-----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,
 B51bTFPEcXLRdfydlNJWvnT4khEe6yhcUfkj5TtJhcg64jdUVTPFHgwMdvF3jRa+
 3/lb5ddv9K6dPnlajRj6nA==

<SEC-DOCUMENT>0000950103-05-001841.txt : 20050808
<SEC-HEADER>0000950103-05-001841.hdr.sgml : 20050808
<ACCEPTANCE-DATETIME>20050808094001
ACCESSION NUMBER:		0000950103-05-001841
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050808
DATE AS OF CHANGE:		20050808

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:		051004577

	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>aug0505_6k.htm
<TEXT>



<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
<P align="center"> <B><FONT size=3 face="Times New Roman, Times, serif">Form 6-K</FONT></B> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION<br>
  </B></font><font size="3" face="Times New Roman, Times, serif"><B>Washington, D.C. 20549 </B> </font></P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>Report Of Foreign Private Issuer<br>
  Pursuant To Rule 13a-16 Or 15d-16 Of<br>
  The Securities Exchange Act Of 1934 </B></font></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">For the month of August, 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=2 face="Times New Roman, Times, serif">(Translation of Registrant&#146;s Name into English)</FONT><FONT size=2 face="Times New Roman, Times, serif">&nbsp; </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=2 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;&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></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">
<B><FONT size=2 face="serif">TABLE OF CONTENTS </FONT></B></P>
<p>
<P align="center">&nbsp;</P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD colspan="3" align=left><b><font size=2 face="serif">ITEM </font></b></TD>
     <TD>&nbsp;</TD>
     <TD align=center><b><font size=2 face="serif">SEQUENTIAL PAGE<br>
          </font></b><b><font size=2 face="serif">NUMBER </font></b></TD>
</TR>
<TR valign="bottom">
     <TD colspan="5" align=left><hr noshade size=1>          </TD>
  </TR>
<TR valign="bottom">
        <TD width=4% align=left>
<B><FONT size=2 face="serif">1.</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=75% align=left>
<B><FONT size=2 face="serif">Interim Financial Statements for the Quarter and Six-month</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
<B><FONT size=2 face="serif">3</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=75% align=left>
<B><FONT size=2 face="serif">Period Ended June 30, 2005 and Independent Accountants&#146; Review
Report</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>
<B><FONT size=2 face="serif">2.</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=75% align=left>
<B><FONT size=2 face="serif">Minutes of a Meeting of the Board of Directors,
August 03,</FONT></B> <b><font size=2 face="serif">2005</font></b>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
<B><FONT size=2 face="serif">35</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>

