-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 K8t04i0dVjWzAkFyDkQQEKA8+fdpPH0D3618tvDz0QcJ4EMFdobNgJ0bMguDI1f1
 XBjEBrjp1cczrmw2tEx9kQ==

<SEC-DOCUMENT>0000950103-05-001439.txt : 20050517
<SEC-HEADER>0000950103-05-001439.hdr.sgml : 20050517
<ACCEPTANCE-DATETIME>20050517095034
ACCESSION NUMBER:		0000950103-05-001439
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050512
FILED AS OF DATE:		20050517
DATE AS OF CHANGE:		20050517

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:		05837252

	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>may1305_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<body leftmargin="25p" marginwidth="50p">
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
<P align="center"> <B><FONT size=3 face="Times New Roman, Times, serif">Form
      6-K</FONT></B> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>SECURITIES
      AND EXCHANGE COMMISSION<br>
  </B></font><font size="3" face="Times New Roman, Times, serif"><B>Washington,
  D.C. 20549 </B> </font></P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>Report
      Of Foreign Private Issuer<br>
  Pursuant To Rule 13a-16 Or 15d-16 Of<br>
  The Securities Exchange Act Of 1934 </B></font><font size="2" face="Times New Roman, Times, serif"> </font></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">For the
    month of May, 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>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center"> <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><B><B><FONT face="serif">SEQUENTIAL</FONT></B><br>
                <FONT face="serif">PAGE</FONT></B><br>
                <FONT face="serif">NUMBER</FONT></B></font></TD>
      <TD width="3%"><font size="2">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD colspan=4><HR noshade size=1></TD>
      <TD width="3%"><font size="2">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD width="5%" align="center" valign="top"><b><font size="2" face="serif">1.</font></b></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="78%" align="left"><B><FONT size=2 face="serif">Interim Financial Statements for the Quarter Ended
March 31, 2005 and Independent Accountants&#146; Review Report</FONT></B></TD>
      <TD align="center"><font size="2"><strong>3</strong></font></TD>
      <TD><font size="2">&nbsp;</font></TD>
    </TR>
  </TABLE>
</div>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
<br>
<div align="right">
          <B><FONT size=2 face="serif">ITEM 1</FONT></B>
</div>
<br>
<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<U><FONT size=2 face="serif">INDEPENDENT ACCOUNTANTS&#146; REVIEW REPORT</FONT></U><br>
<BR>
<FONT size=2 face="serif">To the Shareholders and Management of </FONT><BR>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. </FONT><BR>
<U><FONT size=2 face="serif">S&atilde;o Paulo - SP</FONT></U><br><br>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr valign="top">
          <td width="4%"><font size=2 face="serif">1.</font><font size=2 face="sans-serif">&nbsp; </font><font size=2 face="serif">&nbsp;</font></td>
          <td width="96%"><font size=2 face="serif">We have performed a special
                    review of the accompanying interim financial statements of
                    Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries
                    as of and for the three-month period ended March 31, 2005,
                    prepared in accordance with Brazilian accounting practices
                    and under the responsibility of the Company&#146;s management,
                    consisting of the balance sheets (Company and consolidated),
          the related statements of income and the performance report.</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td><font size=2 face="serif">2.</font><font size=2 face="sans-serif">&nbsp; </font><font size=2 face="serif">&nbsp;</font></td>
          <td><font size=2 face="serif">We conducted our review in accordance
                    with specific standards established by the Brazilian Institute
                    of Independent Auditors (IBRACON), together with the Federal
                    Accounting Council, which consisted principally of: (a) inquiries
                    of and discussions with persons responsible for the accounting,
                    financial and operating areas as to the criteria adopted
                    in preparing the interim financial statements, and (b) review
                    of the information and subsequent events that had or might
                    have had material effects on the financial position and results
          of operations of the Company and its subsidiaries. </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td><font size=2 face="serif">3.</font><font size=2 face="sans-serif">&nbsp;</font></td>
          <td><font size=2 face="serif">Based on our special review, we are not
                    aware of any material modifications that should be made to
                    the financial statements referred to in paragraph 1 for them
                    to be in conformity with Brazilian accounting practices and
                    standards established by the Brazilian Securities Commission
                    (CVM), specifically applicable to the preparation of mandatory
          interim financial statements. </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td><font size=2 face="serif">4.</font></td>
          <td><font size=2 face="serif">We had previously audited the Company
                    and consolidated balance sheets as of December 31, 2004 and
                    reviewed the Company and consolidated statements of income
                    for the three-month period ended March 31, 2004, presented
                    for comparative purposes, and issued unqualified audited
                    and special review reports thereon, dated February 4, 2005
          and April 30, 2004, respectively.</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td><font size=2 face="serif">5.</font></td>
          <td><font size=2 face="serif">The accompanying interim financial statements
                    have been translated into English for the convenience of
          readers outside Brazil.</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td colspan="2"><font size=2 face="serif">S&atilde;o Paulo, April 29, 2005 </font></td>
     </tr>
</table>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=57% align=left>
<FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU</FONT>
        </TD>
        <TD width=24%>&nbsp;
        </TD>
        <TD width=19% align=left>
<FONT size=2 face="serif">Altair Tadeu Rossato</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=57% align=left>
<FONT size=2 face="serif">Auditores Independentes</FONT>
        </TD>
        <TD width=24%>&nbsp;
        </TD>
        <TD width=19% align=left>
<FONT size=2 face="serif">Engagement partner</FONT>
        </TD>
</TR>
</TABLE><BR>

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

<P>
<FONT size=1 face="serif">(Convenience</FONT><FONT size=1 face="serif"> </FONT><FONT size=1 face="serif">Translation</FONT><FONT size=1 face="serif"> into </FONT><FONT size=1 face="serif">English</FONT><FONT size=1 face="serif"> from the
</FONT><FONT size=1 face="serif">Original</FONT><FONT size=1 face="serif"> </FONT><FONT size=1 face="serif">Previously</FONT><FONT size=1 face="serif"> Issued in </FONT><FONT size=1 face="serif">Portuguese)</FONT></P>
<P>
<FONT size=1 face="serif"><u>ULTRAPAR<font size=1 face="serif"> </font><font size=1 face="serif">PARTICIPA&Ccedil;&Otilde;ES</font><font size=1 face="serif"> S.A.
AND </font><font size=1 face="serif">SUBSIDIARIES</font></u></FONT><FONT size=1 face="serif"></FONT></P>
<P>
<FONT size=1 face="serif">BALANCE</FONT><FONT size=1 face="serif"> </FONT><FONT size=1 face="serif">SHEETS</FONT><FONT size=1 face="serif"> AS OF </FONT><FONT size=1 face="serif">MARCH</FONT><FONT size=1 face="serif"> 31, 2005 AND </FONT><FONT
size=1 face="serif">DECEMBER</FONT><FONT size=1 face="serif"> 31, 2004<br></FONT><FONT size=1 face="serif"><u> (In <font size=1 face="serif">thousands</font><font size=1 face="serif"> of </font><font size=1 face="serif">Brazilian</font><font size=1 face="serif"> reais
- - R$)</font></u></FONT></P>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD colspan="17" align=left><HR noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=center><font size=1 face="serif">Company</font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD colspan="3" align=center><font size=1 face="serif">Consolidated</font></TD>
     <TD width=4%>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=center><font size=1 face="serif">Company</font></TD>
     <TD width=2% align=left></TD>
     <TD colspan="3" align=center><font size=1 face="serif">Consolidated</font></TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=center><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=center><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD colspan="3" align=center><HR noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left><font size=1 face="serif">ASSETS</font></TD>
     <TD width=6% align=right><font size=1 face="serif">03/31/05</font></TD>
     <TD width=2% align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=1 face="serif">12/31/04</font></TD>
     <TD width=2% align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=1 face="serif">03/31/05</font></TD>
     <TD width=2% align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=1 face="serif">12/31/04</font></TD>
     <TD width=4%>&nbsp;</TD>
     <TD align=left><font size=1 face="serif">LIABILITIES</font><font size=1 face="serif"> AND </font><font size=1 face="serif">STOCKHOLDERS&#146; EQUITY</font><font size=1 face="serif">&nbsp; </font></TD>
     <TD width=6% align=right><font size=1 face="serif">03/31/05</font></TD>
     <TD width=2% align=right></TD>
     <TD width=6% align=right><font size=1 face="serif">12/31/04</font></TD>
     <TD width=2% align=right></TD>
     <TD width=6% align=right><font size=1 face="serif">03/31/05</font></TD>
     <TD width=2% align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=1 face="serif">12/31/05</font></TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">CURRENT ASSETS</FONT>
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">CURRENT LIABILITIES</FONT>
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Cash and banks</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">252</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">321</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">56,275</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">41,280</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Loans and financing</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">289,963</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">293,039</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Temporary cash investments</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,056</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">96,364</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">517,099</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Trade accounts payable</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">245</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">163</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">78,213</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">102,052</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">365,466</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">369,302</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">137</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">456</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">63,182</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">94,137</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Inventories</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">245,932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">206,041</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Taxes payable</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">14,103</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">11,833 </font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">11,713</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">11,415</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">104,100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100,073</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Dividends payable</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">88</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">71,851</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,936</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">74,700</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Dividends receivable</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">88,242</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,939</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">2,978</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Other</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">5,795</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">5.570</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">11,772</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">17,097</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Other</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">18,604</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">17,931</font>

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

        </TD>
</TR>
<TR>
     <TD align=left valign="bottom"> <FONT size=1 face="serif">Prepaid expenses</FONT> </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">143</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">-</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">6,969</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">5,538</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>&nbsp;</TD>
        <TD width=6% align=right><hr noshade size=1></TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=6% align=right><hr noshade size=1></TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=6% align=right><hr noshade size=1></TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=6% align=right><hr noshade size=1></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Total current liabilities</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">479</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">72,476</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">469,940</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">596,670</font>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
     <TD align=left valign="bottom"> <FONT size=1 face="serif">Total current
               assets</FONT> </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">18,959</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">107,480</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">886,878</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">1,256,430</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
        </TD>
        <TD width="2%">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>

        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">LONG-TERM LIABILITIES</FONT>
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">LONG-TERM ASSETS</FONT>
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Loans and financing</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">227,937</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">258,091</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Cash investments</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">347,700</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">38,754</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Related companies</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">404,232</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">420,710</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">8,806</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">8,790</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Related companies</FONT>
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">51,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">51,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">2,822</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">3,136</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Deferred income and social taxes</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">32,541</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">32,125</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Deferred income and social taxes</FONT>
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">2,836</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">2,687</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">68,092</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">63,274</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Other taxes</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">8,040</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">7,843</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">57,052</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">52,069</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">9,272</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">9,478</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Other</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,422</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">2,297</font>

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

        </TD>
</TR>
<TR>
     <TD align=left valign="bottom"> <FONT size=1 face="serif">Escrow deposits</FONT> </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">-</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">-</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">15,243</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">14,103</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="serif">Trade accounts receivable</FONT> </TD>
     <TD align=right> <FONT size=1 face="serif">-</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=1 face="serif">-</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=1 face="serif">14,079</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=1 face="serif">11,945</FONT> </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Total long-term liabilities</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">412,272</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">428,553</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">328,758</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">353,372</font></TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
     <TD align=left valign="bottom"> <FONT size=1 face="serif">Other</FONT> </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">-</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">-</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">2,468</FONT> </TD>
     <TD valign="bottom">&nbsp; </TD>
     <TD align=right valign="bottom"> <FONT size=1 face="serif">2,570</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="serif">Total long-term assets</FONT> </TD>
     <TD align=right> <FONT size=1 face="serif">54,381</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=1 face="serif">54,232</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=1 face="serif">459,676</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=1 face="serif">143,260</FONT> </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">MINORITY INTEREST</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">28,944</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">28,220 </font>

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

        </TD>
</TR>
<TR>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
     <TD> </TD>
     <TD>
          <HR noshade size=1>
     </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR>
        <TD width="17%"></TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%"></TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%"></TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="2%"></TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
        </TD>
        <TD width="2%">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>

