the Issuer. </FONT></P>

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<P>
<FONT size=2 face="sans-serif">4.2.7. If there is no agreement reached on the new Remuneration between the Issuer and the Debenture Holders, representing a minimum of 2/3 (two thirds) of the Debentures in Circulation, the Issuer must redeem all the
Debentures in Circulation, within a period of 30 (thirty) days, counting from the date of the respective General Meeting of Debenture Holders, for their Nominal Unit Value, with interest due added up to the date of the effective redemption,
calculated</FONT><I><FONT size=2 face="sans-serif"> pro rata temporis</FONT></I><FONT size=2 face="sans-serif">, from the Date of Issue or the date of the last interest payment, whichever is the case. In this instance, for the calculation of the remunerative
interest applicable to the Debentures to be redeemed, the most recent DI Rate to be published officially, shall be used. </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.2.8. For the purposes of calculating the Debenture Remuneration, the Period of Capitalization is defined as the time interval from the Issue Date, inclusive, in the case of the first Capitalization Period, or the date of
the immediately preceding Remuneration Payment, inclusive, in the case of the other Capitalization Periods, and ends on the date of the next Remunerative Interest Payment due, exclusive. Each Capitalization Period succeeds the previous one, without
a continuous link</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.3. Amortization</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">There shall be no amortization (paying down), of the Nominal Unit Value of the Debentures, the entire amount being paid in full on the Redemption Date. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.4. Payment of Remunerative Interest</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The amounts relating to the Remunerative Interest on the Debentures, must be paid half yearly, always on 1st (first) of the months of March and September each year, the first payment being due on 1st (first) of September
2005.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.5. Guarantee </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">4.5.1. As a guarantee of faithful and punctual payment of the Debentures, the Guarantor is to provide a pledge of security in favour of the Debenture Holders, represented by the Fiduciary Agent, thus undertaking the
obligation as guarantor </FONT></P>

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<P>
<FONT size=2 face="sans-serif">and principal payer of all the amounts due under the terms of this Debenture Issue Contract, under the terms described below. </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.2. The Guarantor hereby declares itself in these minutes, irrevocably and irretractibly, as underwriter and principal payer for the total amount of debt of the Issuer, represented by the Debentures, at the Date of Issue,
including remunerative interest and fines for delayed payments, where applicable, as well as the other pecuniary obligations covered in this Debenture Issue Contract (the &#147;Guaranteed Amount&#148;). </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.3. The Guaranteed Amount shall be paid by the Underwriter within a period of 48 (forty-eight) hours, counting from the written communication sent by the Fiduciary Agent to the Underwriter, informing of the lack of
payment, on the respective payment date, of any amount due by the Issuer, under the terms of this Debenture Issue Contract, including, but not limited to, the amounts due to the Debenture Holders, in the form of principal, remunerative interest or
charges of whatever nature. The payments shall be carried out by the Guarantor, in accordance with the procedures established in the Debenture Issue Contract. </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.4. The Guarantor , expressly foregoes the benefits, of order, rights and entitlement to exoneration of whatever nature covered by articles 366, 827, 834, 835, 836, 837, 838 and 839 of the Brazilian Civil Code.</FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.5. The Guarantor assumes the rights of the Debenture Holders, in the event of having to honor, wholly or partially, the pledge of security which is the subject of this item 4.5. </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.6. This pledge of security shall come into force on the Date of Issue, remaining valid in all of its terms and conditions, up to the full payment of the Guaranteed Amount, or the date on which the pledge of security is
replaced, observing the terms set out in items 4.5.9 and 4.5.10, below. </FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.7. The Guarantor , from that time recognizes for a determined period, for the purposes of article 835 of the Brazilian Civil Code, the date of full payment of the Guaranteed Amount.</FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.8. The Guarantor declares that:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="5%" valign=top>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="95%">
<FONT size=2 face="sans-serif">it is a commercial company, organized and constituted under Brazilian Corporate Law;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

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<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="95%">
<FONT size=2 face="sans-serif">it is obligatorily authorized and has obtained all the licences and authorizations necessary to grant the pledge of security hereby established and to fulfill its obligations hereby set out, having satisfied all the statutory
and legal requirements needed for this purpose;</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="95%">
<FONT size=2 face="sans-serif">the pledge of security hereby granted constitutes a legal obligation, valid and linked to the Underwriter, enforceable in accordance with its terms and conditions; and</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iv)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="95%">
<FONT size=2 face="sans-serif">the signing of this Debenture Issue Contract and the granting of the pledge of security herein established, does not infringe any legal disposition, order, legal or administrative sentence or decision, contract or instrument
in which the Guarantor or any of its controlling shareholders, has a part, nor shall it result in: (i) any due date being brought forward of any obligation established in any of these contract or instruments, (ii) the creation of any lien on any
asset or goods owned by the Guarantor or any of its controlling shareholders; or (iii) the recindment of any of these contract or instruments.</FONT>	</TD>
</TR></TABLE>
<P>
<FONT size=2 face="sans-serif">4.5.9. In the case of: (i) the occurrence, in relation to the Guarantor, of any event referred to in item 7.1. of Clause VII below, with the exception of the event that refers to sub item (e), or (ii) the selling-off,
directly or indirectly, of shareholder control of the Underwriter, the Fiduciary Agent shall require the substitution of the security pledge hereby provided, which must be carried out within a period of 15 (fifteen) days, counting from the date of
receipt, by the Underwriter, of notification soliciting the replacement.</FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.10. Referring to the case of item 4.5.9. above, the security pledge by the Guarantor may only be replaced by a bank guarantee, authorized in favour of the Debenture Holders, represented by the Fiduciary Agent, issued by a
financial institution with a risk classification on a national equivalent scale, of at least AA-, as measured by Standard &amp; Poor&#146;s.</FONT></P>
<P>
<FONT size=2 face="sans-serif">4.5.11. Except in the case dealt with in item 4.5.10. above, the replacement of the Guarantor  shall be subject to prior approval by the Debenture Holders, representing 75% (seventy-five percent) of the Debentures in
Circulation at a General Meeting of Debenture Holders, specially convened for this purpose.</FONT></P>

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<P>
<FONT size=2 face="sans-serif">4.5.12 The Guarantor certifies that the provision of a pledge of security has been definitively authorized at a meeting of the Executive Board, held on 2 February 2005. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.6. Location for Payment</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The remunerative interest payments made on the Debentures shall be effected, depending on the case: (i) using the procedures adopted by CBLC, for Debentures registered on BOVESPA FIX; or (ii) the procedures adopted by CETIP,
for those Debentures registered on SND; or (iii) for the holders of Issued Debentures who are not linked to these systems, by the Issuing Bank. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.7. Extension of Time Periods</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The time periods referring to payment of any obligations by whatever party, including the Debenture Holders, may be considered to be extended, with regard to payment of the subscription price, up to the 1st (first) subsequent
working day, if the due date should happen to fall on a commercial or bank holiday in the City of S&atilde;o Paulo, in the State of S&atilde;o Paulo, without any increase in the amounts to be paid, save in the case where payments must be carried out
through CETIP or CBLC, in which case an extension in the payment period shall only occur when the date coincides with a national bank holiday, a Saturday or a Sunday. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.8. Fines Due to Delayed Payments </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">In the event of any failure to pay on time, any payment amount due to the Debenture Holders, the outstanding debt shall be subject to a fine, non-compensatable, of 2% (two per cent) of the value owed, and additional interest
calculated on the amount due, from the date of falling due, to the effective payment date, at a rate of 1% (one per cent), a month, independent of advice, notification, judicial or extrajudicial intercession, in addition to the charging expenses
incurred. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.9.</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">Loss of rights to delay-related fines and charges</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Without prejudicing the disposition set out in item 4.8. above, the non-appearance of the Debenture Holder to receive the amount corresponding to any of the pecuniary obligations due from the Issuer on the dates set out in
this Debenture Issue Contract, or in a public communication from the Issuer, shall</FONT></P>

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<P>
<FONT size=2 face="sans-serif">not confer the right to receive remuneration and/or fines for the period related to the resulting payment delay, nonetheless, the Debenture Holder shall retain all the rights acquired up to the respective payment due date.
</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.10. Time Limit for Payment and Payment Method</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Debentures in this Issue shall be paid for in cash, in Brazilian national currency (The Real), at the time of subscription</FONT><U><FONT color="#0000ff" face="sans-serif">.</FONT></U><FONT size=2 face="sans-serif">  </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.11. Subscription Price</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Debentures shall be subscribed for and paid for at their Nominal Unit Value, with Remunerative Interest added, calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis</FONT></I><FONT size=2 face="sans-serif"> from the
Date of Issue up to the date of effective payment. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.12. Renegotiation</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">There shall be no renegotiation of these Debentures.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.13. Publicity</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">All the actions and decisions to be made regarding this Issue, which, in any way involve the interests of the Debenture Holders, must be obligatorily communicated in the form of notices published in the Official Gazette of
the State of S&atilde;o Paulo and the newspaper Valor Econ&ocirc;mico. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.14. Debenture Certificates</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Issuer will not be issuing Debenture certificates. For all purposes of associated rights, the statement issued by the Issuing Bank shall serve as proof of ownership of the Debentures. Additionally, the "Asset Position
Report" issued by SND, accompanied by a statement in the name of the Debenture Holder, issued by the financial institution responsible for the custody of these securities when deposited with SND, shall also serve as proof of ownership. For
Debentures deposited with CBLC, and statement of custody will be issued by CBLC, in the name of the Debenture Holder. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.15. Liquidity and Stability</FONT></B></P>