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

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

<P align="right">
<B><FONT size=2 face="serif">ITEM 1</FONT></B></P>
<br>


<P>
<I><FONT size=2 face="sans-serif">(Convenience Translation into English from the <br>
Original Previously Issued in Portuguese) </FONT></I></P>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="45%">&nbsp;</td>
          <td><p><b><i><font size=5 face="serif">Ultrapar Participa&ccedil;&otilde;es
                                   S.A.</font></i></b></p>
               <p> <i><font size=2 face="sans-serif">Interim Financial Statements
                              for the <br>
                    Quarter and Six-month Period Ended <br>
                    June
                    30, 2005 and <br>
                    Independent Accountants&#146; Review
                              Report </font></i></p>
               <p>&nbsp;</p>
               <p>&nbsp;</p>
               <p> <font size=2 face="sans-serif">Deloitte Touche Tohmatsu Auditores
          Independentes</font></p></td>
     </tr>
</table>
<P>&nbsp;</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left> <font size=2 face="serif">INDEPENDENT ACCOUNTANTS&#146; REVIEW REPORT</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align="left" width="31%" size=1 noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
<FONT size=2 face="serif">To the Shareholders and Management of</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
          <FONT size=2 face="serif">S&atilde;o Paulo - SP</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align="left" width="8%" size=1 noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
        <TD>
<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 quarter and six-month period ended June 30, 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><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">2.</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><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">3.</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><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
        <TD>
<FONT size=2 face="serif">We had previously reviewed the Company and consolidated balance sheets as of March 31, 2005 and the Company and consolidated statements of income for the six-month period ended June 30, 2004, presented for comparative
purposes, and issued unqualified special review reports thereon, dated April 29, 2005 and July 30, 2004, respectively.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<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><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">S&atilde;o Paulo, July 29, 2005</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=24% align=left>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=24% align=left>
<FONT size=2 face="serif">Altair Tadeu Rossato</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">Auditores Independentes</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=24% 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=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></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="9" align=left><font size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left> <font size=2 face="serif">BALANCE</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">SHEETS</font><font size=2 face="serif"> AS OF JUNE 30, 2005 AND </font><font size=2 face="serif">MARCH</font><font size=2 face="serif"> 31, 2005<br>
(In </font><font size=2 face="serif">thousands</font><font size=2 face="serif"> of </font><font size=2 face="serif">Brazilian</font><font size=2 face="serif"> reais - R$)</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=20% align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD width=4%>&nbsp;</TD>
     <TD width=20% align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
     <TD width=20% align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Company </font></TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Consolidated</font></TD>
     <TD width=4% align="center">&nbsp;</TD>
     <TD width=20% align=center>&nbsp;</TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Company </font></TD>
     <TD align="center">&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Consolidated</font></TD>
  </TR>
<TR valign="bottom">
     <TD width=20% align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD><hr noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD width="4%" align=left>&nbsp;</TD>
     <TD width=20% align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
</TR>
<TR align="right" valign="bottom">
     <TD width=20% align=left><font size=2 face="serif">ASSETS</font><font size=2 face="serif">&nbsp;</font></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">06/30/05 </FONT></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">03/31/05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">06/30/05 </FONT></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">03/31/05</font></TD>
     <TD width=4%>&nbsp;</TD>
     <TD width=20% align=left><font size=2 face="serif">LIABILITIES</font><font size=2 face="serif"> AND </font><font size=2
face="serif">STOCKHOLDERS'</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">EQUITY </font></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">06/30/05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">03/31/05</FONT></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">06/30/05 </FONT></TD>
     <TD>&nbsp;</TD>
     <TD><font size=2 face="serif">03/31/05</font></TD>
</TR>
<TR valign="bottom">
     <TD width=20% align=left><hr align="left" width="22%" size=1 noshade></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD width=4%>&nbsp;</TD>
     <TD width=20% align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=left><HR noshade size=1></TD>
     <TD><HR noshade size=1></TD>
     <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">CURRENT ASSETS</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">CURRENT LIABILITIES</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Cash and banks</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">310</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">252</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">29.820</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">56.275</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Loans and financing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">134.949</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">289.963</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left nowrap>
<font size=2 face="serif">Temporary cash investments</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">361.319</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.056</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">570.375</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">96.364</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Debentures</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">18.697</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">18.697</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">361.342</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">365.466</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Trade accounts payable</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">240</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">245</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">62.533</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">78.213</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Inventories</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">222.429</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">245.932</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">31</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">137</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">64.788</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">63.182</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">15.270</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">11.713</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">95.722</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">104.100</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Taxes payable</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">14.617</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">14.103</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Other</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">5.569</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">5.795</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">29.940</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">11.772</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Dividends payable</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">87</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">88</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.338</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.936</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">503</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">143</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">5.501</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">6.969</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left nowrap>
<font size=2 face="serif">Income and social contribution </FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">taxes</font>
        </TD>
        <TD width="1%">
        </TD>
        <TD align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
        <TD valign="bottom">&nbsp; </TD>
        <TD align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
        <TD valign="bottom">&nbsp; </TD>
        <TD align=right valign="bottom"> <font size=2 face="serif">3.048</FONT> </TD>
        <TD valign="bottom">&nbsp; </TD>
        <TD align=right valign="bottom"> <font size=2 face="serif">2.939</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Total current assets</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">382.971</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">18.959</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.315.129</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">886.878</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Other</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">19.077</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">18.604</FONT>
        </TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Total current liabilities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">19.059</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">479</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">320.047</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">469.940</FONT>
        </TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">LONG-TERM ASSETS</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Cash investments</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">354.657</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">347.700</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">LONG-TERM LIABILITIES</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">51.545</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">51.545</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">4.089</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.822</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Loans and financing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">396.237</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">227.937</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left nowrap>
<font size=2 face="serif">Deferred income and social </FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Debentures</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">300.000</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">300.000</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">contribution taxes</font> </TD>
        <TD width=1%>&nbsp;</TD>
        <TD align=right> <font size=2 face="serif">3.144</FONT> </TD>
        <TD>&nbsp; </TD>
        <TD align=right> <font size=2 face="serif">2.836</FONT> </TD>
        <TD>&nbsp; </TD>
        <TD align=right> <font size=2 face="serif">70.918</FONT> </TD>
        <TD>&nbsp; </TD>
        <TD align=right> <font size=2 face="serif">68.092</FONT> </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">404.232</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">404.232</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">8.886</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">8.806</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left> <font size=2 face="serif">Recoverable taxes</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">10.080</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">9.272</FONT> </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Deferred income and social </FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left> <font size=2 face="serif">Escrow deposits</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">15.502</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">15.243</FONT> </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">contribution taxes</font> </TD>
        <TD width=1%>&nbsp;</TD>
        <TD align=right> <font size=2 face="serif">-</FONT> </TD>
        <TD>&nbsp; </TD>
        <TD align=right> <font size=2 face="serif">-</FONT> </TD>
        <TD>&nbsp; </TD>
        <TD align=right> <font size=2 face="serif">32.850</FONT> </TD>
        <TD>&nbsp; </TD>
        <TD align=right> <font size=2 face="serif">32.541</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left> <font size=2 face="serif">Trade accounts receivable</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">15.353</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">14.079</FONT> </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left> <font size=2 face="serif">Other taxes</FONT> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <font size=2 face="serif">8.254</FONT> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <font size=2 face="serif">8.040</FONT> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <font size=2 face="serif">53.886</FONT> </TD>
        <TD width=1%>&nbsp; </TD>
        <TD width=6% align=right> <font size=2 face="serif">57.052</FONT> </TD>
</TR>
<TR>
  <TD width=20% align=left valign="bottom"> <font size=2 face="serif">Other</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">1.014</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">5.409</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">2.468</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width=20% align=left valign="bottom"> <font size=2 face="serif">Other</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">2.355</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">2.422</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="20%"> </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="20%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
</TR>
<TR>
  <TD width=20% align=left valign="bottom"> <font size=2 face="serif">Total long-term assets</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">55.703</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">54.381</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">476.008</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=right valign="bottom"> <font size=2 face="serif">459.676</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width=20% align=left valign="bottom"> <font size=2 face="serif">Total long-term liabilities</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">712.486</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">412.272</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">794.214</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">328.758</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="20%"> </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="20%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
          <HR noshade size=1>
        </TD>
</TR>
<TR>
  <TD width=20% align=left valign="bottom"> <font size=2 face="serif">PERMANENT ASSETS</FONT> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
  <TD width=1% valign="bottom">&nbsp; </TD>
  <TD width=6% align=left valign="bottom"> </TD>
        <TD width="4%">
        </TD>
        <TD width=20% align=left valign="bottom"> <font size=2 face="serif">MINORITY INTEREST</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">-</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">29.631</FONT> </TD>
        <TD width=1% valign="bottom">&nbsp; </TD>
        <TD width=6% align=right valign="bottom"> <font size=2 face="serif">28.944</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD width="20%"> </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
  <TD width="1%"> </TD>
  <TD width="6%">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left> <font size=2 face="serif">Investments:</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=left> </TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left><font size=2 face="serif">Subsidiary and affiliated</font></TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">STOCKHOLDERS' EQUITY</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">companies</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right nowrap> <font size=2 face="serif">2.135.690</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">2.045.533</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">7.422</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">5.929</FONT> </TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Capital</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">946.034</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">898.816</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">946.034</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">898.816</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left><font size=2 face="serif">Other</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">186</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">186</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">28.172</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">28.281</FONT> </TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Capital reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.855</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.855</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">235</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">190</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left><font size=2 face="serif">Property, plant and </font></TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Revaluation reserve</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">15.662</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">16.016</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">15.662</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">16.016</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left>&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">equipment</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">1.059.001</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">1.051.510</FONT> </TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Profit reserves</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">694.204</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">694.204</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">694.204</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">694.204</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left> <font size=2 face="serif">Deferred charges</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">-</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">96.334</FONT> </TD>
  <TD width=1%>&nbsp; </TD>
  <TD width=6% align=right> <font size=2 face="serif">96.708</FONT> </TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Treasury shares</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(5.635)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(5.635)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(8.846)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">(8.938)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=20% align=left>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=4%>&nbsp;
      </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Retained earnings</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">190.885</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">101.052</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">190.885</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">101.052</FONT>
        </TD>
</TR>
<TR>
  <TD align=left valign="bottom"> <font size=2 face="serif">Total permanent assets</FONT> </TD>
  <TD valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"> <font size=2 face="serif">2.135.876</FONT> </TD>
  <TD valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"> <font size=2 face="serif">2.045.719</FONT> </TD>
  <TD valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"> <font size=2 face="serif">1.190.929</FONT> </TD>
  <TD valign="bottom">&nbsp; </TD>
  <TD align=right valign="bottom"> <font size=2 face="serif">1.182.428</FONT> </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Total stockholders' equity</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.843.005</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.706.308</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.838.174</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.701.340</FONT>
        </TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