        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">STOCKHOLDERS&#146; EQUITY</FONT>
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">PERMANENT ASSETS</FONT>
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Capital</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">898,816</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">663,952</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">898,816</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">663,952</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Investments:</FONT>
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Capital reserve</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,855</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,855</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">190</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">142</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
 &nbsp;<FONT size=1 face="serif">Subsidiary and affiliated<br>
 &nbsp;<FONT size=1 face="serif"></FONT>companies</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,045,533</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,944,742</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">5,929</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">5,944</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Revaluation reserve</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">16,016</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">16,371</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">16,016</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">16,371</font>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
 &nbsp;<FONT size=1 face="serif">Other</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">186</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">186</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">28,281</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">25,895</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Profit reserves</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">694,204</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">929,068</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">694,204</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif"> 929,068</font>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,051,510</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,047,434</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Treasury shares</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">(5,635</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">(5,635</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right><FONT size=1 face="serif">(8,938</FONT></TD>
        <TD width=2% align=left><font size=1 face="serif">)</font></TD>
        <TD width=6% align=right><font size=1 face="serif">(9,031</font></TD>
        <TD width=2% align=left><font size=1 face="serif">)</font>
</TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Deferred charges</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">96,708</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">99,801</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Retained earnings</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">101,052</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">101,052</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=1 face="serif">-</font>

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

        </TD>
</TR>
<TR>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">Total permanent assets</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,045,719</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,944,928</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,182,428</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,179,074</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Total stockholders&#146; equity</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,706,308</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,605,611</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,701,340</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,600,502</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="17%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>

        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">Total minority interest and stockholders&#146; equity</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,730,284</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,628,722</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=17% align=left>
<FONT size=1 face="serif">TOTAL</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,119,059</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,106,640</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,528,982</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,578,764</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=17% align=left>
<FONT size=1 face="serif">TOTAL</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,119,059</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,106,640</FONT>
        </TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,528,982</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,578,764</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="17%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR>
     <TD colspan="10"><font size=1 face="serif">The accompanying notes are an integral part
          of these financial statements.</font></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR>
     <TD colspan="17"><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
</TR>
</TABLE>
<p align="right"><font size=2 face="serif">2</font></p>
<BR>
<br>

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

<P>
<U><FONT size=1 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U></P>

<FONT size=1 face="serif">STATEMENTS OF INCOME</FONT><br>
<FONT size=1 face="serif">FOR THE QUARTERS ENDED MARCH 31, 2005 AND 2004 <br>
(In thousands of Brazilian reais - R$, except for earnings per share)</FONT>
<hr noshade size=1>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD width=66% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Company</font></TD>
     <TD width=2% align=left></TD>
     <TD colspan="3" align=center><font size=2 face="serif">Consolidated</font></TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=right><hr noshade size=1> </TD>
     <TD align=left></TD>
     <TD colspan="3" align=right><hr noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD width=66% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">03/31/05</font></TD>
     <TD width=2% align=left></TD>
     <TD width=6% align=right><font size=2 face="serif">03/31/04</font></TD>
     <TD width=2% align=left></TD>
     <TD width=6% align=right><font size=2 face="serif">03/31/05</font></TD>
     <TD width=2% align=left></TD>
     <TD width=6% align=right><font size=2 face="serif">03/31/04</font> </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">GROSS SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.257,323</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,145,676</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Taxes on sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(108,431</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(82,508</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Rebates, discounts and returns</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(11,895</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(12,613</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">NET SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,136,997</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,050,555</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(878,217</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(833,814</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">GROSS PROFIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">258,780</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">216,741</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,844</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">62,332</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(71</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">109</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(43,707</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(41,819</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(172</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(127</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(62,196</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(51,172</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(31,363</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(31,691</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,156</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,372</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,672</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">62,205</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">122,599</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">93,540</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Financial results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">19</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,659</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(8,826</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(12,975</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">439</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2,116</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">13,128</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">13,708</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Financial expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(420</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(457</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(21,954</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(26,683</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">INCOME FROM OPERATIONS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,691</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63,864</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">113,773</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">80,565</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Nonoperating (expenses) income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(1,809</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(2,797</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">INCOME BEFORE TAXES ON INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,691</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63,864</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">111,964</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">77,768</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(90</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(714</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(35,797</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(34,276</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Tax benefits - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">20,901</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">13,439</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">149</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">4,402</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">6,594</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%"><hr noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">59</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(714</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(10,494</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(14,243</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">INCOME BEFORE MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,750</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63,150</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">101,470</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63,525</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(720</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(375</FONT>
        </TD>
        <TD width=2% align=left>
<font size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">NET INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,750</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63,150</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">100,750</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63,150</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<font size=2 face="serif">EARNINGS PER SHARE - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.26</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">0.91</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
</TR>
<TR>
     <TD><font size=2 face="serif">The accompanying notes are an integral part
          of these financial statements.</font></TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
</TR>
<TR>
     <TD colspan="9"><HR noshade size=1></TD>
     <TD></TD>
</TR>
</TABLE>

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

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

<font size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U><FONT size=2 face="serif"> </FONT></P>
<FONT size=2 face="serif">NOTES TO THE INTERIM FINANCIAL STATEMENTS <br>
FOR THE QUARTERS ENDED MARCH 31, 2005 AND 2004 <br>
(Amounts in thousands of Brazilian reais - R$, unless otherwise stated)</FONT><br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr valign="top">
          <td width="4%"><font size=2 face="serif">1. </font></td>
          <td><font size=2 face="serif">OPERATIONS </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><font size=2 face="serif">The Company invests in commercial and
                    industrial activities, including subscription or purchase
          of shares of other companies with similar activities.</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><font size=2 face="serif">Through its subsidiaries, the Company
                    is engaged in the distribution of liquefied petroleum gas
                    (LPG) (Ultragaz), production and sale of chemical and petrochemical
                    products (Oxiteno), and logistic services for chemicals and
          fuels (Ultracargo). </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td><font size=2 face="serif">2.</font><font size=2 face="sans-serif">&nbsp;</font></td>
          <td><font size=2 face="serif">PRESENTATION OF INTERIM FINANCIAL STATEMENTS</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><font size=2 face="serif">As established by Brazilian Securities
                    Commission (CVM) Instruction No. 248, of March 29, 1996,
                    and CVM Guidance Opinion No. 29, of April 11, 1996, the interim
                    financial statements are being presented in accordance with
          Brazilian corporate law. </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td><font size=2 face="serif">3.</font><font size=2 face="sans-serif">&nbsp; </font></td>
          <td><font size=2 face="serif">ACCOUNTING PRACTICES AND CONSOLIDATION
          PRINCIPLES</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><font size=2 face="serif">In the preparation of the interim financial
                    statements, the Company has applied the same accounting practices
                    adopted in the preparation of the financial statements as
                    of December 31, 2004, which are in accordance with the standards
                    established by the CVM and accounting practices adopted in
          Brazil.</font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><font size=2 face="serif">As mentioned in Note 9.b), the balance
                    from tax benefits as of March 31, 2004 was reclassified from
                    equity in subsidiary and affiliated companies under the heading
                    income from income and social contribution taxes, for a better
                    comparison of financial statement, as orientation of CVM
                    in the Circular Letter CVM/SNC/SEP No. 01/2005, of February
          25, 2005. </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><u><font size=2 face="serif">Consolidation principles and ownership
          interests</font></u><font size=2 face="serif">&nbsp; </font></td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr valign="top">
          <td>&nbsp;</td>
          <td><font size=2 face="serif">The consolidated financial statements
                    have been prepared in accordance with the basic consolidation
                    principles established by Brazilian corporate law and by
          the CVM, and include the following direct and indirect subsidiaries:</font></td>
     </tr>
</table>


<P align="right">
<FONT size=2 face="serif">4</FONT></P>

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

<P>
<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center>
          <FONT size=2 face="serif">Ownership interest - %</FONT>
        </TD>
     </TR>
<TR>
        <TD width="68%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="6%"><HR noshade size=1>      </TD>
     <TD width="2%"><HR noshade size=1></TD>
     <TD width="6%"><HR noshade size=1></TD>
     <TD width="2%"><HR noshade size=1></TD>
     <TD width="6%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">12/31/04</FONT>
        </TD>
     </TR>
<TR>
        <TD width="68%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%"><hr noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="6%"><HR noshade size=1>
        </TD>
     <TD width="2%"><HR noshade size=1></TD>
     <TD width="6%"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">Direct</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">Indirect</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">Direct</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">Indirect</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=2 face="serif">-</FONT>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LPG International Inc.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=2 face="serif">-</FONT>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oleoqu&iacute;mica Ind&uacute;stria e Com&eacute;rcio de Produtos Qu&iacute;micos Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Barrington S.L.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno International Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Overseas Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><FONT size=2 face="serif">-</FONT>

        </TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">Upon consolidation, intercompany investments, accounts, transactions and profits were eliminated. Minority interest in subsidiaries is presented separately in the financial statements. </FONT></P>
<P>
<FONT size=2 face="serif">On December 29, 2004, the Company acquired, through its subsidiary Ultragaz Participa&ccedil;&otilde;es Ltda., 14,336,014 common shares in Companhia Ultragaz S.A., corresponding to 7.31% of total capital. This acquisition
amounted to R$10,000, with a goodwill of R$1,813, based on the acquired company&#146;s expected future profitability, to be amortized over five years beginning January 2005. </FONT></P>
<P>
<FONT size=2 face="serif">4.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">CASH INVESTMENTS </FONT></P>
<P>
<FONT size=2 face="serif">These investments, contracted with leading banks, are substantially comprised of notes issued by Austrian Government, fixed-income securities and funds linked to the CDI (interbank deposit rate) and currency hedges, and are
stated at cost plus accrued income (on a &#147;pro rata temporis&#148; basis). </FONT></P>
<P align="right">
<FONT size=2 face="serif">5</FONT></P>

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

<P>
<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Consolidated</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="82%">&nbsp;  </TD>
        <TD width="2%">
        </TD>
        <TD colspan="3">        <hr noshade size=1></TD>
        <TD width="2%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12/31/04</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Austrian notes, linked in Brazilian reais</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">308,773</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Fixed-income securities and funds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">111,410</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">536,326</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Foreign investments (a)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">114,586</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">108,093</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Net expenses from hedge operations (b)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(90,705</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(88,566</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Total cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">444,064</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">555,853</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Current assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">96,364</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">517,099</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Long-term assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">347,700</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">38,754</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">(a) Investments made by the indirect subsidiary Oxiteno Overseas Co. in fixed-income securities, Brazilian corporate securities, and investment grade securities. </FONT></P>
<P>
<FONT size=2 face="serif">(b) Accumulated gain or loss on hedge positions (see Note 17). </FONT></P>
<P>
<FONT size=2 face="serif">5.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">TRADE ACCOUNTS RECEIVABLE</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD colspan="3" align=center> <FONT size=2 face="serif">Consolidated</FONT> </TD>
          <TD align=left> </TD>
     </TR>
     <TR>
          <TD>&nbsp; </TD>
          <TD> </TD>
          <TD colspan="3">
               <hr noshade size=1></TD>
          <TD>&nbsp; </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> <FONT size=2 face="serif">03/31/05</FONT> </TD>
          <TD align=left> </TD>
          <TD align=right> <FONT size=2 face="serif">12/31/04</FONT> </TD>
          <TD align=left> </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD>&nbsp;</TD>
          <TD align=right><hr noshade size=1></TD>
          <TD align=left></TD>
          <TD align=right><hr noshade size=1></TD>
          <TD align=left></TD>
     </TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Domestic customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">352,676</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">353,879</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Foreign customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">97,248</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">91,467</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">(-) Advances on foreign exchange contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(62,776</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(55,455</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">(-) Allowance for doubtful accounts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(21,682</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(20,589</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="serif">Long-term assets</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD align=right> <FONT size=2 face="serif">365,700</FONT> </TD>
     <TD align=left> </TD>
     <TD align=right> <FONT size=2 face="serif">369,302</FONT> </TD>
     <TD align=left> </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">6.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INVENTORIES</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD colspan="3" align=center> <FONT size=2 face="serif">Consolidated</FONT> </TD>
          <TD align=left> </TD>
     </TR>
     <TR>
          <TD>&nbsp; </TD>
          <TD> </TD>
          <TD colspan="3">
               <hr noshade size=1></TD>
          <TD>&nbsp; </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> <FONT size=2 face="serif">03/31/05</FONT> </TD>
          <TD align=left> </TD>
          <TD align=right> <FONT size=2 face="serif">12/31/04</FONT> </TD>
          <TD align=left> </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD>&nbsp;</TD>
          <TD align=right><hr noshade size=1></TD>
          <TD align=left></TD>
          <TD align=right><hr noshade size=1></TD>
          <TD align=left></TD>
     </TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Finished products</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">145,165</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">115,911</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Liquefied petroleum gas (LPG)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">23,723</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">22,983</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Raw materials</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">56,612</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">49,357</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Consumption materials and cylinders for resale</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20,432</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">17,790</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">245,932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">206,041</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=right>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">7.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RECOVERABLE TAXES</FONT></P>
<P>
<FONT size=2 face="serif">Represented substantially by credit balances of ICMS (State VAT), IPI (Federal VAT), PIS and COFINS (taxes on revenue), and prepaid income and social contribution taxes, all of which can be offset against future taxes
payable. </FONT></P>
<P align="right">
<FONT size=2 face="serif">6</FONT></P>