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<P>
<FONT size=2 face="sans-serif">There shall be no fund constituted for the maintenance of liquidity or any contract signed to guarantee the liquidity or price stability of the debentures.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">4.16. The Immunity of Debenture Holders</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">If any Debenture Holder enjoys some type of tax immunity or exemption, the supporting documentation must be sent to the Issuing Bank, within a minimum period of 10 (ten) working days before the next date set for receipt of
Debenture payments, without which the tax due under the current tax legislation in force shall be discounted from the Debenture Holder&#146;s remunerative interest payment at source.</FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">V</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-</FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B><B><FONT size=2 face="sans-serif">ADDITIONS TO THIS DEBENTURE ISSUE CONTRACT </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Any additions to this Debenture Issue Contract must be signed by the Issuer, the Guarantor  and by the Fiduciary Agent, and subsequently filed with the Commercial Assembly of the State of S&atilde;o Paulo and sent to the CVM.
</FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">VI</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-</FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B><B><FONT size=2 face="sans-serif">POSSIBILITY OF ACQUISITION AND ADVANCE REPAYMENT</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">6.1. The Issuer can, at any time, acquire the Debentures of this Issue that are in market circulation, for a price that does not exceed their Nominal Unit Value, with Remunerative Interest added, calculated <I>pro rata temporis</I>, observing
the dispositions in the second paragraph of article 55 of Brazilian Corporate
Law. The Debentures acquired, as envisaged in this item 6.1. can be cancelled,
held in Treasury by the Issuer, or be placed again in the market. </FONT></P>
<P>
<FONT size=2 face="sans-serif">6.2. There shall be no advance repayment of the Debentures.</FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B> <B><FONT size=2 face="sans-serif">VII</FONT></B> <B><FONT size=2 face="sans-serif">-</FONT></B> <B><FONT size=2 face="sans-serif">REDEMPTION</FONT></B> <B><FONT size=2 face="sans-serif">AHEAD</FONT></B> <B><FONT size="2"
face="sans-serif">OF</FONT></B> <B><FONT size=2 face="sans-serif">SCHEDULE</FONT></B>  </P>
<P>
<FONT size=2 face="sans-serif">7.1. Certain hypothetical events trigger the advance redemption of the Debentures in this Issue, according to the terms in items 7.2. and 7.3. below, resulting in the immediate demand for payment, from the Issuer, for the
Nominal Unit Value of each Debenture, with Remunerative Interest added, calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis</FONT></I><FONT size=2 face="sans-serif"> from the date of the Debenture Issue, or the last date of interest payment,
whichever is the case, up to the date of effective payment, in the following situations: </FONT></P>

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<blockquote>
  <p>
    <FONT size=2 face="sans-serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the request for bankruptcy protection on the part of the Issuer and/or its direct or indirect controlling shareholders, or any similar procedure, judicial or
    extrajudicial, subsequently enacted by law; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the liquidation, dissolving or winding up of the Issuer and/or its direct or indirect controlling shareholders, or any companies under its control;</FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">a request for winding up by the company and/or its direct or indirect controlling shareholders and companies controlled by it, which is not carried out
    according to the legally defined time period; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(d)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the non-payment, on the respective due dates, of Remunerative Interest due on the Debentures, as well as any other pecuniary obligations set out under the
    terms of this Debenture Issue Contract; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(e)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the selling-off, directly or indirectly, of the shareholder control of the Issuer, except in the case of the sale of shareholdings between the current
    controlling shareholders of the Issuer; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(f)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the incorporation, merger, spin-off or the implementation of any other type of corporate reorganization of the Issuer (Reorganization), which has not
    previously been approved by Debenture Holders that represent at least 75% (seventy five percent) of the Debentures in Circulation, at a Meeting of Debenture Holders specially convened for this purpose, observing the convening procedure set out in
    Clause X below, except in the case of incorporation, merger, spin-off or other type of corporate reorganization of the Issuer exclusively involving the Subsidiaries of the Issuer on the date of the signing of this Debenture Issue Contract, as
    described in the prospectus for the Public Debenture Distribution (&#147;Prospectus&#148;);</FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(g)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">failure by the Issuer to meet any and every non-pecuniary obligation arising from this Debenture Issue Contract, not remedied within a period of 30 (thirty)
    days, counting from the receipt of written notice sent by the Fiduciary Agent;</FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(h)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">failure by the Issuer in its obligation to maintain the financial index, as covered in item 8.1. (xx) of this Debenture Issue Contract;</FONT></p>
</blockquote>
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<blockquote>
  <p>
    <FONT size=2 face="sans-serif">(i)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">reduction in the paid-up capital of the Issuer and/or any alteration to the Issuer's Bylaws, which implies the concession of the right of withdrawal to
    shareholders of the Issuer, for an amount that could affect, directly or indirectly, the Issuer's obligations set out in this Debenture Issue Contract; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(j)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">legitimate protests by Debenture Holders against the Issuer, whose unit or aggregate value exceeds R$ 15,000,000.00 (fifteen million reais), except in the case
    of the protest being made by mistake or in bad faith on the part of third parties, provided that this is proven to be the case by the Issuer, if this is so, or if the protest is withdrawn, in any event, within a maximum period of 3 (three) working
    days of its occurrence; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(k)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the failure to pay, or paying down in advance, of any of the debts of the Issuer, for a unitary or aggregate amount equal or greater than R$ 25,000,000.00
    (twenty-five million reais), due to a contractual failure to pay, for an amount that could, in any event, prejudice the Issuer's pecuniary obligations in arising from the Debenture Issue, save where the Issuer proves, within one working day
    immediately following the date of its occurrence, that this failure to pay, or advance paying down of debt, did not take place or has been definitively rectified by the Issuer;</FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(l)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">the sell-off, confiscation, misappropriation or any other form of disposal, during the period that the Debentures are in force, of operational assets which,
    individually or together, result in a reduction in net consolidated operational revenues of more than 25% (twenty five percent) in relation to the net operational revenues reported by the issuer in the financial year ending the 31 December 2004,
    corrected annually by variation in the General Market Prices Index (IGP-M), calculated by the Get&uacute;lio Vargas Foundation. The limit established above being calculated quarterly, taking into account the operational revenues of the Issuer during
    the 12 (twelve) months prior to the end of each quarter, and using the financial information normally published by the Issuer; and </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(m)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">payment by the Issuer of dividends and/or interest-on-equity payments, except for legally obligatory dividends or interest-on-equity payments ascribed as
    obligatory dividends, if they are delayed in relation to the fulfillment of any of the pecuniary obligations set out in this Debenture Issue Contract.</FONT></p>
</blockquote>
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<P>
<FONT size=2 face="sans-serif">7.2. The occurrence of any of the events cited in sub-items (a), (b), (c) and (d) of item 7.1. above shall trigger the redemption ahead of schedule, of the Debentures, independent of any advice or notification, as observed in
the only paragraph of Article 13 of CVM instruction N&ordm; 28. </FONT></P>
<P>
<FONT size=2 face="sans-serif">7.3.  If any of the events indicated in sub-items (e) to (m) of item 7.1 above should occur, the Fiduciary Agent must convene, within a period of 48 (forty-eight) hours from the date of becoming cognizant of the occurrence of
any of the said events, a General Debenture Holders Meeting, to deliberate on the declaration of redemption ahead of schedule, observing the procedures for convening meetings, set out in Clause X below and the specific quorum established in item
7.3.1. below. The Meeting of Debenture Holders cited in this item can also be convened by the Issuer, or in the manner described in item 10.1. below. </FONT></P>
<P>
<FONT size=2 face="sans-serif">7.3.1. The Meeting of Debenture Holders, which deals with this item 7.3. may opt, by deliberation of Debenture Holders which represent a minimum of 2/3 (two thirds) of the Debentures in Circulation, to not declare redemption
ahead of schedule for the Debentures. </FONT></P>
<blockquote>
  <p>
    <FONT size=2 face="sans-serif">7.3.2. In the event of: (i) non-convening of a Meeting of Debenture Holders mentioned in item 7.3. , (ii) the non-implementation of a Meeting of Debenture Holders mentioned in item 7.3. due to lack of a quorum, or (iii) the
    non-approval of the exercising of the entitlement envisaged in item 7.3.1. above by the minimum quorum for deliberation, the Fiduciary Agent must declare the redemption in advance of the debentures, under the terms of 7.1. above. </FONT></p>
</blockquote>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B> <B><FONT size=2 face="sans-serif">VIII</FONT></B> <B><FONT size=2 face="sans-serif">-</FONT></B> <B><FONT size=2 face="sans-serif">ADDITIONAL</FONT></B> <B><FONT size=2 face="sans-serif">OBLIGATIONS</FONT></B> <B><FONT size="2"
face="sans-serif">OF</FONT></B> <B><FONT size=2 face="sans-serif">THE</FONT></B> <B><FONT size=2 face="sans-serif">ISSUER</FONT></B>
 </P>
<P>
<FONT size=2 face="sans-serif">8.1. Observing the other obligations set out in this Debenture Issue Contract, up to the full payment of the Nominal Unit Value and remunerative interest on all the Debentures, the Issuer is also obliged to: </FONT></P>
<P>
<FONT size=2 face="sans-serif">(i) Provide the Fiduciary Agent with the following:</FONT></P>