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

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

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">Total minority interest and stockholders' equity</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.843.005</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.706.308</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.867.805</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">1.730.284</FONT>
        </TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<font size=2 face="serif">TOTAL</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.574.550</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.119.059</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.982.066</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.528.982</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=20% align=left>
<font size=2 face="serif">TOTAL</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.574.550</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.119.059</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.982.066</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<font size=2 face="serif">2.528.982</FONT>
        </TD>
</TR>
<TR>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%">
        </TD>
        <TD width="20%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="48%">&nbsp;</td>
          <td width="4%">&nbsp;</td>
          <td width="48%">&nbsp;</td>
     </tr>
     <tr>
          <td><font size=2 face="serif">The </font><font size=2 face="serif">accompanying</font><font size=2 face="serif"> notes
                    are </font><font size=2 face="serif">integral</font><font size=2 face="serif"> part
          of these </font><font size=2
face="serif">financial</font><font size=2 face="serif">&nbsp; </font><font size=2 face="serif">statements.</font> </td>
          <td>&nbsp;</td>
          <td>&nbsp;</td>
     </tr>
     <tr>
          <td><HR noshade size=1></td>
          <td><HR noshade size=1></td>
          <td><HR noshade size=1></td>
     </tr>
</table>
<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=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
     <FONT size=2 face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND
SUBSIDIARIES</u></FONT></P>
<P>
<FONT size=2 face="serif">STATEMENTS OF INCOME<br>
</FONT><FONT size=2 face="serif">FOR THE QUARTERS ENDED JUNE 30, 2005 AND 2004 <br>
(In thousands of Brazilian reais - R$, except for earnings per share)</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width=56% align=left><HR noshade size=1></TD>
     <TD width=2%><HR noshade size=1></TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2%><HR noshade size=1></TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=4%><HR noshade size=1></TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2%><HR noshade size=1></TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=56% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Company</font></TD>
     <TD width=4%>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Consolidated</font> </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=56% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2%><HR noshade size=1></TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=4%>&nbsp;</TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2%><HR noshade size=1></TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=56% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><font size=2 face="serif">06/30/05 </font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><font size=2 face="serif">06/30/04</font> </TD>
     <TD width=4%>&nbsp;</TD>
     <TD width=8% align=right><font size=2 face="serif">06/30/05 </font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><font size=2 face="serif">06/30/04</font></TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=56% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=4%>&nbsp;</TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><HR noshade size=1></TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">GROSS SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.319.063</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.310.846</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Taxes on sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(101.693</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(101.734</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Rebates, discounts and returns</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(15.328</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(14.945</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">NET SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.202.042</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.194.167</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(951.032</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(906.573</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">GROSS PROFIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">251.010</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">287.594</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%"><HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90.209</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">114.438</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.445</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(81)</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(49</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(62</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(132.311</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(135.956</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(46.398</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(47.920</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(50</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(829</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(53.904</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(58.520</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31.307</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31.300</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">767</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(702</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.784</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90.160</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">114.376</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">120.144</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">151.557</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Financial results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(968</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.861</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(16.647</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(7.926</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.493</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(227</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34.513</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.090</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Financial expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(15.461</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.634</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(51.160</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(25.016</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME FROM OPERATIONS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">89.192</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112.515</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">103.497</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">143.631</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Nonoperating (expenses) income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(697</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5.997</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME BEFORE TAXES ON INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">89.192</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112.517</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">102.800</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">137.634</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(433</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(32.786</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.362</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Tax benefits - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18.457</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22.591</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">308</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.754</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.285</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%"><HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">340</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(433</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12.575</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(24.056</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME BEFORE MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">89.532</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112.084</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90.225</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">113.578</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(693</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.494</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">NET INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">89.532</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112.084</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">89.532</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112.084</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
     <TD><font size=2 face="serif">EARNINGS PER SHARE - R$</font></TD>
     <TD align="right"></TD>
     <TD align="right"><font size=2 face="serif">0,00110 </font></TD>
     <TD align="right"></TD>
     <TD align="right"><font size=2 face="serif">0,00161</font></TD>
     <TD align="right"></TD>
     <TD align="right">&nbsp;</TD>
     <TD align="right"></TD>
     <TD align="right">&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
</TR>
</TABLE>
<table width="95%"  border="0" cellpadding="0" cellspacing="0">
     <tr>
          <td width="48%">&nbsp;</td>
          <td width="4%">&nbsp;</td>
          <td width="48%">&nbsp;</td>
     </tr>
     <tr>
          <td colspan="3"><font size=2 face="serif">The accompanying notes
                    are integral part
          of these
financial statements.</font> </td>
     </tr>
     <tr>
          <td><HR noshade size=1></td>
          <td><HR noshade size=1></td>
          <td><HR noshade size=1></td>
     </tr>
</table>
<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=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
     <FONT size=2 face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND
SUBSIDIARIES</u></FONT></P>
<P>
<FONT size=2 face="serif">STATEMENTS OF INCOME<br>
</FONT><FONT size=2 face="serif">FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004 <br>
(In thousands of Brazilian reais - R$, except for earnings per share)</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
     <TR valign="bottom">
          <TD align=left><HR noshade size=1></TD>
          <TD><HR noshade size=1></TD>
          <TD align=right><HR noshade size=1></TD>
          <TD><HR noshade size=1></TD>
          <TD align=right><HR noshade size=1></TD>
          <TD><HR noshade size=1></TD>
          <TD align=right><HR noshade size=1></TD>
          <TD><HR noshade size=1></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 colspan="3" align=center><font size=2 face="serif">Company</font></TD>
          <TD>&nbsp;</TD>
          <TD colspan="3" align=center><font size=2 face="serif">Consolidated</font> </TD>
          <TD align=left>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD>&nbsp;</TD>
          <TD align=right><HR noshade size=1></TD>
          <TD><HR noshade size=1></TD>
          <TD align=right><HR noshade size=1></TD>
          <TD>&nbsp;</TD>
          <TD align=right><HR noshade size=1></TD>
          <TD><HR noshade size=1></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><font size=2 face="serif">06/30/05 </font></TD>
          <TD>&nbsp;</TD>
          <TD align=right><font size=2 face="serif">06/30/04</font> </TD>
          <TD>&nbsp;</TD>
          <TD align=right><font size=2 face="serif">06/30/05 </font></TD>
          <TD>&nbsp;</TD>
          <TD align=right><font size=2 face="serif">06/30/04</font></TD>
          <TD align=left>&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=left>&nbsp;</TD>
     </TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">GROSS SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.576.386</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.456.522</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Taxes on sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(210.124</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(184.242</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Rebates, discounts and returns</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(27.223</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(27.558</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">NET SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.339.039</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.244.722</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.829.249</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.740.387</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">GROSS PROFIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">509.790</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">504.335</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">191.053</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">176.770</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.374</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(221</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(189</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(268.421</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(259.266</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(90.105</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(89.739</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(222</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.649</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(116.100</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(109.692</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Depreciation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(62.670</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(62.991</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.460</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">454</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.156</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190.832</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">176.581</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">241.369</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">245.069</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Financial results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(949</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(202</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(25.473</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(20.901</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.889</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47.641</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.798</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Financial expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(15.881</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.091</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(73.114</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(51.699</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>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME FROM OPERATIONS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">189.883</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">176.379</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">217.270</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">224.196</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Nonoperating (expenses) income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.506</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(8.794</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME BEFORE TAXES ON INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">189.883</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">176.381</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">214.764</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">215.402</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
     <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(58</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.147</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(68.583</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(77.638</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Tax benefits - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">39.358</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">36.030</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">457</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.156</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.309</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%"><HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">399</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.147</FONT></TD>
        <TD width=4%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(23.069</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(38.299</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">INCOME BEFORE MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190.282</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">175.234</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">191.695</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">177.103</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.413)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.869)</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">NET INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190.282</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">175.234</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190.282</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">175.234</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
     <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
     <TD><font size=2 face="serif">EARNINGS PER SHARE - R$ </font></TD>
     <TD align="right"></TD>
     <TD align="right"><font size=2 face="serif">0,00235 </font></TD>
     <TD align="right"></TD>
     <TD align="right"><font size=2 face="serif">0,00252</font></TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
</TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><HR noshade size=2></TD>
     <TD></TD>
     <TD><HR noshade size=2></TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<table width="95%"  border="0" cellpadding="0" cellspacing="0">
     <tr>
          <td width="48%">&nbsp;</td>
          <td width="4%">&nbsp;</td>
          <td width="48%">&nbsp;</td>
     </tr>
     <tr>
          <td colspan="3"><font size=2 face="serif">The accompanying notes are
                    integral part of these financial statements.</font> </td>
     </tr>
     <tr>
          <td><HR noshade size=1></td>
          <td><HR noshade size=1></td>
          <td><HR noshade size=1></td>
     </tr>
</table>