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

<P>
<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD colspan="3" align=center> <FONT size=2 face="serif">Consolidated</FONT> </TD>
          <TD align=left> </TD>
     </TR>
     <TR>
          <TD>&nbsp; </TD>
          <TD> </TD>
          <TD colspan="3">
               <hr noshade size=1></TD>
          <TD>&nbsp; </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left> </TD>
          <TD>&nbsp; </TD>
          <TD align=right> <FONT size=2 face="serif">03/31/05</FONT> </TD>
          <TD align=left> </TD>
          <TD align=right> <FONT size=2 face="serif">12/31/04</FONT> </TD>
          <TD align=left> </TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD>&nbsp;</TD>
          <TD align=right><hr noshade size=1></TD>
          <TD align=left></TD>
          <TD align=right><hr noshade size=1></TD>
          <TD align=left></TD>
     </TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">55,599</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">57,173</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33,358</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">31,105</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">PIS and COFINS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9,338</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7,324</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">IPI</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">193</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">150</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Other, principally VAT of subsidiary Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,612</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,321</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">104,100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100,073</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=right>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">8.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RELATED COMPANIES </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Company</font> </TD>
     <TD align="right">&nbsp;</TD>
     <TD colspan="7" align=center><font size=2 face="serif">Consolidated</font> </TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=right><hr noshade size=1></TD>
     <TD align="right">&nbsp;</TD>
     <TD colspan="7" align=right><hr noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Loans</font> </TD>
     <TD align="right">&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Loans</font> </TD>
     <TD align="right">&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Trade accounts</font></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD colspan="3" align=right><hr noshade size=1></TD>
     <TD align="right">&nbsp;</TD>
     <TD colspan="3" align=right><hr noshade size=1></TD>
     <TD align="right">&nbsp;</TD>
     <TD colspan="3" align=right><hr noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=52% align=left>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Assets</font></TD>
     <TD align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Liabilities</font></TD>
     <TD align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Assets</font></TD>
     <TD align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Liabilities</font></TD>
     <TD align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Receivable</font></TD>
     <TD align="right">&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Payable</font></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=52% align=left>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">348,105</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">33,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de Equipamentos de</FONT>
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<font size=2 face="serif">Processamentos de Dados e Servi&ccedil;os Correlatos</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,298</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">469</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">5,457</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">741</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">146</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">51,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">7,679</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">22,658</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">6,153</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">29</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">6,462</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Supergasbras Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">11</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Cia. Termel&eacute;trica do Planalto Paulista - TPP</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,481</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Other</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">43</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,127</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">21</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">18</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Total as of March 31, 2005</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">51,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">404,232</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2,822</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">8,806</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">207</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">18,831</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<font size=2 face="serif">Total as of December 31, 2004</FONT>
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">51,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">420,710</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">3,136</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">8,790</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1,518</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">41,811</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="5" align=center><font size=2 face="serif">Consolidated</font> </TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD width=74% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD colspan="5" align=right><hr noshade size=1></TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD width=74% rowspan="2" align=left>&nbsp;</TD>
     <TD width=2% rowspan="2">&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Transactions</font></TD>
     <TD width=2% rowspan="2">&nbsp;</TD>
     <TD width=6% rowspan="2" align=right><font size=2 face="serif">Financial<br>
          income</font></TD>
     <TD width=2% rowspan="2" align=left></TD>
</TR>
<TR valign="bottom">
     <TD colspan="3" align=right><hr noshade size=1></TD>
     </TR>
<TR valign="bottom">
     <TD width=74% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Sales</font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">Purchases</font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">(expenses)</font></TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
     <TD width=74% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">35,534</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,130</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">595</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(176</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">469,001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">65</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25,551</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">168,923</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Supergasbras Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">110</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Cia. Termel&eacute;trica do Planalto Paulista - TPP</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">48</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">61</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">500</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Total as of March 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">26,384</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">676,088</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">128</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Total as of March 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">19,159</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">630,095</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">132</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">7</FONT></P>

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

<font size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">The loan balances with Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A. and Cia. Termel&eacute;trica do Planalto Paulista - TPP are adjusted based on the Brazilian long-term interest rate (TJLP). Other loans
are not subject to financial charges. Purchase and sale transactions refer principally to purchases of raw materials, other materials and transportation and storage services, carried out at market prices and conditions. </FONT></P>
<P>
<FONT size=2 face="serif">The loan with the subsidiary Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda. refers to the sale of shares issued by Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio to the
Company, for the purpose of avoiding the reciprocal investment resulting from the corporate restructuring implemented in 2002.</FONT></P>
<P>
<FONT size=2 face="serif">9.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES </FONT></P>
<P><FONT size=2 face="serif">a) Deferred income and social contribution taxes </FONT></P>
<P>
<FONT size=2 face="serif">The Company and its subsidiaries recognize tax assets and liabilities, which do not have expiration date, arising from tax loss carryforwards, temporary add-backs, revaluation of property, plant and equipment, and other.
Tax credits are based on continuing profitability from operations. Management expects to realize these tax credits over a maximum period of three years. Deferred income and social contribution taxes are reported as follows:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Consolidated</FONT>
        </TD>
     </TR>
<TR>
        <TD width="68%">&nbsp;  </TD>
        <TD>
        </TD>
        <TD colspan="3">             <hr noshade size=1></TD>
        <TD>
        </TD>
        <TD colspan="3"><hr noshade size=1>
        </TD>
     </TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=2 face="serif">03/31/05 </font>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">12/31/04 </font></TD>
     <TD width=2% align=right>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">03/31/05</font></TD>
     <TD width=2% align=right>&nbsp;</TD>
     <TD width=6% align=right><font size=2 face="serif">12/31/04</font> </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Long-term assets-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes on:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Provisions that are tax deductible only when expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">were incurred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,836</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,687</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">54,615</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">51,171</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income and social contribution tax loss carryforwards</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,477</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12,103</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,836</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,687</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">68,092</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">63,274</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Long-term liabilities-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes on:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Revaluation of property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,544</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,645</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income earned abroad</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30,997</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30,480</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">32,541</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">32,125</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">8</FONT></P>

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

<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
<P>
<FONT size=2 face="serif">b) Reconciliation of income and social contribution taxes in the statement of income </FONT></P>
<P>
<FONT size=2 face="serif">Income and social contribution taxes are reconciled to official tax rates as follows:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=66% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Company</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Consolidated</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">&nbsp;  </TD>
        <TD>
        </TD>
        <TD colspan="3"><hr noshade size=1>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3"><hr noshade size=1>
        </TD>
        <TD>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/04</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/04</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="66%">
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="6%"><hr noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="6%"><hr noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="6%"><hr noshade size=1>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Income (expenses) before taxes, equity in subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">and affiliated companies and minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(153</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,532</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">112,035</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">77,659</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Official tax rates - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Income and social contribution taxes at official rates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">52</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(521</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(38,092</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">26,404</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=left><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=left><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=left><hr noshade size=1></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Adjustments to the effective tax rate:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Operating provisions and nondeductible</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">expenses/nontaxable income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5,367</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(123</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Adjustments to deemed income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(193</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">429</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">90</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Workers&#146; meal program (PAT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">127</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">117</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">774</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,362</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Income and social contribution taxes before tax benefits</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">59</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(714</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">31,395</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">27,682</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Tax benefits - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20,901</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,439</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=left><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=left><hr noshade size=2></TD>
     <TD align=left></TD>
     <TD align=left><hr noshade size=2></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Income and social contribution taxes in the statement of</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">59</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(714</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">10,494</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">14,243</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(90</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(714</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(35,797</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(34,276</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">149</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,402</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6,594</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Tax benefits - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20,901</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,439</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">Tax benefits from income tax subsidiaries, in the amount of R$20,901 for the quarter ended on March 31, 2005 (R$13,439 as of March 31, 2004), arising substantially from operation in eligible regions, are classified as
income from income and social contribution taxes. </FONT></P>
<FONT size=2 face="serif">c) Tax exemption</FONT><P>
<FONT size=2 face="serif">The following indirect subsidiaries have partial or total exemption from income tax in connection with a government program for the development of the Northeast Region of Brazil: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=41% align=left>
<FONT size=2 face="serif">Subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Plants</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=6% align=center valign="bottom"><FONT size=2 face="serif">Exemption<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=4 valign="bottom">&nbsp;</TD>
        <TD width=6% align=center valign="bottom"><FONT size=2 face="serif">Expiration<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
     <TD width=41% align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD width=41% align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD width=4>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>

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

        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Cama&ccedil;ari plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>
<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Mataripe unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2013</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Suape unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Ilh&eacute;us unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Aracaju unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Caucaia unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>
<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>

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

        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Tequimar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Aratu Terminal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">Suape Terminal (storage of acetic acid</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=41% align=left>
<FONT size=2 face="serif">and butadiene byproducts)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=4>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">9</FONT></P>

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

<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">Tax benefits from income tax reduction for activities eligible for tax incentives were recorded in a specific account in stockholders&#146; equity by the subsidiaries benefited from tax incentives, and recognized in income
by the Company through equity pick-up, as described in Note 10. </FONT></P>
<P>
<FONT size=2 face="serif">10.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INVESTMENTS - COMPANY </FONT></P>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD width=68% align=left></TD>
     <TD width=2%>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Investments</font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Equity in<br>
          subsidiary
          and<br>
          affiliated companies</font></TD>
     </TR>
<TR valign="bottom">
     <TD width=68% align=left></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD width=2%><hr noshade size=1></TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=6% align=right><hr noshade size=1></TD>
     <TD width=2%><hr noshade size=1></TD>
     <TD width=6% align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12/31/04</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/04</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">275,927</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">272,249</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,731</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6,871</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">605,246</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">602,864</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,383</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5,129</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">47,759</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">46,556</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,203</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,220</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,116,601</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,023,073</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">93,527</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">49,110</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">186</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">186</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,045,719</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,944,928</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100,844</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">62,332</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">In the consolidated financial statements, the investment of the subsidiary Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio in the affiliated company Oxicap Ind&uacute;stria de Gases Ltda. is carried under the equity
method based on the affiliate&#146;s financial statements as of February 28, 2005. The investment of the subsidiary Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio in the affiliated company Qu&iacute;mica da Bahia Ind&uacute;stria e
Com&eacute;rcio S.A. is not valued under the equity method, since the affiliate&#146;s operations are dormant and the investor understands that the investment value is adequate. </FONT></P>
<P>
<FONT size=2 face="serif">11.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED) </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=45% rowspan="2" align=left>