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<blockquote>
  <p><FONT size="2" face="sans-serif">(a) after the end of each financial year,
        within the legal time-limit established, a copy of its complete consolidated
        financial statements related to the financial year just ended, prepared in
        accordance with generally acceptable accounting principles in Brazil (BRGAAP),
        explicitly stating the figures necessary that are needed for the calculation
        of the financial index described in item 8.1. (xx) of this Clause VIII, accompanied
        by a report from independent auditors and a report showing the calculation
        of the said financial index; </FONT></p>
  <p> <FONT size="2" face="sans-serif">(b) after the end of each financial quarter,
        within the established legal time-limit, a copy of its financial information
        relative to the respective quarter, prepared in accordance with the generally
        acceptable accounting principles in Brazil (BRGAAP), explicitly stating the
        figures necessary that are needed for the calculation of the financial index
        described in item 8.1. (xx) of this Clause VIII, accompanied by a report
        showing the calculation of the said financial index;</FONT></p>
  <p><FONT size="2" face="sans-serif">(c) copies of information required on a regular
        basis and from time to time by CVM instruction N&ordm; 202/93, and subsequent
        alterations, within the time limits therein stipulated; </FONT> </p>
  <p><FONT size="2" face="sans-serif">(d) within a short a time as possible, any
        information related to this Issue which has been requested by the Fiduciary
        Agent;</FONT> </p>
  <p><FONT size="2" face="sans-serif">(e)</FONT> <FONT size="2" face="sans-serif">Information
        with respect to the occurrence of any of the possible events indicated in
        Clause VII - Redemption Ahead of Schedule above, on the same date as the
        occurrence becomes known;</FONT> </p>
  <p><FONT size="2" face="sans-serif">(f)</FONT> <FONT size="2" face="sans-serif">within
        a period of up to 5 (five) days after its publishing, a copy of the annual
        re-evaluation report from the Risk Classification Agency for the Debentures,
        contracted under the terms of this Debenture Issue Contract; and </FONT></p>
  <p> <FONT size="2" face="sans-serif">(g)</FONT> <FONT size="2" face="sans-serif">quarterly,
        within a period of up to 60 (sixty) days after the end of each financial
        quarter, a declaration that all its obligations set out with in this Debenture
        Issue Contract, are</FONT><BR>

    <br>
    <br>
  </p>
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<blockquote>
  <p>
    <FONT size=2 face="sans-serif">fulfilled and fully up-to-date, particularly those specified under item 7.1 of Clause VII above. </FONT></p>
</blockquote>
<P>
<FONT size=2 face="sans-serif">(ii) provide a satisfactory level of publicity for its economic-financial information, under the terms of Brazilian Corporate Law; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(iii) keep its bookkeeping up-to-date and make the respective entries in accordance with generally accepted accounting principles in Brazil; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(iv) convene, under the terms of item 10.1 of this Debenture Issue Contract, a General Meeting of Debenture Holders, to deliberate on whatever matters that are directly or indirectly related to this Issue, in the event that
the Fiduciary Agent does not do so; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(v) fulfill all the rulings made by the CVM, as well as providing it with information that has been requested by that authority; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(vi) submit, in the legally prescribed manner, its financial statements for examination by a firm of independent auditors, registered with the CVM; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(vii) keep its registry up to date as a listed company with CVM, under the terms of CVM instruction N&ordm; 202/93, and subsequent alterations; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(viii) maintain a satisfactory level of services provided to Debenture Holders, to assure them of efficient treatment, or contract authorized institutions to provide these services; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(ix) immediately notify the Fiduciary Agent of any substantial alteration in the conditions (financial or otherwise) or in the businesses of the Issuer, which could make it difficult or impossible for the Issuer to fulfill
its obligations arising from this Debenture Issue Contract; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(x) maintain insurance in accordance with the practices usually adopted by the company, as described in the Prospectus; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(xi) not carry out any act contrary to its bylaws and/or the terms set out in this Debenture Issue Contract; </FONT></P>

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<P>
<FONT size=2 face="sans-serif">(xii) communicate to the Fiduciary Agent, any occurrence which involves modification of the use of the funds raised through the Debenture Issue, as described in this Debenture Issue Contract;</FONT></P>
<P>
<FONT size=2 face="sans-serif">(xiii) maintain the validity of licences, concessions or necessary approvals, in compliance with the regulations, to ensure the regular functioning of the Issuer; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(xiv) maintain the validity of environmental licences related to its activities, according to the regulations, as well as fulfilling all the technical requirements there in established; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(xv) except in the case of those payments whose good faith are being questioned by the Issuer in either the courts or through administrative proceedings, to keep up-to-date the payment of all taxes due to the Federal, State
or Municipal Tax Authorities; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(xvi) while the Debentures remain in circulation, to not carry out any substantial alteration in the nature of its businesses, as described in the Prospectus;</FONT></P>
<P>
<FONT size=2 face="sans-serif">(xvii) to contract the services of, and maintain such a contract, up to the Date of Redemption: (i) a rating agency which publishes a report, at least once a year, with a short summary of the risk classification of the
Debentures; (ii) an issuing bank; (iii) an share registry institution and, (iv) a fiduciary agent. </FONT></P>
<P>
<FONT size=2 face="sans-serif">(xviii) invest the funds raised through the Debenture Issue strictly in accordance with the terms described in this Debenture Issue Contract and the Prospectus;</FONT></P>
<P>
<FONT size=2 face="sans-serif">(xix) comply with, in all material aspects, all the laws, rules, regulations and applicable orders, in any jurisdiction in which it carries out its business or owns assets;</FONT></P>
<P>
<FONT size=2 face="sans-serif">(xx) observe and maintain, from the Date of Issue, a Net Debt/EBITDA ratio, of less than or equal to 3.5, to be verified quarterly, always at the same time as when its quarterly figures are regularly reported by the Issuer.
For the purposes of this item (xx), Net Debt is considered to be all the Consolidated financial debt of the Issuer, excluding the total value of cash and equivalents and the Issuer's consolidated financial deposits, while EBITDA is considered to be
consolidated operational earnings, before interest, taxes, consolidated depreciation and amortization. </FONT></P>

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<P>
<FONT size=2 face="sans-serif">(xxi) maintain valid and in order, up to the payment of all the sums owed to the Debenture Holders, the declarations made by the Issuer in items (a), (b), (c), (d), (h), (i), (j) and (m) of Clause XI below. The declaration
which refers to item (i) in Clause XI shall be considered to be valid and in order for the purposes of this item (xxi) if the absence of authorizations and/or licenses referred to therein are subject to the questioning by the Issuer, in good faith,
of their requirement, and,</FONT></P>
<P>
<FONT size=2 face="sans-serif">(xxii) to provide a replacement for the security pledged by the Guarantor in the form of a bank guarantee, under the terms and the hypothetical situations envisaged in item 4.5. of Clause IV above. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">IX</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-</FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B><B><FONT size=2 face="sans-serif">FIDUCIARY</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">AGENT</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">9.1. Nomination</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">As Fiduciary Agent for the object of this Debenture Issue Contract, the Issuer has constituted and nominated Oliveira Trust Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios S.A., qualified in the preface to this
Debenture Issue Contract, which hereby, and in good faith accepts the nomination, under the terms of the law and this Debenture Issue Contract, to represent the group of Debenture Holders. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">9.2. Declaration</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Debenture Holders&#146; Fiduciary Agent, nominated in this Debenture Issue Contract, hereby declares under the penalty of the law: </FONT></P>
<P>
<FONT size=2 face="sans-serif">a) that it does not have any legal impediment, according to article 66, paragraph 3 of Brazilian Corporate Law, and article 10 of CVM instruction N&ordm; 28 of 23 November 1983, in the exercising of the function being
conferred to it; </FONT></P>
<P>
<FONT size=2 face="sans-serif">b) that it accepts the function conferred do it, wholly assuming the duties and assignments set out in the specific legislation and in this Debenture Issue Contract; </FONT></P>
<P>
<FONT size=2 face="sans-serif">c) that it wholly accepts this Debenture Issue Contract, with all its clauses and conditions; </FONT></P>
<P>
<FONT size=2 face="sans-serif">d) that it has no connection with the Issuer, which impedes it in the exercising of its functions; </FONT></P>