<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>

<P>
<FONT size=2 face="serif"> (Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
<B><FONT size=2 face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</u></FONT></B></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
<B><FONT size=2 face="serif">IDENTIFICATION</FONT></B>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=1 cellspacing=0 cellpadding=4>
<TR valign="bottom">
     <TD colspan="4" align=left><b><font size=2 face="serif">01.01</font></b><b><font size=2 face="sans-serif"> </font></b><b><font size=2 face="serif">-
          CAPITAL COMPOSITION <br>
     </font></b></TD>
  </TR>
<TR valign="bottom">
        <TD width=25% align=center><b><font size=2 face="serif">Number of shares</font></b><br>      <font size=2 face="serif">(THOUSAND)</font>

        </TD>
        <TD width=25% align=center>
<B><font size=2 face="serif">Current Quarter<br>
06/30/2005</FONT></B>
        </TD>
        <TD width=25% align=center>
<B><font size=2 face="serif">Prior quarter</FONT></B><br><font size=2 face="serif">03/31/2005</font>
        </TD>
        <TD width=25% align=center>
<B><font size=2 face="serif">Same quarter in prior year<br>
06/30/2004</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align=left>
<B><font size=2 face="serif">Paid-up Capital</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=25% align=left>
<font size=2 face="serif">1 - Common</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">49,429,897</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">49,429,897</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">51,264,622</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<font size=2 face="serif">2 - Preferred</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">31,895,512</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">30,715,062</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">18,426,647</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<font size=2 face="serif">3 - Total</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">81,325,409</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">80,144,959</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">69,691,269</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align=left>
<B><font size=2 face="serif">Treasury Stock</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=25% align=left>
<font size=2 face="serif">4 - Common</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">6,616</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">6,616</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">6,616</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<font size=2 face="serif">5 - Preferred</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">211,097</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">211,097</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">210,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<font size=2 face="serif">6 - Total</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">217,713</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">217,713</FONT>
        </TD>
        <TD width=25% align=right>
<font size=2 face="serif">216,616</FONT>
        </TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<TABLE width="95%" border=1 cellpadding=4 cellspacing=0>
     <TR valign="bottom">
          <TD colspan="7" align=left><b><font size=2 face="serif">01.02 - SUBSCRIBED
          CAPITAL AND ALTERATIONS IN THE CURRENT YEAR <br>
          </font></b> </TD>
     </TR>
     <TR align="center" valign="bottom">
          <TD width=8% align=left> <font size=1 face="serif">1 - ITEM</FONT> </TD>
          <TD width=16%> <font size=1 face="serif">2 - DATE OF
          ALTERATION</FONT> </TD>
          <TD width=16%> <font size=1 face="serif">3 - AMOUNT OF
          THE<br>
CAPITAL<br>
(IN THOUSANDS
          OF REAIS)</FONT> </TD>
          <TD width=16%> <font size=1 face="serif">4 - AMOUNT OF
          THE<br>
          ALTERATION<br>
          (IN THOUSANDS
          OF REAIS)</FONT> </TD>
          <TD width=16%> <font size=1 face="serif">5 - NATURE OF<br>
          ALTERATION</FONT> </TD>
          <TD width=14%> <font size=1 face="serif">7 - NUMBER OF <br>
SHARES ISSUED<br>
(THOUSAND)</FONT> </TD>
          <TD width=14%> <font size=1 face="serif">&nbsp;<font size=1 face="serif">8
                         - SHARE
PRICE ON</font><br>
ISSUE DATE<br>
               (IN
          REAIS)</FONT>  </TD>
     </TR>
     <TR valign="bottom">
          <TD width=8% align=left> <font size=2 face="serif">01</FONT> </TD>
          <TD width=16% align=left> <font size=2 face="serif">02/02/2005</FONT> </TD>
          <TD width=16% align=center> <font size=2 face="serif">898,816</FONT> </TD>
          <TD width=16% align=center> <font size=2 face="serif">234,864</FONT> </TD>
          <TD width=16% align=left> <font size=2 face="serif">Profit reserve</FONT> </TD>
          <TD width=14% align=right> <font size=2 face="serif">10,453,690</FONT> </TD>
          <TD width=14% align=center> &nbsp;<font size=2 face="serif">0,0224671060</FONT> </TD>
     </TR>
     <TR valign="bottom">
          <TD width=8% align=left> <font size=2 face="serif">02</FONT> </TD>
          <TD width=16% align=left> <font size=2 face="serif">04/25/2005</FONT> </TD>
          <TD width=16% align=center> <font size=2 face="serif">946,034</FONT> </TD>
          <TD width=16% align=center> <font size=2 face="serif">47,218</FONT> </TD>
          <TD width=16% align=left> <font size=2 face="serif">Public Subscription</FONT> </TD>
          <TD width=14% align=right> <font size=2 face="serif">1,180,451</FONT> </TD>
          <TD width=14% align=center> &nbsp;<font size=2 face="serif">0,0400000000</FONT> </TD>
     </TR>
</TABLE>
<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>