        </TD>
        <TD width=3% rowspan="2">&nbsp;
        </TD>
        <TD width=8% rowspan="2" align=center><FONT size=2 face="serif">Annual<br>
depreciation<br>
     rates - %</FONT></TD>
        <TD width=3% rowspan="2" align=center>

        </TD>
        <TD colspan="5" align=center><font size=2 face="serif">03/31/05</font>
             <hr noshade size=1>
</TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=8% align=center><font size=2 face="serif">12/31/04</font>
             <hr noshade size=1>
</TD>
</TR>
<TR valign="bottom">
     <TD align=center><font size=2 face="serif">Revalued<br>
cost</font></TD>
     <TD width=3% align="center">&nbsp;</TD>
     <TD width=8% align=center><font size=2 face="serif">Accumulated<br>
depreciation</font></TD>
     <TD width=3% align=center></TD>
     <TD width=8% align=center><font size=2 face="serif">Net book<br>
value</font></TD>
     <TD width=3% align="center">&nbsp;</TD>
     <TD width=8% align=center><font size=2 face="serif">Net book<br>
value</font></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,293</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,293</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,290</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">4 to 5</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif"></FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">383,280</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(140,232</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">243,048</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">243,635</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">5 to 10</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,032,109</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(506,277</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">525,832</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">528,938</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">20 to 30</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">156,653</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(106,881</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49,772</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45,419</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,953</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(7,149</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,804</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,603</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Construction in progress</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104,059</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104,059</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">94,971</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Imports in transit</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">678</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">678</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,933</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.5 to 30</FONT>
        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">128,786</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(58,762</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">70,024</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">74,645</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=3% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,870,811</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">819,301</FONT>
        </TD>
        <TD width=3% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,051,510</FONT>
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,047,434</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD align=left></TD>
     <TD align=right><HR noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">Construction in progress refers mainly to the construction of the Santos Intermodal Terminal (TIS) of subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar, as well as improvements and repairs of other
subsidiaries&#146; plants. </FONT></P>
<P align="right">
<FONT size=2 face="serif">10</FONT></P>

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

<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">Other refers to IT equipment in the amount of R$15,905 (R$17,242 as of December 31, 2004), software in the amount of R$26,110 (R$27,740 as of December 31, 2004), and commercial property rights, mainly those described below:
</FONT></P>
<UL>
<li>
<FONT size=2 face="serif">On July 11, 2002, the subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar
won a bid for use of the site where the Aratu Terminal
is located for another 20 years, renewable for the same period. The price paid by Tequimar amounted to R$12,000,
to be amortized over 40 years, equivalent to annual amortization of R$300.</FONT><BR><BR></li>

<LI>
<FONT size=2 face="serif">Further, Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has a 20-year lease of an area adjacent to the Santos harbor, effective December
2002 and renewable for another 20 years, for building and operating a terminal for receipt, tankage, movement and distribution of bulk liquids. The price paid by Tequimar was R$3,803 and will be amortized until December 31, 2022 from the start of
operations, which is expected for May 2005.</FONT></li>
</ul>
<P>
<FONT size=2 face="serif">12.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">DEFERRED CHARGES (CONSOLIDATED)</FONT></P>
<P>
<FONT size=2 face="serif">Represented substantially by costs incurred for the implementation of systems modernization projects in the amount of R$3,541 (R$2,052 as of December 31, 2004), amortized over five to ten years, and for the installation of
Ultrasystem equipment on customers&#146; premises in the amount of R$55,422 (R$55,954 as of December 31, 2004), amortized over the terms of the LPG supply medium contracts with these customers. Deferred charges also include the goodwill from
acquisitions in the amount of R$17,176 (R$19,285 as of December 31, 2004).</FONT></P>
<P>
<FONT size=2 face="serif">13.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">LOANS AND FINANCING (CONSOLIDATED) </FONT></P>
<P>
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Composition </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=23% align=center>
<FONT size=2 face="serif">Description</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD width=6% align=right><font size=2 face="serif">12/31/04</font></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">Index/Currency</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">Annual
             interest<br>
             rate - %</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=center><FONT size=2 face="serif">Maturity and
amortization</font></TD>
</TR>
<TR valign="bottom">
     <TD align=left><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=center>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
<FONT size=2 face="serif">Foreign currency:</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Eurobonds</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">153,422 </FONT>
        </TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD width=6% align=right><font size=2 face="serif">151,473</font></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center><font size=2 face="serif">US$</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">3.5</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Semiannually until</FONT> <font size=2 face="serif">2005</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;
 </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;&nbsp;<font size=2 face="serif">Working capital loan</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2,414</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">481</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">MX$ + TIIE
(*)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Monthly until 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;
 </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;&nbsp;<font size=2 face="serif">Foreign financing</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">32,044</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">32,197</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">US$ + LIBOR</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">2.0</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Semiannually until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
          &nbsp;&nbsp;<font size=2 face="serif">Inventories and property, plant          <br>
&nbsp; &nbsp; &nbsp; &nbsp; and equipment financing</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">7,966</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">8,829</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">MX$ + TIIE (*)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">2.0</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Semiannually until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>&nbsp;&nbsp;<font size=2 face="serif">Advances on foreign exchange <br>
&nbsp; &nbsp; &nbsp; &nbsp;contracts</FONT></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">9,360</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,268</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">US$</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 2.7 to<br>
3.38</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Maximum of 52 days</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;&nbsp;<font size=2 face="serif">National Bank for<br>
&nbsp; &nbsp; &nbsp;&nbsp;Economic and Social<br>
&nbsp;&nbsp; &nbsp; &nbsp;Development
 (BNDES)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">19,734</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20,763</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">UMBNDES (**)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 9.04<br>
to10.94</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left><font size=2 face="serif">Monthly until 2009</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;&nbsp;<font size=2 face="serif">Export prepayments, net<br>
&nbsp; &nbsp; &nbsp; &nbsp;of linked operations</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center><font size=2 face="serif">91,304</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">129,798</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center><font size=2 face="serif">US$</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 4.22 to</FONT> <font size=2 face="serif">6.85</font>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Monthly, semiannually
and</FONT> <font size=2 face="serif">annually until 2008</font>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=center><HR noshade size=1>
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left><HR noshade size=1>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
<FONT size=2 face="serif">Subtotal</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">316,204 </FONT>
        </TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD width=6% align=right><font size=2 face="serif">346,809</font></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD width="23%" align=left>&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="6%" align=right><hr noshade size=2></TD>
     <TD width="4%" align=right>&nbsp;</TD>
     <TD width="6%" align=right><hr noshade size=2></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="12%" align=center></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="10%" align=center></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="23%" align=left></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">11</FONT></P>

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

<P>
<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
     <TD><font size=2 face="serif">Description</font></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">03/31/05</font></TD>
     <TD width=4%></TD>
     <TD><font size=2 face="serif">12/31/04</font></TD>
     <TD width=3%></TD>
     <TD><font size=2 face="serif">Index/Currency</font></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">Annual
interest<br>
rate - %</font></TD>
     <TD></TD>
     <TD><font size=2 face="serif">Maturity and
amortization</font></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left><hr noshade size=1>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right><hr noshade size=1></TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right><hr noshade size=1>
<U></U>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center><hr noshade size=1>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center><hr noshade size=1>
</TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=center><hr noshade size=1>
</TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
<FONT size=2 face="serif">Local currency:</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;<font size=2 face="serif">National Bank for</font><br> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Economic and Social</FONT><br> &nbsp; &nbsp; &nbsp;<font size=2 face="serif">Development
 (BNDES)</font>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">125,023</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">130,239</FONT>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center><font size=2 face="serif">TJLP</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 1.5 to</FONT> <font size=2 face="serif">3.85</font>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left><font size=2 face="serif">Monthly until 2009</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;<FONT size=2 face="serif">National Bank for</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Economic and Social</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>&nbsp;
</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>&nbsp;
</TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Development (BNDES)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,315</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15,549</FONT>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center><font size=2 face="serif">IGP-M</font>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">6.5</font>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;<font size=2 face="serif">Government Agency for</font><br> &nbsp; &nbsp; &nbsp;<font size=2 face="serif">Machinery and</font><br>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equipment
 Financing <br>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>(FINAME)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=2 face="serif">38,777</font>

        </TD>
        <TD width=4% align=right>

        </TD>
        <TD width=6% align=right><font size=2 face="serif">34,163</font>

        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">TJLP</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 1.8 to<br>
4.85</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left><font size=2 face="serif">Monthly until 2009</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp;<FONT size=2 face="serif">Research and project</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=left>

        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">financing (FINEP)</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">24,581</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">24,370</FONT>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">TJLP</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">(2.0</FONT><font size=2 face="serif">)</font>
        </TD>
        <TD width=4% align=left>&nbsp;
        </TD>
        <TD width=23% align=left>
<FONT size=2 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD width="23%" align=left>&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD width="4%" align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=center></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="10%" align=center></TD>
     <TD width="4%" align=left></TD>
     <TD width="23%" align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
<FONT size=2 face="serif">Subtotal</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">201,696</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">204,321</FONT>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD width="23%" align=center>&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD width="4%" align=left></TD>
     <TD align=right><HR noshade size=1></TD>
     <TD align=left></TD>
     <TD align=center></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="10%" align=center></TD>
     <TD width="4%" align=left></TD>
     <TD width="23%" align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=center>
<FONT size=2 face="serif">Total loans and financing</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">517,900</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">551,130</FONT>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD width="23%" align=left>&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD width="4%" align=left>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="10%" align=center></TD>
     <TD width="4%" align=left></TD>
     <TD width="23%" align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
<FONT size=2 face="serif">Current liabilities</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(289,963</FONT>
        </TD>
        <TD width=4% align=left><font size=2 face="serif">)</font></TD>
        <TD width=6% align=right><font size=2 face="serif">(293,039</font></TD>
        <TD width=3% align=left><font size=2 face="serif">)</font></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<HR noshade size=1>
<U></U>
        </TD>
        <TD width=4% align=left>&nbsp;
        </TD>
        <TD width=6% align=right>
<HR noshade size=1>
<U></U>
        </TD>
        <TD width=3% align=left>&nbsp;</TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=23% align=left>
<FONT size=2 face="serif">Long-term liabilities</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">227,937</FONT>
        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">258,091</FONT>
        </TD>
        <TD width=3% align=left></TD>
        <TD width=12% align=center>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=4% align=left>

        </TD>
        <TD width=23% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD width="23%" align=left>&nbsp;</TD>
     <TD width="4%">&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
     <TD width="4%" align=left></TD>
     <TD align=right><HR noshade size=2></TD>
     <TD align=left></TD>
     <TD align=center></TD>
     <TD width="4%">&nbsp;</TD>
     <TD width="10%" align=center></TD>
     <TD width="4%" align=left></TD>
     <TD width="23%" align=left></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">MX$ = Mexican peso; TIIE = Mexican break-even interbank interest rate.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(**)</FONT>&nbsp; &nbsp; &nbsp;       </TD>
        <TD>
<FONT size=2 face="serif">UMBNDES = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing the composition of the BNDES debt in foreign currency, 83% of which is linked to the U.S. dollar.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">The long-term portion matures as follows:</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12/31/04</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">From 1 to 2 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">92,886</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">109,338</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">From 2 to 3 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">57,489</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">57,304</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">From 3 to 4 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34,345</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">36,920</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">More than 4 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">43,217</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">54,529</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD width="84%" align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">227,937</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">258,091</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD width="84%" align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Eurobonds </FONT></P>
<P>
<FONT size=2 face="serif">In June 1997, the subsidiary Companhia Ultragaz S.A. issued eurobonds in the total amount of US$60 million, maturing in 2005, with put/call options in 2002, and guaranteed by Ultrapar Participa&ccedil;&otilde;es S.A. and
Ultragaz Participa&ccedil;&otilde;es Ltda. In June 2002, subsidiary LPG International Inc. exercised the call option for these securities using funds from a loan in the same amount, maturing in August 2004. However, in January 2004, the subsidiary
LPG International Inc. issued eurobonds in the total amount of US$60 million, maturing in June 2005 and with an annual interest rate of 3.5% . The proceeds from the issuance were used to settle the loan.</FONT></P>
<P>
<FONT size=2 face="serif">Eurobonds are guaranteed by the Company and its subsidiary Ultragaz Participa&ccedil;&otilde;es Ltda., which are subject to covenants that limit, among other things, their ability to incur indebtedness, make dividend and
other payments, and engage in mergers and acquisitions. None of these covenants have restricted our ability to conduct our business. </FONT></P>
<P>
<FONT size=2 face="serif">c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Collateral </FONT></P>
<P>
<FONT size=2 face="serif">A portion of the financing is collateralized by liens on property, plant and equipment, shares, promissory </FONT></P>
<P align="right">
<FONT size=2 face="serif">12</FONT></P>