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<P>
<FONT size=2 face="sans-serif">e) that it is aware of Circular N&ordm; 1.832/1990, published by Brazilian Central Bank; </FONT></P>
<P>
<FONT size=2 face="sans-serif">f) that it is definitively authorized to sign this Debenture Issue Contract and fulfill all the obligations herein set out, having satisfied all the legal and statutory requirements needed to this end; </FONT></P>
<P>
<FONT size=2 face="sans-serif">g) that it is not in any situation of conflict of interest, as envisaged in article 10 of CVM instruction N.&ordm; 28/1983; </FONT></P>
<P>
<FONT size=2 face="sans-serif">h) that it is definitively qualified to exercise the activities of Fiduciary Agent, under the terms of the applicable regulations in force; </FONT></P>
<P>
<FONT size=2 face="sans-serif">i) that this Debenture Issue Contract constitutes a legal, valid obligation, linked effectively to the Fiduciary Agent, and enforceable in accordance with its terms and conditions; </FONT></P>
<P>
<FONT size=2 face="sans-serif">j) that the signing of this Debenture Issue Contract and the fulfillment of all its obligations herein set out, do not infringe any prior obligation assumed by the Fiduciary Agent; </FONT></P>
<P>
<FONT size=2 face="sans-serif">k) that it has verified the veracity of the information contained in this Debenture Issue Contract; and </FONT></P>
<P>
<FONT size=2 face="sans-serif">l) that it has verified the observance, by the Issuer, of the issue limits imposed under article 60 of Brazilian Corporate Law, in accordance with that set out in item 3.7. of this Debenture Issue Contract. </FONT></P>
<P>
<FONT size=2 face="sans-serif">h) that it has verified that the security pledge described in item 4.5 of Clause IV, is in order, and that based on the asset balance sheet of the Guarantor as at 31/12/2004, described below, that there are sufficient assets
for its enforcement, under the terms set out in paragraph IX of Article 12 of CVM Instruction N&ordm; 28 of 23/11/83. </FONT></P>
<TABLE width=95% border=1 cellspacing=0 cellpadding=2>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">Net Worth</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">Total</FONT>
<FONT size=2 face="serif">Demandable</FONT> 	</TD>
	<TD width=25%>
<FONT size=2 face="serif">Fixed Assets</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Current</FONT> and
<FONT size=2 face="serif">Realizable Assets</FONT> </FONT>
	</TD>
</TR>
<TR align="center" valign="bottom">
  <TD width=25%>&nbsp;</TD>
  <TD width=25%>&nbsp;</TD>
  <TD width=25%>&nbsp;</TD>
  <TD width=25%> <FONT size=2 face="serif">In R$&#146;000</FONT> </TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=25%>
<FONT size=2 face="serif">1,023,074</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">486,648</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">465,283</FONT>
	</TD>
	<TD width=25%>
<FONT size=2 face="serif">1,047,766</FONT>
	</TD>
</TR>
</TABLE>
<BR>

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<P>
<B><FONT size=2 face="sans-serif">9.3. Substitution </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">9.3.1. In the hypothetical instance of an absence, temporary impediment, resignation, intervention, judicial or extrajudicial liquidation, bankruptcy, or any other instance which results in any other kind of absence, a
General Meeting of Debenture Holders will be held within a maximum period of 30 (thirty) days, counting from the day on which the event happened to require the meeting, to choose a new Fiduciary Agent, which can be convened by the Fiduciary Agent to
be substituted, by the Issuer, by Debenture Holders who represent at least 10% (ten percent), of the Debentures in Circulation, or the CVM. In the event of the convening not taking place 15 (fifteen) days or more, prior to the end of the time limit
cited above, it shall fall to the Issuer to convene it, observing the time limit of 15 (fifteen) days for the first convening, and 8 (eight) days for the second convening, it being the right of the CVM to nominate a provisional substitute, while the
process of choosing a new fiduciary agent is completed. The remuneration of the new fiduciary agent shall be the same as that due to the previous Fiduciary Agent, observing the terms in item 9.3.7 below. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.2. In the event of the Fiduciary Agent being unable to exercise its functions due to circumstances not covered in this Debenture Issue Contract, it should immediately communicate this fact to the Debenture Holders,
requesting replacement. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.3. Debenture Holders are entitled to, after the end of the time limit for the distribution of the Debentures, to proceed with the replacement of the Fiduciary Agent and proceeding with the recommendation of its
replacement, at a General Meeting specially convened for this purpose. The replacement of the Fiduciary Agent is subject to prior communication with the Issuer and the publishing by the CVM affirming the fulfillment of all the requirements of
Article 8 of CVM N.&ordm; 28/83 and any subsequent regulations. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.4. The replacement of the Fiduciary Agent must be the object of an addition to this Debenture Issue Contract. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.5. In the case of the resignation of the Fiduciary Agent, it must remain carrying out its duties until an effective replacement has been made. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.6. The Fiduciary Agent shall begin the exercising of its functions on the date of this Debenture Issue Contract or any possible additions to this contract related</FONT></P>

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<FONT size=2 face="sans-serif">to its substitution, and remain carrying out its duties and functions up to the Debenture Redemption Date or its effective replacement. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.7. In the event of the Fiduciary Agent being effectively replaced, this replacement shall receive the same a remuneration as that received by the existing Fiduciary Agent, with all its terms and conditions, seeing that
the first annual installment due to the replacement will be calculated </FONT><I><FONT size=2 face="sans-serif">pro rata temporis</FONT></I><FONT size=2 face="sans-serif">, from the date of starting to exercise its duties as Fiduciary Agent. This remuneration may
be altered by common agreement between the Issuer and the replacement Fiduciary Agent, provided that this has been previously approved at a General Meeting of Debenture Holders. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.8. In the event of the Fiduciary Agent being replaced, all the respective norms and precepts as defined by the CVM shall be applicable. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.3.9. It is hereby established that, in the case of the existing Fiduciary Agent being replaced, the proportion of remuneration received but for which a corresponding service has not been provided - calculated
</FONT><I><FONT size=2 face="sans-serif">pro rata temporis</FONT></I><FONT size=2 face="sans-serif">, from the date of the last remuneration payment received, as set out in item 9.7 of this Debenture Issue Contract up to the effective replacement date of the
current Fiduciary Agent - on to the replacement fiduciary agent, as remuneration for services provided by the replacement. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">9.4. Duties</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Without prejudice to other items envisaged under the law, rules issued by the CVM, or the terms of this Debenture Issue Contract, the following duties and assignments of the Fiduciary Agent are hereby constituted: </FONT></P>
<blockquote>
  <p align="left">
    <FONT size=2 face="sans-serif">a) To protect the rights
    and interests of the Debenture Holders, using, in the exercising of this function,
    the care and diligence that any upright and upstanding man is accustomed to use
    in the  running of his own business; </FONT></p>
  <p align="left"><FONT size=2 face="sans-serif">b) to resign its duties in the event of conflicts of interest arising or any other events arising that affect his capacity to carry out his duties; </FONT></p>
  <p align="left"><FONT size=2 face="sans-serif">c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Maintain in good order, all the documentation, correspondence and other papers related to the exercising of its role; </FONT></p>
</blockquote>
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  <p align="left"><FONT size=2 face="sans-serif">d)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Verify, at the moment of accepting its duties, the veracity of the information contained in this Debenture Issue Contract, working
    diligently to rectify any possible omissions, failures or defects it becomes aware of; </FONT></p>
  <p align="left">
    <FONT size=2 face="sans-serif">e)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Carry out, with the competent bodies, in the event of the Issuer not doing so, the registration of this Debenture Issue Contract and respective additions,
    remedying any omissions or irregularities it may chance to find in existence; in this case, the Issuer must provide all the information and documents necessary to carry out the said registration; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">f)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Check that obligatory information is provided on a regular basis, alerting the Debenture Holders in the event of omissions or untruthfulness occurring in this
    information; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">g)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Issue a report about the sufficiency of information contained in the proposals for any modification of the conditions of the Debentures; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">h)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Request, when it judges necessary in the faithful performance of its duties, updated clearance certificates from the civil distributors offices, public treasury
    courts, appeal courts, board of conciliation and judgement, public treasury prosecutors court, office of the attorney general of public treasury, where the main headquarters of the Issuer is located; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">i)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Request, when it considers necessary, extraordinary audits of the Issuer, this request being obligatorily accompanied by a report which explains the reason and
    need for such an audit; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">j)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Convene, when necessary, a General Meeting of Debenture Holders, through an announcement published at least 3 (three) times, in the organs of the press referred
    to in item 4.13. , respecting the other rules that are related to publication, contained in the Brazilian Corporate Law and this Debenture Issue Contract; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">k)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Appear at General Meetings of Debenture Holders with the purpose of providing the information that they have requested of him; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">l)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Draw up an annual report for the Debenture Holders, under the terms of Article 68, paragraph 1, line (b) of Brazilian Corporate Law, which must contain, at
    least, the following information: </FONT></p>
</blockquote>
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<blockquote>
  <blockquote>
    <p>
      <FONT size=2 face="sans-serif">l.1) any omissions or errors which it has knowledge of, contained in the information published by the Issuer or, any failure to pay or delay in providing obligatory information on the part of the Issuer; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.2) any statutory alterations that have occurred in the period; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.3) comments on the Issuer's financial statements, focusing on the Issuer's economic and financial indicators and capital structure; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.4) the position of the distribution or placing of the Debentures in the market; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.5) a report on the destination of the funds raised as a result of the Debenture Issue, in accordance with the data obtained from the management of the Issuer; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.6) fulfillment of the obligations assumed by the Issuer in this instrument, including the maintenance of the financial index envisaged in item 8.1. (xx) and any occurrence of events in visits under item 7.1. of Clause VII
      above; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.7) a declaration about its capacity to continuing to exercise the function of Fiduciary Agent;</FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.8) remuneration payments carried out in the period, as well as any purchases and sales of Debentures carried out by the Issuer; and </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">l.9) a report on any assets and amounts delivered to its administration. </FONT></p>
  </blockquote>
  <p>
  <FONT size=2 face="sans-serif">m)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Make available the report which covers item &#147;l&#148; to the Debenture Holders within a maximum period of 4 (four) months, counting from the end of the
  Issuer's financial year, at the following locations, at least: </FONT></p>
  <blockquote>
    <p>
      <FONT size=2 face="sans-serif">m.1) at the headquarters of the Issuer; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">m.2) at its office or, when a financial institution, at a location indicated by it; </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">m.3) at the CVM; </FONT></p>
  </blockquote>
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<blockquote>
  <blockquote>
    <p>
      <FONT size=2 face="sans-serif">m.4) at BOVESPA and CETIP; and </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">m.5) at the headquarters of the leading intermediary institution responsible for the placing of the Debentures. </FONT></p>
  </blockquote>
  <p>
  <FONT size=2 face="sans-serif">n)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">To publish, in the press organs referred to in item 4.13. , at the expense of the Issuer, an announcement communicating to Debenture Holders that the report is
  available for their perusal at the locations in line &#147;m&#148; above; </FONT></p>
  <p>
  <FONT size=2 face="sans-serif">o)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Maintain an up-to-date report of Debenture Holders and their addresses, with the management of the Issuer, the Issuing Bank, CBLC and CETIP; </FONT></p>
  <p>
  <FONT size=2 face="sans-serif">p)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Ensure the fulfillment of the clauses contained in This Debenture Issue Contract, especially those that imposed obligations on what to do and not to do; and
</FONT></p>
  <p>
  <FONT size=2 face="sans-serif">q)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Notify the Debenture Holders, if possible individually, within a maximum time limit of 30 (thirty) days, of any failure, on the part of the Issuer, to carry out
  any obligations assumed in this Debenture Issue Contract, indicating the location in which it will provide further details to those interested parties. A communication with equal content must be also sent to: </FONT></p>
  <blockquote>
    <p>
      <FONT size=2 face="sans-serif">r.1) the CVM; and </FONT></p>
    <p>
      <FONT size=2 face="sans-serif">r.2) BOVESPA, CBLC and CETIP; and</FONT></p>
  </blockquote>
  <p>
  <FONT size=2 face="sans-serif">r)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Monitor quarterly the maintenance of the financial index covered in item 8.1. (xx), obligatorily informing the Debenture Holders immediately of any failure to
  comply in regard to the said financial index; </FONT></p>
  <p>
  <FONT size=2 face="sans-serif">s)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Monitor any occurrence of items covered in item 7.1. of Clause VII above and immediately inform Debenture Holders of the occurrence of any such
  events.</FONT></p>
</blockquote>
<P>
<B><FONT size=2 face="sans-serif">9.5. Specific Assignments</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">9.5.1. In the case of non-payment by the Issuer, the Fiduciary Agent shall utilize whatever judicial or extrajudicial procedure for the protection and defense of the interest of the group of Debenture Holders and the payment
of the amounts owed, to this end: </FONT></P>