<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
<FONT size=2 face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td><font size=2 face="serif">NOTES TO THE INTERIM FINANCIAL STATEMENTS <br>
          </font><font size=2 face="serif">FOR THE QUARTER AND SIX-MONTH PERIOD
          ENDED JUNE 30, 2005 <br>
(Amounts in thousands of Brazilian reais - R$, unless otherwise stated) </font></td>
     </tr>
     <tr>
          <td><hr noshade size=1></td>
     </tr>
</table>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
        <TD>
<FONT size=2 face="serif">OPERATIONS</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&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><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&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><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
        <TD>
<FONT size=2 face="serif">PRESENTATION OF INTERIM FINANCIAL STATEMENTS</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&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><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
        <TD>
<FONT size=2 face="serif">ACCOUNTING PRACTICES AND CONSOLIDATION PRINCIPLES</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&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><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&nbsp;</TD>
<TD>
<FONT size=2 face="serif">As mentioned in Note 9.b), the balance from tax benefits as of June 30, 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 per orientation of CVM in the Circular Letter CVM/SNC/SEP No. 01/2005, of February 25, 2005.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<font size="2" face="serif">9</font></P>

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

<P>
<font size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">3.1.</FONT></TD>
        <TD>
<FONT size=2 face="serif">CONSOLIDATION PRINCIPLES AND OWNERSHIP INTERESTS</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&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>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="60%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="7" align=center><font size=2 face="serif">Ownership interest - % </font></TD>
  </TR>
<TR valign="bottom">
     <TD width="60%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
     <TD width="60%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">06/30/05 </font></TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">03/31/05 </font></TD>
  </TR>
<TR valign="bottom">
     <TD width="60%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD><hr noshade size=1></TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
     <TD width="60%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=2 face="serif">Direct</FONT></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=2 face="serif">Indirect</FONT></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=2 face="serif">Direct</FONT></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=2 face="serif">Indirect</FONT></TD>
</TR>
<TR valign="bottom">
     <TD width="60%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD width="8%" align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">94</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LPG International Inc.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oleoqu&iacute;mica Ind&uacute;stria e Com&eacute;rcio de Produtos</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Qu&iacute;micos Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Barrington S.L.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &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=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno International Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Overseas Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% 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">On April 29, 2005, Ultragaz Participa&ccedil;&otilde;es Ltda. concluded a capital increase of its subsidiary Companhia Ultragaz S.A. increasing its shares in the total capital of the subsidiary from 93.94% to 98.53%
..</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><TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
     <TD width="4%" valign=top nowrap>&nbsp;</TD>
     <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
        <TD>
<FONT size=2 face="serif">CASH INVESTMENTS</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="4%">&nbsp;</TD>      <TD>
<FONT size=2 face="serif">These investments, contracted with leading banks, are substantially comprised of notes issued by the 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>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
     <TD width="78%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colspan="3" align=center><font size=2 face="serif">Consolidated </font></TD>
     <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width="78%" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1>          </TD>
     <TD><hr noshade size=1></TD>
     <TD align=right><hr noshade size=1></TD>
     <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=78% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><font size=2 face="serif">06/30/05</font><font size=2 face="serif">&nbsp; </font></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><font size=2 face="serif">03/31/05</font></TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD width=78% align=left>&nbsp;</TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><hr noshade size=1></TD>
     <TD width=2%>&nbsp;</TD>
     <TD width=8% align=right><hr noshade size=1></TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Austrian notes, linked in Brazilian reais</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">320,341</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">308,773</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Fixed-income securities and funds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">514,241</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">111,410</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Foreign investments (a)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">133,401</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">114,586</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Net expenses from hedge operations (b)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">(42,951</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(90,705</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">&nbsp;</FONT><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>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Total cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">925,032</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">444,064</FONT>
        </TD>
     <TD width=2% align=left>&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 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Current assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">570,375</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">96,364</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Long-term assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">354,657</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">347,700</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Investments made by the indirect subsidiaries Oxiteno Overseas Co. and Oxiteno International Co. in fixed-income securities, Brazilian corporate securities, and investment grade securities.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="4%" valign=top nowrap>
<FONT size=2 face="serif">(b)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Accumulated gain or loss on hedge positions (see Note 17).</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">5. TRADE ACCOUNTS RECEIVABLE</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">Consolidated </font></TD>
          <TD align=left>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD>&nbsp;</TD>
          <TD align=right><hr noshade size=1>
          </TD>
          <TD><hr noshade size=1></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><font size=2 face="serif">06/30/05</font><font size=2 face="serif">&nbsp; </font></TD>
          <TD>&nbsp;</TD>
          <TD align=right><font size=2 face="serif">03/31/05</font></TD>
          <TD align=left>&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 align=left>&nbsp;</TD>
     </TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Domestic customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">352,487</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">352,676</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Foreign customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">82,374</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">97,248</FONT>
        </TD>
     <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">(-) Advances on foreign exchange contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(53,584</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(62,776</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">(-) Allowance for doubtful accounts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">(19,935</FONT></TD>
        <TD width=2%><FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(21,682</FONT></TD>
     <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD>&nbsp;</TD>
     <TD align=right><hr noshade size=1></TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">361,342</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">365,466</FONT>
        </TD>
     <TD width=2% align=left>&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=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="serif">6. INVENTORIES</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">Consolidated </font></TD>
          <TD align=left>&nbsp;</TD>
     </TR>
     <TR valign="bottom">
          <TD align=left>&nbsp;</TD>
          <TD>&nbsp;</TD>
          <TD align=right><hr noshade size=1>
          </TD>
          <TD><hr noshade size=1></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><font size=2 face="serif">06/30/05</font><font size=2 face="serif">&nbsp; </font></TD>
          <TD>&nbsp;</TD>
          <TD align=right><font size=2 face="serif">03/31/05</font></TD>
          <TD align=left>&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 align=left>&nbsp;</TD>
     </TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Finished products</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">127,247</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">145,165</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Liquefied petroleum gas - LPG</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,733</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,723</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Raw materials</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49,614</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56,612</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Consumption materials and cylinders for resale</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">21,835</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">20,432</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">222,429</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
          <FONT size=2 face="serif">245,932</FONT>
        </TD>
     <TD width=2% align=right>&nbsp;</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>
<P>
  <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT></P>
<P>
  <FONT size="2" face="serif"><br>
7. 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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><font size="2">&nbsp;<FONT face="serif">Consolidated </FONT></font> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">03/31/05</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=80% align=left>
      <FONT size="2" face="serif">Income and social contribution taxes</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">63,268</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">55,599</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">ICMS</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">27,949</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">33,358</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">PIS and Cofins</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,679</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">9,338</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">IPI</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">222</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">193</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">Other, principally VAT of subsidiary Canamex</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Qu&iacute;micos S.A.
      de C.V.</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,604</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">3,612</FONT><font size="2">&nbsp;
    </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=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">95,722</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">104,100</FONT><font size="2">&nbsp;
    </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>
</TR>
</TABLE>
<font size="2"></font>
<P>
  <FONT size="2" face="serif">8. RELATED COMPANIES</FONT></P>
<TABLE border=0 width=95% 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">Company</FONT><font size="2">&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="7" align=center><font size="2"><FONT face="serif">Consolidated</FONT>&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size="2" face="serif">Loans</FONT><font size="2">&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><FONT size="2" face="serif">Loans</FONT><font size="2">&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><FONT size="2" face="serif">Trade accounts</FONT><font size="2">&nbsp; </font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR align="center" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Assets</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Liabilities</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Assets</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Liabilities</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Receivable</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Payable</FONT><font size="2">&nbsp; </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>
  <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=40% align=left>
      <FONT size="2" face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas
      e</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">348,105</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;<FONT face="serif">&nbsp;Com&eacute;rcio</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">33,000</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios
      de</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;<FONT face="serif">&nbsp;Equipamentos de Processamentos de Dados</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;<FONT face="serif">&nbsp;e Servi&ccedil;os Correlatos</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,538</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">469</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">4,069</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">514</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Liquig&aacute;s Distribuidora S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">68</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">51,545</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio
      S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">7,758</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria
      Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">22.658</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">14,233</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">68</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Braskem S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">7,820</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">SHV G&aacute;s Brasil Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">60</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Cia. Termel&eacute;trica do Planalto Paulista