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

     <font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries</font></p>
<p><font size=2 face="serif">notes and guarantees provided by
          the Company and its subsidiaries, as shown below:</font> <br>

</p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=84% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">03/31/05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12/31/04</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">Amount of financing secured by:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">42,599</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">39,007</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>Shares of affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,315</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15,549</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>Minority stockholders&#146; guarantees</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,315</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15,549</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=84% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">69,229</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">70,105</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">Other loans are collateralized by guarantees provided by the Company and the future flow of exports. The Company is responsible for sureties and guarantees offered on behalf of its subsidiaries, amounting to R$476,323
(R$533,126 as of December 31, 2004). </FONT></P>
<P>
<FONT size=2 face="serif">Certain subsidiaries provided guarantees to financial institutions for the debt owed to those institutions by some of their customers (vendor financing). In the event any subsidiary is required to make the payment under
those guarantees, the subsidiary may recover the amount paid directly from its customers through commercial collection effort. Maximum future payments related to these guarantees amount to R$30,644 (R$45,230 as of December 31, 2004), with maturities
of up to 210 days. The Company did not incur any loss nor recorded any liability related to these guarantees as of March 31, 2005. </FONT></P>
<P align="right">
<FONT size=2 face="serif">13</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>
<FONT size=2 face="serif">14.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">STOCKHOLDERS&#146; EQUITY</FONT></P>
<P>
<FONT size=2 face="serif">a) Capital </FONT></P>
<P>
<FONT size=2 face="serif">The Company is a listed corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 80,144,959,152 shares without par value, comprised of
49,429,897,261 common shares and 30,715,061,891 preferred shares. The table below represents changes in the number of shares and capital approved on February 2 and 22, 2005 by the Board of Directors and Extraordinary Stockholders&#146; Meeting,
respectively.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center> <FONT size=2 face="serif">Total shares</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">Events</FONT></TD>
  <TD align=center><FONT size=2 face="serif">Capital</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Common</FONT> </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Preferred</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Total</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align="left" width="90%" size=1 noshade></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">As of December 31, 2004</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">663,952</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">51,264,621,778</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">18,426,647,050</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">69,691,268,828</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
      <u><FONT size=2 face="serif">Stock dividends</FONT>
          </u></TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">On February 2, 2005 the Board of Directors approved an issuance</FONT>
        </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">of 10,453,690,324 preferred shares, to be distributed among the</FONT>
        </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">stockholders in the proportion of 15 preferred shares to 100</FONT>
        </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">common or preferred shares held.</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">234,864</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,453,690,324</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,453,690,324</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
      <u><FONT size=2 face="serif">Conversion of common shares into preferred shares</FONT>
          </u></TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">At the Extraordinary Stockholders&#146; Meeting held on February 22,</FONT>
        </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">2005, the stockholders approved the conversion of
<FONT size=2 face="serif"> 1,834,724,517</FONT> </FONT></TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">common shares into preferred shares.</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,834,724,517</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,834,724,517</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">As of March 31, 2005</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">898,816</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">49,429,897,261</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">30,715,061,891</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">80,144,959,152</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">As of March 31, 2005, 5,766,576,000 preferred shares were outstanding abroad, in the form of American Depositary Receipts - ADRs.</FONT>
<P>
<FONT size=2 face="serif">Preferred shares are not convertible into common shares, do not entail voting rights, and have priority in capital redemption, without premium, in the event of liquidation of the Company. </FONT></P>
<P align="right">
<FONT size=2 face="serif">14</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">Until May 18, 2004, preferred shares entitled their holders to dividends at least 10% higher than those attributable to common shares. On that date, the Special Meeting of Preferred Stockholders and the Extraordinary
Stockholders&#146; Meeting of Ultrapar approved to equalize the dividends on common and preferred shares. </FONT></P>
<P>
<FONT size=2 face="serif">b) Treasury shares </FONT></P>
<P>
<FONT size=2 face="serif">The Company was authorized to acquire its own shares at market price, without capital reduction, for holding in treasury and subsequent disposal or cancellation, in accordance with the provisions of Brazilian Securities
Commission (CVM) Instructions No. 10, of February 14, 1980, and No. 268, of November 13, 1997. </FONT></P>
<P>
<FONT size=2 face="serif">The Company&#146;s financial statements as of March 31, 2005 show 211,097 thousand preferred shares and 6,616 thousand common shares in treasury, which were acquired at the average cost of R$26.07 and R$19.30 per thousand
shares, respectively. The consolidated financial statements show 377,847 thousand preferred shares and 6,616 thousand common shares in treasury, which were acquired at the average cost of R$24.35 and R$19.30 per thousand shares, respectively. The
average acquisition cost, Company and consolidated, was adjusted because of the stock dividends, as shown in the table above. </FONT></P>
<P>
<FONT size=2 face="serif">The market price of shares issued by the Company as of March 31, 2005 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R$42.98 per thousand shares. </FONT></P>
<P>
<FONT size=2 face="serif">c) Capital reserve </FONT></P>
<P>
<FONT size=2 face="serif">The capital reserve in the amount of R$1,855 reflects the goodwill on sale of treasury shares from the Company to certain subsidiaries, at the average cost of R$33.28 per thousand shares. Executives of these subsidiaries
were given the usufruct of such shares, as described in Note 20.</FONT></P>
<P>
<FONT size=2 face="serif">d) Revaluation reserve </FONT></P>
<P>
<FONT size=2 face="serif">This reserve reflects the revaluation of assets of subsidiaries and is realized based upon depreciation, write-off or sale of revalued assets, including the related tax effects. </FONT></P>
<P>
<FONT size=2 face="serif">In some cases, taxes on the revaluation reserve of certain subsidiaries are recognized only upon the realization of this reserve, since the revaluations occurred prior to the publication of CVM Resolution No. 183/95. Taxes
on these reserves are R$7,649 (R$7,769 as of December 31, 2004). </FONT></P>
<P>
<FONT size=2 face="serif">e) Profit retention reserve </FONT></P>
<P>
<FONT size=2 face="serif">This reserve is supported by the investment program, in conformity with article 196 of Brazilian corporate law, and includes both a portion of net income and the realization of the revaluation reserve. </FONT></P>
<P>
<FONT size=2 face="serif">f) Realizable profits reserve </FONT></P>
<P>
<FONT size=2 face="serif">This reserve is established in conformity with article 197 of Brazilian corporate law, based on the equity in subsidiary and affiliated companies. Realization of the reserve usually occurs upon receipt of dividends, sale
and write-off of investments.</FONT></P>
<P align="right">
<FONT size=2 face="serif">15</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">g) Reconciliation of stockholders&#146; equity - Company and consolidated</FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">03/31/05</FONT></TD>
  <TD align=left></TD>
  <TD align=right><FONT size=2 face="serif">12/31/04</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,706,308</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,605,611</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(3,303</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(3,396</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Capital reserve arising from sale of treasury shares to subsidiaries, net of</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

        </TD>
        <TD width=10% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,665</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1,713</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=74% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,701,340</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,600,502</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">15.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RECONCILIATION OF EBITDA (CONSOLIDATED)</FONT>
<P>
<FONT size=2 face="serif">EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by the Company, as shown below:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="9" align=center><font size="2" face="Times New Roman, Times, serif">03/31/05</font></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="9%" align=center> <FONT size=2 face="serif">03/31/04</FONT> </TD>
  <TD width="2%" align=left></TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD colspan="9" align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD width="2%" align=left></TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="9%" align=right><FONT size=2 face="Times New Roman, Times, serif">Ultragaz</FONT></TD>
  <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width="9%" align=right><font size="2" face="Times New Roman, Times, serif">Oxiteno</font></TD>
  <TD width="2%" align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width="9%" align=right><font size="2" face="Times New Roman, Times, serif">Ultracargo</font></TD>
  <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width="9%" align=right><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
  <TD width="2%" align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width="9%" align=right><font size="2" face="Times New Roman, Times, serif">Consolidated</font></TD>
  <TD width="2%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width="9%" align=right><font size="2" face="Times New Roman, Times, serif">Consolidated</font></TD>
  <TD width="2%" align=left></TD>
</TR>
<TR valign="bottom">
  <TD width="32%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="9%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="9%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left></TD>
  <TD width="9%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="9%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left></TD>
  <TD width="9%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="9%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Income from operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,694</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">102,176</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">3,791</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">112</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">113,773</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">80,565</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;(-) Equity in subsidiary and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>

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

        </TD>
        <TD width=9% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>

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

        </TD>
        <TD width=9% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">(1,069</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,133</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">71</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">(109</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+/-) Financial
income</FONT> (expense)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">8,517</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">66</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">299</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">(56</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">8,826</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">12,975</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+) Depreciation and</FONT> amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">29,172</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">10,230</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,876</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">213</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">45,491</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">43,471</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">45,388</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">111,403</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">9,968</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,402</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">168,161</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">136,902</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">16.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">SEGMENT INFORMATION </FONT>
<P>
<FONT size=2 face="serif">The Company has three reportable segments: gas, chemicals and logistics. The gas segment distributes LPG to retail, commercial and industrial consumers mainly in the South, Southeast and Northeast Regions of Brazil. The
chemicals segment primarily produces ethylene oxide, ethylene glycol, ethanolamine and ether glycol. Operations in the logistics segment include storage and transportation of chemicals and fuel, mainly in the Southeast and Northeast Regions of the
country. Reportable segments are strategic business units that offer different products and services. Intersegment sales are transacted at prices similar to those that the selling entity is able to obtain with third parties.</FONT></P>
<P>
<FONT size=2 face="serif">The principal financial information about each of the Company&#146;s reportable segments is as follows:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center><font size="2" face="Times New Roman, Times, serif">03/31/05</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">03/31/04</FONT> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=right><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="Times New Roman, Times, serif">Ultragaz</FONT></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="Times New Roman, Times, serif">Oxiteno</font></TD>
    <TD align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="Times New Roman, Times, serif">Ultracargo</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="Times New Roman, Times, serif">Other</font></TD>
    <TD align=left><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="Times New Roman, Times, serif">Consolidated</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="Times New Roman, Times, serif">Consolidated</font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Net sales, net of related-party transactions</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">672,152</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">422,750</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">42,074</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,136,997</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,050,555</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
<FONT size=2 face="serif">Income from operations before financial income</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left nowrap>
      <font size="2">&nbsp;<FONT face="serif">(expenses) and equity in subsidiary and affiliated</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
      <font size="2">&nbsp;<FONT face="serif">companies</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">16,216</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">101,173</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">4,092</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,189</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">122,670</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">93,431</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">45,388</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">111,403</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">9,968</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,402</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">168,161</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">136,902</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Total assets, net of related parties</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">909,375</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,336,872</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">253,268</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">29,467</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,528,982</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,346,849</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">16</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and
Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P> <FONT size=2 face="serif">17.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RISKS
    AND FINANCIAL INSTRUMENTS (CONSOLIDATED) </FONT></P>
<P> <FONT size=2 face="serif">The main risk factors to which the Company and
    its subsidiaries are exposed reflect strategic/operating and economic/financial
    aspects. Strategic/operating risks (such as behavior of demand, competition,
    technological innovation, and significant structural changes in industry,
    among others) are addressed by the Company&#146;s management model. Economic/financial
    risks mainly reflect customer default, macroeconomic variables such as exchange
    and interest rates, as well as the characteristics of the financial instruments
    used by the Company. These risks are managed through control policies, specific
    strategies and determination of limits, as follows: </FONT></P>
<UL>
  <LI> <FONT size=2 face="serif">Customer default - These risks are managed by
      specific policies for accepting customers and analyzing</FONT> <FONT size=2 face="serif">credit,
      and are mitigated by diversification of sales. As of March 31, 2005, the
      subsidiaries Oxiteno S.A. -</FONT> <FONT size=2 face="serif">Ind&uacute;stria
      e Com&eacute;rcio and Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio
      maintained R$2,014 (R$2,077 as</FONT> <FONT size=2 face="serif">of December
      31, 2004) and the subsidiaries of Ultragaz Participa&ccedil;&otilde;es
      Ltda. maintained R$25,044</FONT> <FONT size=2 face="serif">(R$23,062 as
      of December 31, 2004) of allowance for doubtful accounts.<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">Interest rates - The Company and its subsidiaries
      adopt conservative policies to obtain and invest funds and</FONT> <FONT size=2 face="serif">to
      minimize the cost of capital. Cash investments of the Company and its subsidiaries
      are comprised</FONT> <FONT size=2 face="serif">substantially of transactions
      linked to the CDI (interbank deposit rate), as described in Note 4. A portion
      of</FONT> <FONT size=2 face="serif">the financial assets is intended for
      foreign currency hedges, as shown below. Borrowings originate mainly</FONT> <FONT size=2 face="serif">from
      National Bank for Economic and Social Development (BNDES) and foreign currency
  financing, as</FONT> <FONT size=2 face="serif">mentioned in Note 13.</FONT><br>
<br>
</LI>
  <LI><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Exchange rate -
The Company&#146;s  subsidiaries use hedge (mainly US$ to CDI) instruments  available in
the financial market to cover  assets and liabilities in foreign currency,  so as to
reduce the exchange  variation  effects on their results.  Such hedges have  amounts,
periods and indexes  equivalent to the assets and  liabilities  in foreign  currency,  to
which they are linked.  Shown  below are the assets and liabilities in foreign currency,
translated into Brazilian reais at March 31, 2005:</FONT></FONT></LI>
</UL>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">Carrying<br>
amount</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right><font size="2" face="Times New Roman, Times, serif">Fair value</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
    <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investments in foreign currency and hedges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">235,581</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">238,494</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Cash and cash investments abroad</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">115,294</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">115,294</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Receivables from foreign customers, net of advances on export contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33,461</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33,461</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">384,336</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">387,249</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