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<blockquote>
  <p>
    <FONT size=2 face="sans-serif">a) declare, observing the conditions in this Debenture Issue Contract, advance redemption of the Debentures, demanding the return of the principal and associated interest; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">b) take any necessary measure to ensure the payment of the amounts owing to the Debenture Holders; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">c) file for the bankruptcy of the Issuer; and </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">d) represent the Debenture Holders in the process of bankruptcy, bankruptcy protection, intervention or extrajudicial liquidation of the Issuer. </FONT></p>
</blockquote>
<P>
<FONT size=2 face="sans-serif">9.5.2. Observing the disposition in item 7.2. , the Fiduciary Agent shall only be exempt of the responsibility for the non-adoption of the measures contemplated in lines (a) to (c) of item 9.5.1. if, at a duly convened
General Meeting of Debenture Holders, it is so authorized - through the unanimous deliberation of all the holders of the Debentures in Circulation, however, a deliberation by the majority of the holders of the Debentures in Circulation being
sufficient - in the event of the case with respect to the disposition in line (d) of item 9.5.1. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">9.6. Remuneration </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">9.6.1. Fees for the performance of duties and assignments shall be due to the Fiduciary Agent or the institution which replaces it, under the terms of the law and the terms of this Debenture Issue Contract, such remuneration
being paid in the following way: </FONT></P>
<blockquote>
  <p>
    <FONT size=2 face="sans-serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Quarterly installments of R$ 5,250.00 (five thousand two hundred and fifty reais), the first installment being due on the date of the signing of this Debenture
    Issue Contract. The amount of the first installment shall be R$ 3,150.00  (three thousand one hundred and fifty reais), due to the deduction of the one-time payment described in item &#147;b&#148; below; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">One-time payment, of R$ 2,100.00 (two thousand one hundred reais), due under the heading of "implementation of the operation", at the time of the acceptance by
    the Issuer of the proposal to provide services, to be paid within a period of 5 (five) days, counting from the day on which the Fiduciary Agent presents its comments on the text of this Debenture Issue Contract, observing the disposition in item
&#147;a&#148; above; </FONT></p>
</blockquote>
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<blockquote>
  <p>
    <FONT size=2 face="sans-serif">c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">To the amount of remuneration shall be added those taxes levied on fees (IRRF &#150; Income Tax Retained at Source, CSLL &#150; social contribution on Net
    Earnings, ISS &#150; Taxes on Services of Whatever Nature, PIS &#150;contribution to the Social Integration Plan and Cofins &#150; Contribution to the Financing of Social Security) at the rates in force on the respective payment dates, as well as
    any other taxes that may subsequently be levied on the remuneration hereby established; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">d)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The installments referred to above shall be updated annually, in accordance with the variation in the Consumer Prices Index, published by the Foundation
    Institute for Economic Research &#150; FIPE (IPC-FIPE) or, if no longer in existence, by the index which has replaced it; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">e)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The remuneration of the Fiduciary Agent does not include the expenses for publishing, transport, food, travel and subsistence necessary for the Fiduciary Agent
    to exercise its role, these expenses being the responsibility of the Issuer, through payment invoices issued directly in its name, or subsequently reimbursed, after prior approval;</FONT></p>
  <p>
    <FONT size=2 face="sans-serif">f)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">In the event of failure to pay by the Issuer, all the expenses of legal proceedings, including administrative expenses, which the Fiduciary Agent incurs in its
    safeguarding of the interests of the Debenture Holders must be previously approved and paid for in advance by the Debenture Holders, and subsequently, as set out in the applicable regulations and in the terms of this Debenture Issue Contract,
    indemnified by the Issuer. Such expenses to be paid for in advance by the Debenture Holders, also include expenditure on the legal fees of third parties, court deposits, legal costs and charges for those actions proposed by the Fiduciary Agent or
    those arising from actions against it, brought about in the exercising of its role, or financial losses or risks incurred while representing the group of Debenture Holders. Any expenses, court deposits and costs arising from the loss of suit in
    legal actions shall be equally borne by the Debenture Holders as well the remuneration and reimbursable expenses of the Fiduciary Agent in the event of the Issuer continuing to fail to pay these for a period exceeding 30 (thirty) days, the Fiduciary
    Agent being entitled to solicit a prior guarantee from the Debenture Holders to cover the risk of loss of suit; </FONT></p>
</blockquote>
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<blockquote>
  <p>
    <FONT size=2 face="sans-serif">f) the remuneration envisaged in line (a) above, shall be due even after the redemption of the Debentures, if the Fiduciary Agent is still claiming for and paid bills with regard to the Debentures, which have not been paid
    for by the Issuer; and </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">g) the remuneration of the Fiduciary Agent includes the drawing up of an annual report, in the form stipulated by CVM instruction N&ordm; 28, of 23 November 1983. </FONT></p>
</blockquote>
<P>
<FONT size=2 face="sans-serif">9.6.2. Not included in the Fiduciary Agent&#146;s remuneration, are specialist expenses should they be necessary, such as auditing and/or inspection, among others, or legal advice to the Fiduciary Agent and/or the Debenture
Holders. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">9.7. Expenses</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">9.7.1. The Issuer shall indemnify the Fiduciary Agent for all reasonable expenses that it can prove that it has incurred, to protect the rights and interests of the Debenture Holders, or to pay amounts owed, provided that
these expenses have been previously communicated to the Issuer. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.7.2. The indemnification, referred to in this item, shall be effected within 15 (fifteen) working days, counting from the day on which the Issuer delivers the documents as proof of payment that these expenses have been
incurred, and were necessary in the protection of the rights of the Debenture Holders. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.7.3. The expenses which are referred to in this item also include the following: </FONT></P>
<blockquote>
  <p>
    <FONT size=2 face="sans-serif">a) the publication of reports, notices and announcements, as envisaged in this Debenture Issue Contract, and any others which may be required by the applicable regulations; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">b) issuing of clearance certificates; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">c) travel between States in the Federation, with respective board and lodging, when necessary in the performance of its duties; and </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">d) any additional, special expenses, or costs associated with obtaining expert advice, that become indispensable, in the event of omissions and/or obscurity in the information regarding the strict interests of the Debenture
    Holders. </FONT></p>
</blockquote>
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<P>
<FONT size=2 face="sans-serif">9.7.4. Amounts owed to the Fiduciary Agent for expenses that have been incurred to protect the rights and interests of the Debenture Holders, or amounts owed to the Debenture Holders that have not been settled as set out in
item 9.7.2. above, shall be added to the debt of the Issuer and shall enjoy the same guarantees as the Debentures, being given preference to these, in the order of payment. </FONT></P>
<P>
<FONT size=2 face="sans-serif">9.7.5. If any amount due to the Debenture Holders arising from this Debenture Issue Contract, is paid by means of judicial action, or charged using the service of lawyers, the Issuer must pay all the amounts due under the
terms of this Debenture Issue Contract, and those related to the Debentures, as well as legal fees and other costs and expenses incurred in obtaining payment of the outstanding amount. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">X</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-</FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B><B><FONT size=2 face="sans-serif">GENERAL</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">MEETING</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">OF</FONT></B><B><FONT size=2
face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">DEBENTURE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">HOLDERS</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">
</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">General Meetings of Debenture Holders are subject to the dispositions in Article 71 of Brazilian Corporate Law. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">10.1. Convening</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">10.1.1. A General Meeting of Debenture Holders may be convened by the Fiduciary Agent, by the Issuer, or by Debenture Holders which represents at least 10% (ten percent) of the Debentures in Circulation, or by the CVM.
</FONT></P>
<P>
<FONT size=2 face="sans-serif">10.1.2. A General Meeting of Debenture Holders must be held within a maximum period of 15 (fifteen) days, counting from the first convening, and within a maximum period of 8 (eight) days, counting from the second convening.
</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">10.2. Instatement Quorum</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">A meeting may be instated, at the first convening, with the presence of Debenture Holders that represent at least half of the Debentures in Circulation and, in the second convening, with any quorum. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">10.3. Presiding Officer</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Presiding Officer of the meeting shall be a Debenture Holder, elected by the other Debenture Holders, all that which has been designated by the CVM. </FONT></P>