      - TPP</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,531</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Other</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">20</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,128</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">12</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">466</FONT><font size="2">&nbsp;
    </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>
  <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=40% align=left>
      <FONT size="2" face="serif">Total as of June 30, 2005</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">51,545</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">404,232</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">4,089</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">8,886</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">14,441</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">12,869</FONT><font size="2">&nbsp;
    </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>&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>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Total as of March 31, 2005</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">51,545</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">404,232</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,822</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">8,806</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">207</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">18,831</FONT><font size="2">&nbsp;
    </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>&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>
<font size="2"><BR>
</font>
<P align="right">
  <FONT size="2" face="serif">12</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE></font>
<p><font size="2">
  <br>
  <FONT size="1" face="sans-serif"><br>
  Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT></font><font size="2"><BR>
</font></p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=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>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="64%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><font size="2" face="Times New Roman, Times, serif">Transactions</font></TD>
  <TD>&nbsp;</TD>
  <TD width="12%" align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="12%" rowspan="2" align=right> <font size="2" face="serif">Financial income<br>
(expenses)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="64%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><font size="2" face="serif">Sales</font></TD>
  <TD>&nbsp;</TD>
  <TD align=right><font size="2" face="serif">Purchases</font><font size="2">&nbsp; </font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="64%" 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 width="12%" align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">64,008</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">3,922</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Liquig&aacute;s Distribuidora S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,349</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio
      S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">(356</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">7</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">990,862</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">286</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Braskem S.A.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">41,447</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">335,585</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">SHV G&aacute;s Brasil Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">232</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Cia. Termel&eacute;trica do Planalto Paulista
      - TPP</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">99</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Other</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">126</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,039</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&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 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Total as of June 30, 2005</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">43,447</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,395,416</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">(257</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </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 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
      <FONT size="2" face="serif">Total as of June 30, 2004</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">44,040</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,314,568</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">(259</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </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>
<font size="2"></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 align="right">
  <FONT size="2" face="serif">13</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif">9. 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 have no 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 border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size="2" face="serif">Company</FONT></TD>
  <TD align="right">&nbsp;</TD>
  <TD colspan="3" align=center><FONT size="2" face="serif">Consolidated</FONT></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD>&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=58% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">03/31/05</FONT></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">03/31/05</FONT></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=58% 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>
  <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Long-term assets-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes on:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">&nbsp;Provisions that are tax deductible only when</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">expenses were incurred</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,872</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,836</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">55,824</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">54,615</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;&nbsp;<FONT face="serif">Income and social contribution tax loss</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">carryforwards</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">272</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">15,094</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,477</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="58%" 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>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">3,144</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,836</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">70,918</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">68,092</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="58%" 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>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Long-term liabilities-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes on:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">&nbsp;Revaluation of property, plant and equipment</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,444</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,544</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;&nbsp;<FONT face="serif">Income earned abroad</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">31,406</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">30,997</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="58%" 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>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">32,850</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">32,541</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="58%" 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>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"></font>
<P>
  <FONT size="2" face="serif">b) Reconciliation of income and social contribution taxes in the statement of income </FONT></P>
<P align="left">
  <FONT size="2" face="serif">Income and social contribution taxes are reconciled to official tax rates as follows:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><FONT size="2" face="serif">Company</FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><FONT size="2" face="serif">Consolidated</FONT><font size="2">&nbsp; </font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=left><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><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/04</FONT><font size="2">&nbsp; </font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/04</FONT><font size="2">&nbsp; </font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Income (expenses) before taxes, equity in subsidiary</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">and affiliated companies and minority interest</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,170</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(389</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">213,390</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">215,374</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Official tax rates - %</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">34.00</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">34.00</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">34.00</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">34.00</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Income and social contribution taxes at official rates</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">398</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">132</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(72,553</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(73,227</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Adjustments to the effective tax rate:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Operating provisions and nondeductible</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses/nontaxable income</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">8,447</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,331</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Adjustments to deemed income</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,279</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">640</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(590</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Workers&#146; meal program
      (PAT)</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">237</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">300</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Other</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">802</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(2,143</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Income and social contribution taxes before tax benefits</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">399</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,147</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(62,427</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(74,329</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Tax benefits - ADENE</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">39,358</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">36,030</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Income and social contribution taxes in the statement of</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">income</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">399</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,147</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(23,069</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(38,299</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Current</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(58</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,147</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(68,583</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(77,638</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Deferred</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">457</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">6,156</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">3,309</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
      <FONT size="2" face="serif">Tax benefits - ADENE</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">39,358</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">36,030</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<P align="right">
  <FONT size="2" face="serif">14</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif"><br>
  Tax benefits from income tax subsidiaries, in
    the amount of R&#36;39,358 for the quarter ended June 30, 2005 (R&#36;36,030
    as of June 30, 2004), arising substantially from operation in eligible regions,
  are classified as income from income and social contribution taxes. </FONT></P>
<P>
  <FONT size="2" face="serif">c) Tax exemption </FONT></P>
<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 border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=49% align=center><FONT size="2" face="serif">Subsidiary</FONT><font size="2">&nbsp;</font></TD>
  <TD width=16%>&nbsp;</TD>
  <TD align=center><FONT size="2" face="serif">Plants</FONT><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=center nowrap> <FONT size="2" face="serif">Exemption -<br>
%</font></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=center><FONT size="2" face="serif">Expiration<br>
    date</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=49% align=left><HR noshade size=1></TD>
  <TD width=16%>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Cama&ccedil;ari plant</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">100</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2006</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Mataripe unit</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">75</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2013</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Suape unit</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">100</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2007</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Ilh&eacute;us unit</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">25</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2008</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Aracaju unit</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">25</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2008</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Caucaia unit</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">75</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2012</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
      <FONT size="2" face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Aratu Terminal</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">75</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2012</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">Suape Terminal</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">(storage of acetic acid</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">and butadiene</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>&nbsp;