        </TD>
    <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign currency financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">316,204</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">318,819</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Import payables</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14,227</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14,227</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">330,431</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">333,046</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Net asset position</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">53,905</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">54,203</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">17</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">The exchange variation related to cash and banks, cash investments and investments abroad was recorded as financial income in the statement of income for the first quarter of 2005, in the amount of R$1,900 (financial income
of R$1,862 in the first quarter of 2004). Other financial instruments recorded in the financial statements as of March 31, 2005 were determined in conformity with the accounting criteria and practices described in the respective notes. </FONT></P>
<P>
<FONT size=2 face="serif">18.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">FINANCIAL INCOME (EXPENSES), NET (CONSOLIDATED)</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">03/31/05</FONT></TD>
  <TD align=left></TD>
  <TD align=right><FONT size=2 face="serif">03/31/04</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Interest on cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">19,199</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">16,798</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Interest on trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,377</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,238</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Interest on loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(10,196</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(11,029</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Bank charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(4,165</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3,447</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Monetary and exchange variations, including financial expenses from currency</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">hedges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(8,846</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(9,139</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Taxes (CPMF, PIS, COFINS and IOF)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6,080</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(7,109</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Other expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(115</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(287</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(8,826</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">12,975</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">19.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</FONT></P>
<P>
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Labor, civil and tax lawsuits</FONT></P>
<P>
<FONT size=2 face="serif">The Petrochemical Industry Labor Union, of which the employees of Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio are members, filed an action against the subsidiary in 1990, demanding compliance with the
adjustments established in collective labor agreements, in lieu of the salary policies effectively followed. At the same time, the employers&#146; association proposed a collective bargaining for the interpretation and clarification of the fourth
clause of the agreement. Based on the opinion of its legal counsel, who analyzed the last decision of the Federal Supreme Court (STF) on the collective bargaining, as well as the status of the individual lawsuit of the subsidiary, management
believes that a reserve is not necessary as of March 31, 2005. </FONT></P>
<P>
<FONT size=2 face="serif">The subsidiary Companhia Ultragaz S.A. is a defendant in lawsuits relating to damages caused by an explosion in 1996 in a shopping mall in the city of Osasco, state of S&atilde;o Paulo. Such lawsuits involve: (i) individual
suits filed by victims of the explosion claiming damages from Ultragaz for the loss of economic benefit and for pain and suffering; (ii) lawsuit for reimbursement of expenses by the administration company of the shopping mall and its insurance
company; and (iii) class action suit seeking indemnification for material damages and pain and suffering for all the victims injured and deceased. The subsidiary believes that it has presented evidence that defective gas pipes in the shopping mall
caused the accident and that Ultragaz&#146;s on-site LPG storage facilities did not contribute to the explosion. It has obtained a favorable judgment in all lawsuits which have been judged to date. The subsidiary has insurance for this contingency;
the uninsured amount is R$36,720. The Company did not record any provision for this amount, since it believes the probability of loss is remote. </FONT></P>
<P align="right">
<font size="2" face="serif">18</font></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">The Company and its subsidiaries obtained injunctions to pay PIS and COFINS (taxes on revenues) without the changes introduced by Law No. 9,718/98 in its original version. The ongoing questioning refers to the levy of these
taxes on sources other than revenues. The unpaid amounts were recorded in the financial statements of the Company and its subsidiaries, totaling R$34,572 (R$33,699 as of December 31, 2004).</FONT></P>
<P>
<FONT size=2 face="serif">The main tax discussions of the Company and subsidiaries refer to the taxation of PIS and COFINS (as detailed in the preceding paragraph) and the taxation of income earned abroad (as stated in Note 9.a). The potential
losses on these discussions are accrued in long-term liabilities as other taxes and deferred income and social contribution taxes, respectively.</FONT></P>
<P>
<FONT size=2 face="serif">The subsidiary Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio recorded an accrual of R$7,543 (R$7,346 as of December 31, 2004) for an ICMS tax assessment under judgment at the administrative level. The subsidiary
currently awaits a decision on its appeal filed in July 2004. </FONT></P>
<P>
<FONT size=2 face="serif">The subsidiary Uting&aacute;s Armazenadora S.A. has been challenging in court ISS tax assessments issued by the municipal government of Santo Andr&eacute;. Legal counsel of the subsidiary classifies the risk as low, since a
significant portion of the lower court decisions was favorable to the subsidiary. The thesis defended by the subsidiary is supported by the opinion of a renowned tax specialist. The updated amount of the unaccrued contingency as of March 31, 2005 is
R$27,495 (R$25,405 as of December 31, 2004). The Company and its subsidiaries have other ongoing administrative and judicial proceedings; legal counsel classified the risks of these proceedings as possible or remote and, therefore, no reserves for
potential losses on these proceedings have been recorded. </FONT></P>
<P>
<FONT size=2 face="serif">Escrow deposits and provisions are summarized below:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">03/31/05</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">12/31/04</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">Escrow<br>
deposits</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">Provision</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">Escrow<br>
deposits</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">Provision</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT size=2 face="serif">Social contribution tax on net income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,910</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,910</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Labor claims</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">10,628</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,016</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">9,904</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,016</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT size=2 face="serif">PIS and COFINS on other revenues</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">34,572</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">33,699</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;ICMS (State VAT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">804</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">13,554</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">538</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">9,435</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">3,753</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">3,603</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4,009</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">15,243</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">57,052</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">14,103</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">52,069</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Contracts </FONT>
<P>
<FONT size=2 face="serif">The subsidiary Terminal Qu&iacute;mico de Aratu S.A - Tequimar has contracts with CODEBA - Companhia Docas do Estado da Bahia and Complexo Industrial Portu&aacute;rio Governador Eraldo Gueiros, in connection with their port
facilities in Aratu and Suape, respectively. Such contracts establish minimum cargo movement of 1,000,000 tons per year for Aratu, effective through 2022, and 250,000 tons per year for Suape, effective through 2027. If annual movement is less than
the minimum required, the subsidiary is required to pay the difference between the actual movement and the minimum contractual movement, using the port rates in effect at the date established for payment.</FONT></P>
<P align="right">
<FONT size=2 face="serif">19</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">As of March 31, 2005, such rates were R$3.67 and R$3.44 per ton for Aratu and Suape, respectively. The subsidiary has met the minimum cargo movement limits since the inception of the contracts. </FONT></P>
<P>
<FONT size=2 face="serif">The subsidiary Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio has a supply contract with Braskem S.A., effective through 2012, which establishes a minimum consumption level of ethylene per year. The minimum
purchase commitment and the actual demand for the years ended March 31, 2005 and 2004, expressed in tons of ethylene, are summarized below. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine of 40% of the
current ethylene price for the quantity not purchased.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">Actual demand</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=12% rowspan="2" align=center> <FONT size=2 face="serif">Minimum purchase<br>
commitment</FONT></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD width=70% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=6% align=center><font size="2" face="Times New Roman, Times, serif">03/31/05</font></TD>
  <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width=6% align=center><font size="2" face="Times New Roman, Times, serif">03/31/04</font></TD>
</TR>
<TR valign="bottom">
  <TD width=70% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=12% align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width=6% align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">In tons</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT size=2 face="serif">137,900</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">49,863</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">40,086</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><HR noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=center><HR noshade size=2></TD>
     <TD>&nbsp;</TD>
     <TD align=center><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Insurance coverage for subsidiaries </FONT>
<P>
<FONT size=2 face="serif">The Company has appropriate insurance policies to cover several risks, including loss and damage from fire, lightning, explosion of any nature, windstorm, plane crash and electrical damage, among others, protecting the
units and other branches of all subsidiaries. The estimated amount of insured  assets is US$160 million. </FONT></P>
<P>
<FONT size=2 face="serif">For the Oxiteno and Canamex units, there is also a loss of income insurance against losses from potential accidents related to their assets, in the amount of US$118 million. </FONT></P>
<P>
<FONT size=2 face="serif">The civil liability insurance program covers all the Group companies, with a coverage of US$150 million, for losses and damages from accidents caused by third parties, related to the commercial/industrial operations and/or
distribution and sale of products and services. </FONT></P>
<P>
<FONT size=2 face="serif">Group life insurance, personal accident insurance, health insurance, domestic and international transportation insurance are also contracted.</FONT></P>
<P>
<FONT size=2 face="serif">20.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">STOCK COMPENSATION PLAN (CONSOLIDATED)</FONT></P>
<P>
<FONT size=2 face="serif">The Extraordinary Stockholders&#146; Meeting held on November 26, 2003 approved a compensation plan for the management of the Company and its subsidiaries, which provides for: (i) the initial grant of usufruct of shares
issued by the Company and held in treasury by the subsidiaries in which the beneficiaries are employed; and (ii) the transfer of the beneficial ownership of the shares after ten years of the initial grant provided that the professional relationship
between the beneficiary and the Company and its subsidiaries is not interrupted. The total amount granted to the executives as of March 31, 2005, including taxes, was R$7,654 (R$4,960 as of March 31, 2004). Such amount is being amortized over a
period of ten years and the amortization related to the first quarter of 2005, in the amount of R$191 (R$125 in the first quarter of 2004), was recorded as an operating expense for the period. </FONT></P>
<P align="right">
<FONT size=2 face="serif">20</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<p><br>
  <br>
  <br>
    <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
    and Subsidiaries</FONT></p>
<p>&nbsp;</p>
<P>
<FONT size=2 face="serif">21.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED) </FONT></P>
<P>
<FONT size=2 face="serif">The Company and its subsidiaries offer benefits to their employees, such as life insurance, health care and pension plan. In addition, loans for the acquisition of vehicles and personal computers are available to employees
of certain subsidiaries. These benefits are recorded on the accrual basis and terminate at the end of the employment relationship. </FONT></P>
<P>
<FONT size=2 face="serif">In August 2001, the Company and its subsidiaries began to provide a defined contribution pension plan to their employees. This plan is managed by Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia Complementar. Under
the terms of the plan, the basic contribution of each participating employee is defined annually by the participant between 0% and 11% of his/her salary. The sponsoring companies provide a matching contribution in an identical amount as the basic
contribution. As participants retire, they may opt to receive monthly: (i) a percentage varying between 0.5% and 1.0% of the fund accumulated in their name at Ultraprev; or (ii) a fixed monthly amount which will deplete the fund accumulated in the
participant&#146;s name over a period of 5 to 25 years. Accordingly, neither the Company nor its subsidiaries assume responsibility for guaranteeing the amounts and periods of receipt of the retirement benefit. As of March 31 2005, the Company and
its subsidiaries contributed R$1,192 (R$956 as of March 31, 2004) to Ultraprev, which was charged to income for the year. The total number of participating employees as of March 31, 2005 was 5,640 (5,197 as of March 31, 2004), with no participants
retired to date. Additionally, Ultraprev has 1 active participant and 32 former employees receiving defined benefits according to the policies of a previous plan. </FONT></P>
<P>
<FONT size=2 face="serif">22.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">SUBSEQUENT EVENTS </FONT></P>
<P>
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Debentures </FONT></P>
<P>
<FONT size=2 face="serif">The Extraordinary Stockholders&#146; Meeting held on
February 2, 2005 approved the issuance by the Company and the public distribution
in a single block of 30,000 non-convertible debentures with nominal unit value
of  R$10,000, totaling R$300,000. </FONT></P>
<P>
<FONT size=2 face="serif">On March 30, 2005, the Board of Directors of the Company, according to delegation made by the Extraordinary Stockholders&#146; Meeting, approved the interest rate determined through a bookbuilding process on the same date.
</FONT></P>
<P>
<FONT size=2 face="serif">On April 6, 2005, the CVM (Brazilian Securities Commission) made the registration of the operation and the net commission amount of R$304,854 was received on April 8, 2005. </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Characteristics of debentures are:</FONT>
        </TD>
    <TD width=70% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Nominal unit value:</FONT>
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">R$10,000.00.</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Final maturity:</FONT>
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">March 1, 2008.</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Nominal value payment:</FONT>
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Lump sum at final maturity.</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Yield:</FONT>
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">102.5% of CDI (interbank deposit rate).</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Yield payment:</FONT>
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Semiannually, beginning March 1, 2005.</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">Repricing:</FONT>
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">None.</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">21</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">Considering the agreement of this operation by CVM and obtaining funds occurred in the dates mentioned above, the current assets will be increased in R$304,388, long-term assets in R$1,384, current liabilities in R$5,772
and long-term liabilities in R$300,000. </FONT></P>
<P>
<FONT size=2 face="serif">b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Primary and secondary public offers of Ultrapar preferred shares </FONT></P>
<P>
<FONT size=2 face="serif">On February 3, 2005, a material notice was published regarding the intention of certain stockholders of Ultra S.A. and Monteiro Aranha S.A. (selling stockholders) to undertake a secondary public offer of Ultrapar preferred
shares. The start of the primary and secondary public offer of preferred shares, global offering, was announced on April 13, 2005. The secondary offer comprised the selling of 7,869,671,318 shares at the price of R$40.00 per thousand shares. On
April 25, 2005, the banks coordinating the global offering exercised the option to issue additional shares. The option resulted in the issuance and primary offer of 1,180,450,697 new preferred shares of Ultrapar, representing a capital increase of
R$47,218, authorized by the Board of Directors according to article 5 of the Company&#146;s bylaws, at the meeting held on April 25, 2005. The closing of the primary and secondary offer of preferred shares, global offering, was published on April
28, 2005. </FONT></P>
<P align="right">
<FONT size=2 face="serif">22</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="center">
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">MD&amp;A - ANALYSIS OF CONSOLIDATED EARNINGS<br>
First
Quarter 2005 </FONT></B></P>
<P>
<B><I><FONT size=2 face="serif">(1) Key Indicators - Consolidated:</FONT></I></B></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="10" align=right><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left> <B><FONT size=2 face="serif">(R$ million)</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <B><FONT size=2 face="serif">1<B><FONT size=2 face="serif">Q05</FONT></B> </FONT></B> </TD>
  <TD align=left></TD>
  <TD align=right> <B><FONT size=2 face="serif">1<B><FONT size=2 face="serif">Q04</FONT></B> </FONT></B> </TD>
  <TD align=left></TD>
  <TD align=right> <B><FONT size=2 face="serif">4<B><FONT size=2 face="serif">Q04</FONT></B> </FONT></B> </TD>
  <TD align=left></TD>
  <TD align=right> <B><FONT size=2 face="serif">Change<br>
    1Q05 x<br>
    1Q04</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right> <B><FONT size=2 face="serif">Change<br>
1Q05 x<br>