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<P align="left">
<B><FONT size=2 face="sans-serif">10.4. Quorum for Deliberation </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">10.4.1. For meeting deliberations, each Debenture in circulation (&#147;Debenture in Circulation&#148; or &#147;Debentures in Circulation&#148;) is entitled to one vote, allowed in the constitution of the mandate, allowing
the institution of a proxy, be they Debenture Holders or not. Excluded from the quorum for deliberations, at any meeting of Debenture Holders held under the terms of this Debenture Issue Contract, are those Debentures held in Treasury by the Issuer,
and those held by the controlling shareholders, subsidiaries and affiliates of the Issuer, as well as those Debentures held by the directors, board members or managers of the Issuer, or those held by its controlling shareholders, subsidiaries and
affiliates, or those held by close relatives (up to second generation). </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">10.4.2. Observing the dispositions in this Debenture Issue Contract, deliberations shall be decided on by Debenture Holders representing, at least a majority of all the Debentures in Circulation present at the respective
Meeting, except in those cases where a specific quorum has been established, under the terms of this Debenture Issue Contract or the legislation currently in force.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">10.4.3. Alterations to (i) Debenture Remuneration, except for those referred to in item 4.2.7. of Clause IV above, or the dates of Remuneration payment, (ii) the redemption term of the Debentures and/or (iii) events resulting
in advance redemption as set out in Clause VII of this Debenture Issue Contract, must be approved, be it in the first convening of a General Meeting of Debenture Holders, or at any subsequent convening, by Debenture Holders that represent at least
95% (ninety five percent) of the Debentures in Circulation. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">10.4.4. Alterations to the financial index referred to in item 8.1. (xx) and/or the timetable for its verification, must be approved, be it in the first convening of a General Meeting of Debenture Holders, or at any
subsequent meeting convened, by Debenture Holders that </FONT></P>

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<FONT size=2 face="sans-serif">represent at least 75% (seventy five percent) of the Debentures in Circulation. </FONT></P>
<P>
<FONT size=2 face="sans-serif">10.4.5. Alterations to qualifying quorums established in this Debenture Issue Contract and/or the dispositions in this Clause 10.4, must be approved, be it at the first convening of a General Meeting of Debenture Holders, or
at any subsequent meeting convened, by Debenture Holders, which represents 100% (one hundred percent) of the Debentures in Circulation. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B> <B><FONT size=2 face="sans-serif">XI</FONT></B> <B><FONT size=2 face="sans-serif">&#150;</FONT></B> <B><FONT size=2 face="sans-serif">DECLARATIONS</FONT></B> <B><FONT size=2 face="sans-serif">AND</FONT></B> <B><FONT size="2"
face="sans-serif">GUARANTEES</FONT></B> <B><FONT size=2 face="sans-serif">BY</FONT></B> <B><FONT size=2 face="sans-serif">THE</FONT></B>
<B><FONT size=2 face="sans-serif">ISSUER</FONT></B>  </P>
<P>
<FONT size=2 face="sans-serif">The Issuer declares and guarantees to the Fiduciary Agent, on the date of the signing of this Debenture Issue Contract, that: </FONT></P>
<P>
<FONT size=2 face="sans-serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">It is a commercial company, organized, constituted and existing in the form of a publicly listed company, according to Brazilian law; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">It is definitively authorized and has obtained all the necessary licenses and authorizations (including those from the competent state and federal bodies) to
sign this Debenture Issue Contract, to carry out this Debenture Issue, and that it will fulfill its obligations herein set out, having satisfied all the legal and statutory requisites to do so; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">This Debenture Issue Contract constitutes a legal and valid obligation, linked to the Issuer, enforceable in accordance with its terms and
conditions;</FONT></P>
<P>
<FONT size=2 face="sans-serif">(d)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">That the Consolidated Financial Statements of the Issuer, dated 31 December 2002, 2003 and 2004, correctly represent the financial position of the Issuer on
those respective dates, and were definitively drawn up in accordance with the general accounting principles accepted in Brazil; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(e)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The Prospectus shall contain, on the date of the start of Debenture distribution, all the significant up-to-date information in relation to the Issuer, in the
context of this Debenture Issue, and necessary for investors and their consultants to be able to carry out a correct analysis of assets, liabilities, the responsibilities of the Issuer, its financial condition, profits, losses, outlook and the
rights in relation to the Debentures, not containing false declarations or omission of relevant facts, in the circumstances in which these declarations were</FONT></P>

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<FONT size=2 face="sans-serif">made, seeing that the information, facts and declarations contained in the Prospectus in relation to the Issuer, are true, consistent, correct and complete; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(f)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The opinions, analyses and forecasts (if there are any) expressed in the Prospectus in relation to the Issuer have been given in good faith, being expressed
after all the relevant circumstances have been considered, and based on reasonable assumptions; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(g)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">There are no facts related to the Issuer or related to the Debentures not published in the Prospectus whose omission, in the context of this Issue, that make
any significant declaration in the Prospectus misleading, incorrect or untrue; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(h)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The signing of this Debenture Issue Contract and the issue and placing of the Debentures, do not infringe any legal disposition, order, decision or
administrative or judicial sentence, contract or instrument in which the Issuer or any of its subsidiaries has a part, neither will it result in: (i) the falling-due in advance of any obligation established in any of these contracts or instruments,
(ii) the creation of any lien on any asset or goods of the Issuer or any of its controlling shareholders; or (iii) the recindment of any of these contracts or instruments; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(i)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The Issuer holds all the relevant authorizations and licenses (including those of an environmental nature) required by the federal, state and municipal
authorities to carry out its activities, all of them being valid; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(j)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">The Issuer is fulfilling, in all material aspects, the laws, regulations, administrative standards and directives of the governmental organs, bodies in
authority or tribunals, applicable to the conduct of its businesses, except those which are the subject of questioning in good faith by the Issuer; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(k)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">Except for the contingencies set out in the Prospectus, there are no ongoing lawsuits, administrative or arbitration award procedures, inquiries or any other
type of governmental investigation which could cause a significant adverse impact on the Issuer, on its financial or other conditions, or its activities; </FONT></P>
<P>
<FONT size=2 face="sans-serif">(l)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">There is no connection with the Fiduciary Agent which could prevent the Fiduciary Agent from fully exercising its duties with respect to this Issue; and
</FONT></P>