        </TD>
        <TD width=16%>&nbsp;
        </TD>
        <TD width=15% align=left>
      <FONT size="2" face="serif">byproducts)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">100</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2005</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
</TABLE>
<p><FONT size="2" face="serif">10. INVESTMENTS - COMPANY</FONT>
</p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><font size="2"><FONT face="serif">Investments</FONT></font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size="2" face="serif">Equity in subsidiary<br>
and affiliated companies</FONT></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>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">03/31/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">06/30/04</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=60% align=left>
      <FONT size="2" face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">289,339</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">275,927</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">17,196</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">25,186</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size="2" face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es
      Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">609,787</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">605,246</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">6,923</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">9,994</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size="2" face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria
      Ltda.</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">49,015</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">47,759</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,459</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,570</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size="2" face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,187,549</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,116,601</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">164,475</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">139,014</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size="2" face="serif">Other</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">186</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">186</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">6</FONT><font size="2">&nbsp;
    </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=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,135,876</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,045,719</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">191,053</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">176,770</FONT><font size="2">&nbsp;
    </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>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><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 companies Oxicap Ind&uacute;stria de Gases Ltda. and Qu&iacute;mica da Bahia
Ind&uacute;stria e Com&eacute;rcio S.A. are carried under the equity method based on the affiliate&#146;s
financial statements as of May 31, 2005 and June 30, 2005, respectively.</FONT>
<P align="right">
  <FONT size="2" face="serif">15</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif"><br>
11. PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED)</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="3" align=center> <FONT size="2" face="serif">Annual<br>
depreciation<br>
rates - %</FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size="2" face="serif">03/31/05</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">Revalued<br>
cost</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">Accumulated<br>
depreciation</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><font size="2" face="serif">Net book<br>
value</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD 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>&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>
  <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=50% align=left>
      <FONT size="2" face="serif">Land</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">-</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">46,144</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">46,144</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">46,293</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Buildings</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">4
      <FONT size="2" face="serif">to 5</FONT></FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">384,851</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(143,865</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">240,986</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">243,048</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Machinery and equipment</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">5 to 10</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,036,759</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(523,947</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">512,812</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">525,832</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Vehicles</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">20 to 30</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">164,637</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(111,473</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">53,164</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">49,772</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Furniture and fixtures</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">10</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">19,689</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(7,564</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">12,125</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">11,804</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Construction in progress</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">-</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">124,731</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">124,731</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">104,059</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Imports in transit</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">-</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">776</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">776</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">678</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
      <FONT size="2" face="serif">Other</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size="2" face="serif">2.5 to 30</FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">130,834</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(62,571</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">68,263</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">70,024</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</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=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=50% align=left>&nbsp;

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

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

        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,908,421</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(849,420</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,059,001</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,051,510</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></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=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<font size="2"></font>
<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>
  <FONT size="2" face="serif">Other refers to IT equipment in the amount of R&#36;15,607 (R&#36;15,905 as of March 31, 2005), software in the amount of R&#36;25,492 (R&#36;26,110
  as of March 31, 2005), 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</FONT> <FONT size="2" face="serif">for use of the site where the Aratu Terminal is located for another 20 years, renewable for</FONT> <FONT size="2"
face="serif">the same period. The price paid by Tequimar amounted to
  R&#36;12,000, to be amortized</FONT> <FONT size="2" face="serif">over 40 years,
  equivalent to annual amortization of R&#36;300.<br>
  <br>
  </FONT></LI>
<LI>
  <FONT size="2" face="serif">Further, the subsidiary Terminal Qu&iacute;mico
  de Aratu S.A. - Tequimar has a lease of</FONT> <FONT size="2" face="serif">adjacent area to the Santos harbor for 20 years, effective December 2002 and renewable</FONT> <FONT size="2" face="serif">for
another 20 years, for building and operating a terminal for receipt, tankage,</FONT> <FONT size="2" face="serif">movement
and distribution of bulk liquids. The price paid by Tequimar was R&#36;3,803
and</FONT> <FONT size="2" face="serif">will be amortized until
December 31, 2022 from the start of the full operations, which is</FONT> <FONT size="2" face="serif">expected for the third quarter of 2005.</FONT></LI>
</UL>
<P>
  <FONT size="2" face="serif">12. 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&#36;3,881 (R&#36;3,541 as of March 31, 2005), amortized over five to ten years, and for the installation of
Ultrasystem equipment on customers&#146; premises in the amount of R&#36;56,428 (R&#36;55,422 as of March 31, 2005), amortized over the terms of the LPG supply medium contracts with these customers. Deferred charges also include goodwill from
acquisitions in the amount of R&#36;15,067 (R&#36;17,176 as of March 31, 2005).</FONT></P>
<P align="right">
  <FONT size="2" face="serif">16</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif"><br>
13. LOANS, FINANCING AND DEBENTURES (CONSOLIDATED) </FONT></P>
<P>
<FONT size="2" face="serif">a)</FONT> <FONT size="2" face="serif">Composition</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center><FONT size="2" face="serif">Description</FONT><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">03/31/05</FONT><font size="2">&nbsp; </font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">Index/<br>
Currency</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">Annual<br>
      <FONT size="2" face="serif">interest<br>
rate - %</FONT></FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left> <FONT size="2" face="serif">Maturity and amortization</FONT><font size="2">&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 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Foreign currency:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Eurobonds</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">153,422</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">US&#36;</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">3.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Semiannually until 2005</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Syndicated loan</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">141,301</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">US&#36;</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">5.05</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Semiannually until 2008</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Working capital loan</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,528</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,414</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">MX&#36; + TIIE (*)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">1.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Monthly until 2005</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Foreign financing</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">28,596</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">32,004</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">US&#36; + LIBOR</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">2.0</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Semiannually until 2009</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Inventories and property, plant</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">and equipment financing</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">9,913</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">7,966</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">MX&#36; + TIIE (*)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">From 1.5 to 2.0</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Semiannually until 2010</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Advances on foreign exchange</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">contracts</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">9,238</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">9,360</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">US&#36;</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">From 3.1 to 3.99</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Maximum of 98 days</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">National Bank for Economic and</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Social Development (BNDES)</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">19,368</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">19,734</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">UMBNDES (**)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">From 8.51 to10.61</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Monthly until 2010</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Export prepayments, net of</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">From 4.22 to</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Monthly, semiannually and</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">linked operations</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">73,474</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">91,304</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">US&#36;</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">6.85</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">annually until 2008</FONT><font size="2">&nbsp;
    </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Subtotal</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">283,418</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">316,204</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Local currency:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">National Bank for Economic and</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">From 1.5 to</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Social Development (BNDES)</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">157,656</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">125,023</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">TJLP</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">4.0</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Monthly until 2010</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">National Bank for Economic and</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Social Development (BNDES)</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,561</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,315</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">IGP-M</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">6.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Semiannually until 2008</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Government Agency for</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Machinery and Equipment</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">From 1.8 to</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Financing (FINAME)</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">43,555</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">38,777</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">TJLP</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">4.85</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Monthly until 2010</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Research and project financing</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      &nbsp; &nbsp; &nbsp; &nbsp;<FONT size="2" face="serif">(FINEP)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">32,996</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">24,581</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">TJLP</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">(2.0)</FONT></TD>
        <TD width=1% align=left>&nbsp;    </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Monthly until 2009</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">Debentures</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">318,697</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">CDI</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=center>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>
      <FONT size="2" face="serif">102.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>
      <FONT size="2" face="serif">Semiannually until 2008</FONT><font size="2">&nbsp;
    </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Subtotal</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">566,465</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">201,696</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Total loans, financing and</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <font size="2">&nbsp;<FONT face="serif">debentures</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">849,883</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">517,900</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Current liabilities</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(153,646</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(289,963</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=33% align=left>
      <FONT size="2" face="serif">Long-term liabilities</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">696,237</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">227,937</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=12% align=center>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=18% align=left>&nbsp;