1Q04</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="12" align=left><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Net sales and services</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,137.0</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,050.6</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,220.0</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">8</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(7</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(878.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(833.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(931.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Gross profit</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">258.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">216.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">288.3</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">19</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(10</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Selling, general and administrative expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(137.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(124.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(147.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(14</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Operating income</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">122.7</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">93.5</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">141.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">31</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(13</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Financial income (expense), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(8.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(13.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(9.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(32</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Equity income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(200</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Nonoperating income (expense), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(36</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(54</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Income before taxes and social contribution</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">112.0</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">77.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">128.4</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">44</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(13</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(27.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(46.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(33</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Benefit of tax holidays (*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">29.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(29</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(42</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Net income</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">100.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">63.1</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">109.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">60</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(8</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">168.2</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">136.9</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">185.9</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">23</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(10</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Volume - LPG sales</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">355.3</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">372.0</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">379.6</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(4</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(6</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Volume - chemicals sales</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">120.0</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">109.4</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">127.2</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">10</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(6</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%">
<FONT size=2 face="serif">Benefits on tax holidays for subsidiaries, previously expressed as part of &#147;equity income&#148; have been reclassified in accordance with the guidelines from CVM (Brazilian Securities Commission), set out in Circular
Letter CVM/SNC/SEP No. 1/2005, of February 25, 2005.</FONT>     </TD>
</TR></TABLE>
<P>
<B><I><FONT size=2 face="serif">(2) Performance Analysis:</FONT></I></B></P>
<P>
<U><FONT size=2 face="serif">Net Sales and Services:</FONT></U><FONT size=2 face="serif"> The consolidated net sales and services of Ultrapar in 1Q05 amounted to R$1,137.0 million, an increase of 8% in relation to the same quarter in 2004.</FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: The Brazilian LPG market saw a nominal reduction of 3% in 1Q05, compared to 1Q04, due to the lower number of working days in the period, consequence of the greater concentration of holidays in this first quarter.
On a same number of working days basis, the market remained unchanged. Comparing the two first quarters, Ultragaz&#146;s total sales volume decreased by 4%, a consequence of the fewer working days in the period and the restructuring of the network
of dealers that began in 4Q04. Considering a similar working day comparison, Ultragaz&#146;s sales volume presented a 2% reduction in the same period. In relation to 4Q04, the LPG market suffered seasonal reduction of 8%, while Ultragaz sales volume
fell by a lower rate - 6%. Net sales and services at Ultragaz was 5% lower in 1Q05, in line with the reduction in sales volume, given that prices remained unchanged. </FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Oxiteno&#146;s total sales volume amounted to 120,000 tons in 1Q05, an increase of 10% in relation to 1Q04, a period during which production was lower, due to a programmed shutdown in its Cama&ccedil;ari plant for
a scheduled substitution of catalyzers, reducing the volume exported. Sales to the domestic market totaled 84,000 tons, an increase of 9% in relation to 1Q04, driven mainly by new contracts signed during 2004 and the increase in sales to the
cosmetic and detergent segments. Sales outside Brazil amounted to 36,000 tons, an increase of 11% in relation to 1Q04, a consequence of winning new clients in Argentina and the expansion of 26% in sales volume at Canamex. In comparison to the last
quarter in 2004, sales volume dropped by 6%, basically due to seasonal factors. Net sales and services totaled R$422.8 million in 1Q05, an increase of 36% compared to 1Q04, principally as a consequence of: </FONT></P>
<P align="right">
<FONT size=2 face="serif">23</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">(i) the increased sales volume; (ii) the improved sales mix, increasing export sales to Argentina, where prices are very close to those in the domestic market; and (iii) the rise in international commodity prices.</FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: Net sales and services totaled R$54.3 million, corresponding to an increase of 21% in relation to 1Q04, the consequence of the increased volume of operations and contractual tariff readjustments. The increase in
the volume of operations at Ultracargo in the first quarter of 2005 was largely a result of the new operations which begun in 2004, both in the area of storage, as well as transport. </FONT></P>
<P>
<U><FONT size=2 face="serif">Cost of Sales and Services:</FONT></U><FONT size=2 face="serif"> Ultrapar&#146;s cost of sales and services amounted to R$878.2 million in 1Q05, an increase of 5% in relation to 1Q04.</FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: The cost of sales and services in 1Q05 amounted to R$583.1 million in 1Q05, 4% lower when compared to 1Q04, due principally to the decrease in sales volume in the period.</FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: The cost of sales and services for Oxiteno in 1Q05 totaled R$270.8 million, an increase of 30% in relation to 1Q04, principally as a result of the increase in volume sold and the rise in the price of naphtha in the
international market, which had an impact on the unit cost of ethylene.</FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: The cost of services provided in 1Q05 amounted to R$36.7 million, an increase of 32%, compared to 1Q04. This increase was due to the: (i) higher volume transported/stored; (ii) increase of 53% in depreciation,
as a result of investments made; and (iii) increase in the unit cost of fuel, tires and maintenance parts. </FONT></P>
<P>
<U><FONT size=2 face="serif">Gross Profit:</FONT></U><FONT size=2 face="serif"> Ultrapar&#146;s 1Q05 gross profit was R$258.8 million, 19% higher than the R$216.8 million in the 1Q04. Compared with the 4Q04, gross profit dropped by 10%, mainly a
consequence of reduced sales volume due to seasonal factors. </FONT></P>
<P>
<U><FONT size=2 face="serif">Selling, General and Administrative Expenses:</FONT></U><FONT size=2 face="serif"> In the quarter, Ultrapar recorded an increase of 10% in consolidated selling, general and administrative expenses, compared to the same
period in 2004, amounting to R$137.3 million.</FONT></P>
<P align="right">
<FONT size=2 face="serif">24</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">Ultragaz: Selling, general and administrative expenses for Ultragaz amounted to R$72.8 million in 1Q05, an increase of 4% in relation to 1Q04. This increase was due basically to higher personnel expenses, specially a
consequence of the collective wage increases celebrated in March and September 2004 and a higher annual payment of employee profit-sharing. </FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Selling, general and administrative expenses amounted to</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">R$52.1 million in the quarter, an increase of 17% compared to 1Q04. Sales expenses
increased up 15% as a result of the 10% increase in volume sold and the higher domestic and international freight costs. Administrative expenses increased by 18% as a result of higher personnel expenses, due to: (i) collective wage increases
celebrated in 2004; (ii) an increase in employee profit-sharing, in line with the improved performance of Oxiteno; and (iii) the increase of 7% in the workforce. </FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo:</FONT><B><FONT size=2 face="serif"> </FONT></B><FONT size=2 face="serif">Selling, general and administrative expenses at Ultracargo amounted to R$13.5 million in 1Q05, an increase of 19% compared to 1Q04,
principally due to the rise in personnel expenses, as a result of the collective wage increases celebrated in 2004 and the increase in the workforce due to the expansion in operations.</FONT></P>
<P>
<U><FONT size=2 face="serif">Operating Income:</FONT></U><FONT size=2 face="serif"> Ultrapar&#146;s operating income increased 31% compared with 1Q04. This increase came mainly from Oxiteno, where the operating income increased 73% between quarters,
from R$58.5 million in 1Q04 to R$101.2 million in 1Q05. Oxiteno&#146;s good result was due principally to the higher sales volume, an improved sales mix - directing export sales to Argentina - and the increase in international prices. Compared to
4Q04, Ultrapar&#146;s operating income reduced by 13%, mainly due to seasonal factors. </FONT></P>
<P>
<U><FONT size=2 face="serif">Financial Income (Expense), Net:</FONT></U><FONT size=2 face="serif"> Ultrapar reported a 32% improvement in its financial results, represented by an expense of R$8.8 million in 1Q05, compared to an expense of R$13.0
million in 1Q04. The main factors behind the reduction in financial expenses were: (i) the reduction in net debt, of R$135 million in 1Q04 to R$18 million in 1Q05; and (ii) the reducing to zero of the rates of PIS and COFINS taxes on our financial
revenues.</FONT></P>
<P>
<U><FONT size=2 face="serif">Other Nonoperating Income (Expense):</FONT></U><FONT size=2 face="serif"> In 1Q05 Ultrapar reported a nonoperating expense of R$1.8 million, corresponding to an improvement of R$1.0 million compared to 1Q04, and an
improvement of R$2.1 million in relation to 4Q04. This net nonoperating expense is primarily attributable to the scrapping of storage cylinders by Ultragaz. </FONT></P>
<P>
<U><FONT size=2 face="serif">Income and Social Contribution Taxes:</FONT></U><FONT size=2 face="serif"> Income and social contribution tax expenses amounted to R$31.4 million in 1Q05 and to R$27.7 million in 1Q04, in line with taxable results
evolution. In addition, nontaxable revenues resulted in a R$5.4 million benefit in the first quarter. </FONT></P>
<P>
<U><FONT size=2 face="serif">Benefit of Tax Holidays:</FONT></U><FONT size=2 face="serif"> Ultrapar are entitle to Federal tax benefits for its activities in the Northeast Region of Brazil, due to the Federal program for development of the region.
In 1Q05, tax benefits amounted to R$20.9 million, 56% higher that in 1Q04 and 29% lower than that in 4Q04, mainly composed of tax benefits of the Cama&ccedil;ari plant. </FONT></P>
<P>
<U><FONT size=2 face="serif">Net Income:</FONT></U><FONT size=2 face="serif"> Consolidated 1Q05 net income was R$100.8 million, a 60% growth compared to 1Q04. </FONT></P>
<P>
<U><FONT size=2 face="serif">EBITDA:</FONT></U><FONT size=2 face="serif"> Ultrapar reported consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of R$168.2 million in 1Q05, an increase of 23%, compared to 1Q04.
</FONT></P>
<P align="right">
<FONT size=2 face="serif">25</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">Ultragaz: Ultragaz reported EBITDA of R$45.4 million, 21% lower than in the 1Q04, due principally to the 4% reduction in sales volume and a consequent lower scale in the dilution of expenses.</FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Oxiteno ended 1Q05 with EBITDA of R$111.4 million, soaring 63% when compared to 1Q04. In this period, EBITDA/ton jumped by 49%, from R$623/ton in 1Q04 to R$928/ton in 1Q05, despite the 8% appreciation in the
Brazilian real against the U.S. dollar between the periods. Oxiteno&#146;s good result was due principally to the higher sales volume, an improved sales mix - directing export sales to Argentina - and the increase in international prices.
</FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: Ultracargo reported EBITDA of R$10.0 million in 1Q05, the same level as that reported in the same period in 2004.</FONT></P>
<P align="center">
<U><FONT size=2 face="serif">EBITDA</FONT></U></P>
<TABLE width=95% border=1 cellspacing=0 cellpadding=2>
<TR valign="bottom">
  <TD width=60% align=left> <FONT size=2 face="serif">R$ million</FONT> </TD>
  <TD width=8% align=right><FONT size=2 face="serif">1<FONT size=2 face="serif">Q05</FONT></FONT></TD>
  <TD width=8% align=right><FONT size=2 face="serif">1<FONT size=2 face="serif">Q04</FONT></FONT></TD>
  <TD width=8% align=right><FONT size=2 face="serif">4<FONT size=2 face="serif">Q04</FONT></FONT></TD>
  <TD width=8% align=right> <FONT size=2 face="serif">Change<br>
1Q05 x<br>
1Q04</FONT></TD>
  <TD width=8% align=right> <FONT size=2 face="serif">Change<br>
1Q05 x<br>
1Q04</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">168.2</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">136.9</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">185.9</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23%</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(10%)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45.4</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">57.4</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">63.4</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(21<FONT size=2 face="serif">%)</FONT> </FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(28%)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">111.4</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68.2</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">111.7</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">63%</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0%)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.0</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.9</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.1</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1%</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10%)</FONT>
        </TD>
  </TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">26</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar </FONT><FONT size=1 face="sans-serif">Participa&ccedil;&otilde;es</FONT><FONT size=1 face="sans-serif"> S.A. and </FONT><FONT size=1 face="sans-serif">Subsidiaries</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">(Convenience</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">Translation</FONT><FONT size=2 face="serif"> into </FONT><FONT size=2 face="serif">English</FONT><FONT size=2 face="serif"> from the
</FONT><FONT size=2 face="serif">Original</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">Previously</FONT><FONT size=2 face="serif"> Issued in </FONT><FONT size=2 face="serif">Portuguese)</FONT><FONT size=2 face="serif">
</FONT></P>
<P>
  <u><FONT size=2 face="serif">ULTRAPAR</FONT> <FONT size=2 face="serif">PARTICIPA&Ccedil;&Otilde;ES S.A.
  AND SUBSIDIARIES</FONT>
  </u></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD colspan="16" align=left><hr size=1 color=GRAY noshade></TD>
</TR>
<TR align="center" valign="bottom">
  <TD colspan="16"> <FONT size=2 face="sans-serif">Investments</FONT><FONT size=2 face="sans-serif"> in </FONT><FONT size=2 face="sans-serif">subsidiaries</FONT><FONT size=2 face="sans-serif"> and/or </FONT><FONT size=2 face="sans-serif">affiliates</FONT></TD>
  </TR>
<TR valign="top">
  <TD colspan="16" align=left><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left> <FONT size=1 face="serif">1 - Item</FONT></TD>
  <TD align=left> <FONT size=1 face="serif">2 - Company name</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left> <FONT size=1 face="serif">3 - Corporate<br>
Taxpayer<br>
Number (CNPJ)</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left> <FONT size=1 face="serif">4 - Classification</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=1 face="serif">5 - %
    of ownership interest in investee</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left><font size="1" face="Times New Roman, Times, serif">6
    - % of investor&#146;s shareholders equity</font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left> <FONT size=1 face="serif">7 - Type of company</FONT> </TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left><FONT size=1 face="serif">8 - Number of shares
      held in the current quarter (in
    thousands)</FONT></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left><FONT size=1 face="serif">9 - Number of shares
      held in the prior quarter (in
    thousands)</FONT></TD>
</TR>
<TR valign="top">
  <TD colspan="16" align=left><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="top">
  <TD width=4% align=left><FONT size=1 face="serif">01</FONT></TD>
        <TD width=15% align=left nowrap><FONT size=1 face="serif">Ultracargo - Opera&ccedil;&otilde;es </FONT></TD>
        <TD width=1%></TD>
        <TD width=12% align=left><FONT size=1 face="serif">34.266.973/0001-99</FONT></TD>
        <TD width=1%></TD>
        <TD width=15% align=left><FONT size=1 face="serif">Closely-held subsidiary</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right><FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right><FONT size=1 face="serif">35.47</FONT></TD>
        <TD width=1%></TD>
        <TD width=15% align=left><FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right><FONT size=1 face="serif">2,461</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right><FONT size=1 face="serif">2,461</FONT></TD>
</TR>
<TR valign="top">
  <TD width=4% align=left></TD>
        <TD width=15% align=left nowrap> <FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Log&iacute;sticas
                  e Participa&ccedil;&otilde;es
            Ltda.</FONT></TD>
        <TD colspan="14">
        </TD>
  </TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">02 </font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">57.651.960/0001-39</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">16.17</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,336</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,336</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">03</font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif"> Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">61.604.112/0001-46</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2.80</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">27,734</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">27,734</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">04</font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif"> Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">62.545.686/0001-53</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">65.44</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">35,102</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">35,102</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">05</font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif"> Oxiteno Nordeste S.A. - Ind&uacute;stria e<br>
&nbsp;&nbsp;&nbsp;&nbsp;Com&eacute;rcio</FONT>        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">14.109.664/0001-06</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">99.15</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">46.72</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,711</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,711</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">06 </font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Terminal Qu&iacute;mico de Aratu S.A. - <br>
&nbsp;&nbsp;&nbsp;&nbsp;Tequimar</FONT></TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">14.688.220/0001-64</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">99.41</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">6.57</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">12,536</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">12,536</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">07 </font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Transultra - Armazenamento e<br>
&nbsp;&nbsp;&nbsp;&nbsp;Transporte</FONT>
 <FONT size=1 face="serif">Especializado Ltda.</FONT>   </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">60.959.889/0001-60</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4.46</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">34,999</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">34,999</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">08</font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif"> Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">61.602.199/0001-12</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">93.94</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">5.95</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">182,248</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">182,247</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">09</font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif"> SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">65.828.550/0001-49</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4.77</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1,314</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1,314</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">10</font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif"> Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">46.395.687/0001-02</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">5.83</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">24</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">24</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">11 </font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">61.916.920/0001-49</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">55.99</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1.37</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,751</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,751</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=4% align=left><font size=1 face="serif">12 </font></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=12% align=left>