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<FONT size=2 face="sans-serif">(m)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="sans-serif">It is up-to-date with the fulfilling of the obligations contained in this Debenture Issue Contract. </FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">CLAUSE</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">XII</FONT></B><B><FONT size=2 face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">-GENERAL</FONT></B><B><FONT size=2
face="sans-serif"> </FONT></B><B><FONT size=2 face="sans-serif">DISPOSITIONS </FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">12.1. Communications</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Those communications to be sent to any of the parties under the terms of this Debenture Issue Contract must be sent in writing, to the following addresses:</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">To the Issuer: <br>
</FONT></B><FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
S.A.<br>
</FONT><FONT size=2 face="sans-serif">Avenida Brigadeiro Luiz Ant&ocirc;nio,
n&ordm; 1343, 9&ordm; andar<br>
S&atilde;o
Paulo - SP<br>
</FONT><FONT size=2 face="sans-serif">Attn.: Sr. Marcello De Simone<br>
Treasury Superintendent<br>
Telephone: (11) 3177.6163<br>
Facsimile: (11) 3177.6107 </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">To the Fiduciary Agent: <br>
</FONT></B><FONT size=2 face="sans-serif">Oliveira Trust Distribuidora de T&iacute;tulos
e Valores Mobili&aacute;rios S.A.<br>
Avenida das Am&eacute;ricas n&ordm; 500, Bloco
13, Grupo 205<br>
Condom&iacute;nio
Downtown, Barra da Tijuca<br>
Rio de Janeiro - RJ <br>
</FONT><FONT size=2 face="sans-serif">Attn.: Sr. Juarez Dias Costa - Director<br>
Telephone:
(21) 2493-7003<br>
Facsimile: (21) 2493-4746/4901<br>
E-mail: agente@oliveiratrust.com.br </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">To the Guarantor: <br>
</FONT></B><FONT size=2 face="sans-serif">Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio<br>
</FONT><FONT size=2 face="sans-serif">Avenida Brigadeiro Luiz Ant&ocirc;nio,
n&ordm; 1343, 8&ordm; andar<br>
S&atilde;o
Paulo - SP <br>
</FONT><FONT size=2 face="sans-serif">Attn.: Sr. Marcello De Simone<br>
Telephone:
(11) 3177.6163<br>
Facsimile: (11) 3177.6107</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">To the Issuing Bank: <br>
</FONT></B><FONT size=2 face="sans-serif">Banco Bradesco S.A. <br>
</FONT><FONT size=2 face="sans-serif">Departamento de A&ccedil;&otilde;es e Cust&oacute;dia</FONT></P>
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<P>
<FONT size=2 face="sans-serif">Cidade de Deus - Vila Iara - Pr&eacute;dio Amarelo
- - 2&ordm; andar<br>
Osasco &#150; S&atilde;o Paulo<br>
Attn.: Sr. Cassiano Ricardo Scarpelli<br>
Telephone: (11) 3684-4522<br>
Facsimile: (11)
3684-5645 </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">To CETIP<br>
</FONT></B><FONT size=2 face="sans-serif">Rua L&iacute;bero Badar&oacute;, 425/24&ordm; andar<br>
S&atilde;o
Paulo, SP - CEP 01009-000<br>
Tel.: (11) 3111-1400 / 3365-4925<br>
Fax: (11) 3111-1563</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">To CBLC <br>
</FONT></B><FONT size=2 face="sans-serif">Rua XV de Novembro, 275<br>
S&atilde;o
Paulo - SP<br>
</FONT><FONT size=2 face="sans-serif">CEP 01013-001<br>
</FONT><FONT size=2 face="sans-serif">Tel.: (11) 3233-2178 / 2261 </FONT></P>
<P>
<FONT size=2 face="sans-serif">Communications shall be considered to have been
delivered when received with the signing of an accompanying protocol or a notice
of receipt, sent by the Brazilian Mail Service, by fax or telegrams at the addresses
 above. </FONT><FONT size=2 face="sans-serif">The originals of the documents sent by fax must be sent to the addresses above within a maximum period of 2 (two) working days after the message is sent. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">12.2. Waiver</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">No waiver of any of the rights arising from this Debenture Issue Contract shall ever be assumed, whereby no delay, omission or forebearance granted in respect of the exercise of any rights, entitlements or remedial actions
which are the responsibility of the Fiduciary Agent and/or the Debenture Holders as a result of any failure to perform on the part of the Issuer, shall prejudice these rights, entitlements or remedies, or be interpreted as constituting a waiver of
same or exoneration of said failure to perform, nor shall it constitute novation or alteration of any other obligations assumed by the Issuer in this Debenture Issue Contract, nor shall it constitute a precedent in relation to any other delay or
failure to perform.</FONT></P>

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<P>
<B><FONT size=2 face="sans-serif">12.3. Irrevocability</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The signing of this Debenture Issue Contract is of an irrevocable and not reversible  nature, obliging the Issuer, the Fiduciary Agent, the Guarantor and their successors to assume the respective roles. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">12.4. Independence</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">If any of the dispositions in this Debenture Issue Contract should be judged invalid or ineffective, the other dispositions not affected by this judgment shall continue to stand, committing the Issuer, Fiduciary Agent and
Guarantor, in good faith to replacing the dispositions affected, by another which, to the maximum possible extent, produces the same effect. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">12.5. Executive Title</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This Contract and the Debentures constitute extrajudicial title, under the terms of Article 585, paragraphs I and II, of the Civil Process Code, and the obligations therein enclosed are subject to specific execution, in
accordance with Articles 632 and those subsequent to it, of the Civil Process Code. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">12.6. Applicable Law</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This Debenture Issue Contract is governed by the Laws of the Federal Republic of Brazil.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">12.7. Jurisdiction</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Court of the City of S&atilde;o Paulo, in the State of S&atilde;o Paulo is hereby elected, as the authority for the settling of any queries or controversies arising from the interpretation of this Debenture Issue
Contract, waiving the right of recourse to any other venue, however pertinent the claims for jurisdiction of such courts may be.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Being thus duly in agreement, the parties hereby sign the 4 (four) copies of this legal instrument, of equal content and form, in the presence of the 2 (two) undersigned witnesses. </FONT></P>

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<P>
<FONT size=2 face="sans-serif">S&atilde;o Paulo, 16 February 2005</FONT></P>
<P>
<FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align="left" width="70%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR align="left" width="70%" size=1 noshade></TD>
</TR>
<TR valign="bottom">
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Post held:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Post held:</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="sans-serif">OLIVEIRA TRUST DISTRIBUIDORA DE T&Iacute;TULOS
E VALORES MOBILI&Aacute;RIOS S.A.</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align="left" width="70%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR align="left" width="70%" size=1 noshade></TD>
</TR>
<TR valign="bottom">
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Post held:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Post held:</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="sans-serif">OXITENO S.A. IND&Uacute;STRIA E COM&Eacute;RCIO</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align="left" width="70%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR align="left" width="70%" size=1 noshade></TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Post held:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Post held:</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Witnesses:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=48% align=left>

	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
	<TD>
<HR align="left" width="70%" size=1 noshade>
	</TD>
	<TD>
	</TD>
	<TD>
      <HR align="left" width="70%" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">Name:</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=49% align=left>
<FONT size=2 face="sans-serif">CPF:</FONT>
	</TD>
	<TD width=2%>&nbsp;
	</TD>
	<TD width=48% align=left>
<FONT size=2 face="sans-serif">CPF:</FONT>
	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<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 sale would be unlawful prior to registration or qualification under the securities laws of any such state. </FONT></P>

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<P align="right">
<B><FONT size=2 face="serif">ITEM 2</FONT></B></P>

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<P align="center">
<B><FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B></P>
<div align="center">
  <TABLE width=50% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=50% align=left>
    <FONT size=2 face="sans-serif">CNPJ n&ordm; 33.256.439/0001-39</FONT>
      </TD>
      <TD width=50% align=right>
    <FONT size=2 face="sans-serif">NIRE 35.300.109.724</FONT>
      </TD>
    </TR>
  </TABLE>
  <BR>
</div>
<P align="center">
<B><FONT size=2 face="sans-serif">Minutes of An Extraordinary General Meeting</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">Date, Time and Location:</FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">22 February 2005, at 2 p.m., at Company headquarters, located at Av. Brigadeiro Luiz Ant&ocirc;nio, N&ordm; 1343 &#150; 9&ordm; andar, in the City and the State of S&atilde;o Paulo. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Present:</FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">Shareholders who represent more than two thirds of the voting capital of the Company. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Convening Notice: </FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">Published in the Official Gazette of the State
of S&atilde;o Paulo on 4, 5 and </FONT><FONT size=2 face="sans-serif">10 February
2005 and in the newspaper "Valor Econ&ocirc;mico", on 4, 9 and 10 February 2005. </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Presiding at the Board: </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">President: Gilberto Tamm Barcellos Corr&ecirc;a</FONT></P>
<P><FONT size=2 face="sans-serif">Secretary:
  Elizabeth Akemi Ishii Kodato </FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Order of the Day:</FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">In accordance with the Convening Notice published.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">Deliberations:</FONT></B></P>

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<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"><b><font size=2 face="sans-serif">1.</font></b><b><font size=2 face="sans-serif"> </font></b><font size=2 face="sans-serif">&nbsp;</font></td>
    <td width="95%"><FONT size=2 face="sans-serif">Authorization
        to convert 1,834,724,517 (one billion, eight hundred and thirty-four
        million, seven hundred and twenty-four thousand, five hundred and seventeen)
        ordinary shares issued by the Company into the same number of preferred
        shares, under the terms of Article 11 of the Company Bylaws, bearing
        in mind the requests filed at Company headquarters, as listed as an annex
    to this document.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td align="center"> <font size=1 face="sans-serif">(EGM Ultrapar 22.02.2005)</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td> <font size=2 face="sans-serif">The conversion does not exceed the limits
        for the ratio of ordinary shares to preferred shares, set by law. The
        ordinary shares converted will be cancelled in the Registry Book of nominative
    shares. </font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td> <font size=2 face="sans-serif">The cancellation of the converted ordinary
        shares will take place on 7 March 2005, being the date on which the holders
    of these shares will receive their respective preferred shares in exchange.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><b><font size=2 face="sans-serif">2.</font></b><b><font size=2 face="sans-serif"> </font></b><font size=2 face="sans-serif">&nbsp;</font></td>
    <td> <font size=2 face="sans-serif">Authorization
        for the Executive Board to take all the necessary measures to implement
    the conversion of the ordinary shares into preferred shares. </font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><b><font size=2 face="sans-serif">3.</font></b><b><font size=2 face="sans-serif"> </font></b><font size=2 face="sans-serif">&nbsp;</font></td>
    <td width="95%"><font size=2 face="sans-serif">To
        alter the text of Article 5&ordm; of the Company Bylaws, bearing in mind
        that the conversion of ordinary shares into preferred shares conforms
        to item &#147;1&#148; above and the capital increase deliberated on,
        at a Meeting of the Company's Board of Directors held on 2 February 2005,
    the new text coming into force as follows: </font></td>
  </tr>
</table>

<P><br>
</P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<br>

<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><FONT size=2 face="sans-serif">&#147; Article 5&ordm; - The
        Company's paid-up capital, entirely and wholly subscribed for, amounts
        to R$ 898,816,635.09 (eight hundred and ninety-eight million, eight hundred
        and sixteen thousand, six hundred and thirty-five reais and nine centavos),
        divided into 80,144,959,152 (eighty billion, one hundred and forty-four
        million, nine hundred and fifty-nine thousand, one hundred and fifty-two)
        shares without nominal value, all nominative, being 49,429,897,261 (forty-nine
        billion, four hundred and twenty-nine million, eight hundred and ninety-seven
        thousand, two hundred and sixty-one) ordinary shares and 30,715,061,891
    (thirty billion, seven hundred and fifteen</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td align="center"><font size=1 face="sans-serif">(AGE Ultrapar 22.02.2005)</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <font size=2 face="sans-serif">million, sixty-one thousand,
    eight hundred and ninety-one), preferred shares.&#148; </font></td>
  </tr>
</table>

<P><B><FONT size=2 face="sans-serif">Observation:</FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT size=2 face="sans-serif">At the end of the reading, the President of the Board declared that: (i) all the deliberations of the Meeting had been approved unanimously by those present, except for Parth Investments Company and shareholder Renato Ochman,
which both abstained from voting; (ii) that the ordinary shares, being the object of the conversion approved in these minutes, cannot be traded or sold off by any of the holders. </FONT></P>
<P align="center"><FONT size=2 face="sans-serif">There being no further business to discuss, the meeting was closed and the minutes of this meeting being hereby set out, read and approved by all the shareholders present.</FONT></P>
<P>
<FONT size=2 face="sans-serif">For </FONT><B><FONT size=2 face="sans-serif">ULTRA S.A. - PARTICIPA&Ccedil;&Otilde;ES </FONT></B><FONT size=2 face="sans-serif">:</FONT></P>

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

<P>
<FONT size=2 face="sans-serif">Lucio de Castro Andrade Filho and Jos&eacute; Carlos
Guimar&atilde;es de Almeida - Directors </FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">For </FONT><B><FONT size=2 face="sans-serif">PARTH INVESTMENTS COMPANY, L.L.C</FONT></B><FONT size=2 face="sans-serif">., as proxy and for himself:</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT size=2 face="sans-serif">RENATO OCHMAN</FONT></B></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">For </FONT><B><FONT size=2 face="sans-serif">MONTEIRO ARANHA S.A</FONT></B><FONT size=2 face="sans-serif">.:</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">D&eacute;bora Regina Zambaldi Zilber &#150; proxy</FONT></P>
<P>&nbsp;</P>
<P align="center">
<FONT size=1 face="sans-serif">(EGM Ultrapar 22.02.2005)</FONT></P>
<P align="center">&nbsp;</P>
<P>
<B><FONT size=2 face="sans-serif">LUCIO DE CASTRO ANDRADE FILHO</FONT></B></P>
<P>&nbsp;</P>
<P>
<B><FONT size=2 face="sans-serif">GILBERTO TAMM BARCELLOS CORR&Ecirc;A</FONT></B></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">For </FONT><B><FONT size=2 face="sans-serif">TEMPO CAPITAL FUNDO DE INVESTIMENTO EM A&Ccedil;&Otilde;ES</FONT></B></P>

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

<P>
<FONT size=2 face="sans-serif">Paulo Andr&eacute; Bodin de Moraes</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="sans-serif">For the holder of Preferred Shares, </FONT><B><FONT size=2 face="sans-serif">BRADESCO TEMPLETON ASSET MANEGEMENT LTDA.</FONT></B><FONT size=2 face="sans-serif">:</FONT></P>
<P align="center">
<FONT size=2 face="sans-serif">Fernanda Jacques Faria</FONT></P>
<div align="center">
  <TABLE width=70% border=0 cellspacing=0 cellpadding=0>
    <TR align="center" valign="bottom">
      <TD width=50%>
    <FONT size=2 face="sans-serif">Gilberto Tamm Barcellos Corr&ecirc;a</FONT>
      </TD>
      <TD width=50%>
    <FONT size=2 face="sans-serif">Elizabeth Akemi Ishii Kodato</FONT>
      </TD>
    </TR>
    <TR align="center" valign="bottom">
      <TD width=50%>
    <FONT size=2 face="sans-serif">President of the Board</FONT>
      </TD>
      <TD width=50%>
    <FONT size=2 face="sans-serif">Secretary to the Board</FONT>
      </TD>
    </TR>
  </TABLE>
  <BR>

<br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>

<P align="center">
<B><FONT size=2 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT></B></P>
<P align="center">
<B><FONT size=2 face="sans-serif">EXTRAORDINARY GENERAL MEETING </FONT></B></P>
<P align="center">
<B><FONT size=2 face="sans-serif">FEBRUARY 22, 2.005 </FONT></B></P>
<P align="center">
<B><FONT size=2 face="sans-serif">SHAREHOLDERS THAT REQUESTED CONVERSION OF COMMON
INTO<br>
PREFFERED SHARES </FONT></B></P>
<div align="center">
  <TABLE width=90% border=1 cellspacing=0 cellpadding=2>
    <TR valign="bottom">
      <TD width=49% align=center>
    <B><FONT size=2 face="sans-serif">Shareholder</FONT></B>
      </TD>
      <TD width=48% align=center>
    <B><FONT size=2 face="sans-serif">Conversion<br>
    Quantity of common shares into preferred<br>
    shares</FONT></B> <B><FONT size=2 face="sans-serif"></FONT></B></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">1. Ultra S.A. &#150; Participa&ccedil;&otilde;es</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">1,546,404,772</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">2. Joyce Igel de Castro Andrade</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">232,031,250</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">3. Jun Suzaki</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">4,605,400</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">4. Tempo capital Fundo de investimentos em A&ccedil;&otilde;es</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">43,318,406</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">5. Pedro Luiz Cerise</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">75,755</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">6. Hansjorg Werner Herbert Salaar</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">100,000</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">7. Josu&eacute; Grotti</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">188,934</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <FONT size=2 face="sans-serif">8. GAS &#150; Fundo de Investimento em A&ccedil;&otilde;es</FONT>
      </TD>
      <TD width=48% align=right>
    <FONT size=2 face="sans-serif">8,000,000</FONT>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>
    <B><FONT size=2 face="sans-serif">TOTAL</FONT></B>
      </TD>
      <TD width=48% align=right>
    <B><FONT size=2 face="sans-serif">1,834,724,517</FONT></B>
      </TD>
    </TR>
  </TABLE>
  <BR>
</div>
<P align="center">
<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 sale would be unlawful prior to registration or qualification under the securities laws of any such state.</FONT></P>

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

<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B></P>
<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>
<TABLE width="90%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=left nowrap> <b><font face="serif">ULTRAPAR HOLDINGS INC.</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap>&nbsp;</TD>
    <TD width="7%" align=left nowrap></TD>
    <TD width="39%" align=left>&nbsp;</TD>
    <TD width="50%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=4% align=left nowrap> <FONT face="serif" size=2>By:</FONT> </TD>
    <TD colspan="2" align=left nowrap> <font face="serif" size=2>/s/ Fabio Schvartsman </font></TD>
    <TD width="50%" align=right><FONT size=2 face="serif">February 28, 2005</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap></TD>
    <TD colspan="2" align=left nowrap><hr align="left" width="60%" size=1 noshade>    </TD>
    <TD width="50%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=4% align=left nowrap> </TD>
    <TD width=7% align=left nowrap> <FONT face="serif" size=2>Name:</FONT> </TD>
    <TD width=39% align=left> <FONT face="serif" size=2>Fabio Schvartsman</FONT> </TD>
    <TD width=50% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=4% align=left nowrap> </TD>
    <TD width=7% align=left nowrap> <FONT face="serif" size=2>Title:</FONT> </TD>
    <TD width=39% align=left> <FONT face="serif" size=2>Chief Financial and Investor
        Relations Officer</FONT> </TD>
    <TD width=50% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<BR>
<P align="right">
<FONT size=1 face="serif">(6K &#150; Minutes of Meeting of Board of Directors - Feb 16 / Minutes of EGM - Feb 22)</FONT></P>
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