        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated<br>
&nbsp;&nbsp;&nbsp;&nbsp;company</FONT></TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1.91</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=15% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">122,047</FONT>
        </TD>
        <TD width=1%></TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">122,047</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD></TD>
  <TD align=left></TD>
  <TD></TD>
  <TD align=left>&nbsp;</TD>
  <TD></TD>
  <TD align=right>&nbsp;</TD>
  <TD></TD>
  <TD align=right>&nbsp;</TD>
  <TD></TD>
  <TD align=left>&nbsp;</TD>
  <TD></TD>
  <TD align=right>&nbsp;</TD>
  <TD></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD colspan="16" align=left> <FONT size=2 face="serif">Note: This </FONT><FONT size=2 face="serif">information</FONT><FONT size=2 face="serif"> is
      an </FONT><FONT size=2 face="serif">integral</FONT><FONT size=2 face="serif"> part
      of the interim </FONT><FONT size=2
face="serif">financial</FONT><FONT size=2 face="serif">&nbsp; </FONT><FONT size=2 face="serif">statements</FONT><FONT size=2 face="serif"> as </FONT><FONT size=2 face="serif">required</FONT><FONT size=2 face="serif"> by
    the CVM.</FONT></TD>
  </TR>
<TR valign="top">
  <TD colspan="16" align=left><hr size=1 color=GRAY noshade></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">27</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<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="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td colspan="3"> <b><font size="2" face="serif">ULTRAPAR HOLDINGS INC.</font></b></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">Date:</font></td>
    <td width="45%"><font size="2" face="Times New Roman, Times, serif">May 12,
        2005</font> </td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
    <td colspan="2"> <FONT face="serif" size=2>/s/ F&aacute;bio Schvartsman</FONT></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2"><hr align="left" width=65% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
    <td width="40%"> <FONT face="serif" size=2>F&aacute;bio Schvartsman</FONT> </td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
    <td width="40%"> <FONT face="serif" size=2>Chief Financial and Investor Relations
        Officer</FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
<br>

</BODY>
</HTML>

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