        </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>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"></font>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
        <TD width="5%" align=right>
      <FONT size="2" face="serif">(*)</FONT><font size="2">&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=95%>
      <FONT size="2" face="serif">MX&#36; = Mexican peso; TIIE = Mexican break-even
    interbank interest rate.</FONT>     </TD>
</TR>
<TR valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
        <TD width="5%" align=right>
      <FONT size="2" face="serif">(**)</FONT><font size="2">&nbsp; &nbsp; &nbsp;        </font></TD>
        <TD width=95%>
      <FONT size="2" face="serif">UMBNDES = BNDES monetary unit. This is a &#147;basket of currencies&#148; representing
      the composition of the BNDES debt in foreign currency, 83% of which is
    linked to the U.S. dollar.</FONT>   </TD>
</TR></TABLE>
<P align="left">
<FONT size="2" face="serif">The long-term liabilities have the following composition per annum of maturing:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT size="2" face="serif">03/31/05</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=80% align=left>
      <FONT size="2" face="serif">From 1 to 2 years </FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">93,518</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">92,886</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">From 2 to 3 years</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">507,863</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">57,489</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">From 3 to 4 years</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">48,947</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">34,345</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <FONT size="2" face="serif">More than 4 years</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">45,909</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">43,217</FONT><font size="2">&nbsp;
    </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=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">696,237</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">227,937</FONT><font size="2">&nbsp;
    </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>
</TR>
</TABLE>
<font size="2"></font>
<P>
  <FONT size="2" face="serif">b)</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&#36;60 million, maturing in
  2005. Maturity was subsequently extended to June 2020, with put/call options
in June 2008. </FONT></P>
<P align="right">
  <FONT size="2" face="serif">17</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif"><br>
  In June 2005, the subsidiary LPG International
    Inc. that had acquired all eurobonds issued by Companhia Ultragaz S.A. sold
    them to the subsidiary Oxiteno Overseas Co., that financed their acquisition
    through a syndicated loan in the amount of US&#36;60 million maturing in
    June 2008, with annual interest rate of 5.05% . LPG used the proceeds from
    the sale to redeem eurobonds issued by it.</FONT></P>
<P>
  <FONT size="2" face="serif">The eurobonds and syndicated loan are guaranteed
  by the Company and its subsidiaries Ultragaz Participa&ccedil;&otilde;es Ltda. and Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio,
  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 until the present moment. </FONT></P>
<P>
  <FONT size="2" face="serif">c)</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&#36;10,000.00 (ten thousand reais), totaling R&#36;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 registered the operation,
and funds of R&#36;304,854, net of commission, were received on April 8, 2005. </FONT></P>
<P>
  <FONT size="2" face="serif">Characteristics of debentures are: </FONT></P>
<P>
<FONT size="2" face="serif">Nominal unit value: R&#36;10,000.00.</FONT></P>
<P><FONT size="2" face="serif">Final maturity:
  March 1, 2008. </FONT></P>
<P>
  <FONT size="2" face="serif">Nominal value payment: Lump sum at final maturity.</FONT></P>
<P><FONT size="2" face="serif">Yield:
    102.5% of CDI.</FONT></P>
<P><FONT size="2" face="serif">Yield payment: Semiannually, beginning March 1,
    2005.</FONT></P>
<P><FONT size="2" face="serif">Repricing: None. </FONT></P>
<P>
  <FONT size="2" face="serif">The debentures are subject to commitments that
  restrict, among others things, certain operations of incorporation, merger
  or split as well as operation involving the disposal of operational assets
  that would result in a reduction of more than 25% of consolidated net sales.
  They also included the obligation to maintain a consolidated net debt to EBITDA
  ratio less or equal to 3.5. None of these commitments have restricted the Company
  and its subsidiaries&#146; ability to
conduct business until the present moment. </FONT></P>
<P align="right">
  <FONT size="2" face="serif">18</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif"><br>
d)</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 notes and guarantees provided by the Company and its subsidiaries, as shown below:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size="2" face="serif">03/31/05</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=80% align=left>
      <FONT size="2" face="serif">Amount of financing secured by:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Property, plant and equipment</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">49,834</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">42,599</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Shares of affiliated companies</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,560</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,315</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Minority stockholders&#146; guarantees</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,561</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">13,315</FONT><font size="2">&nbsp;
    </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=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">76,955</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">69,229</FONT><font size="2">&nbsp;
    </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>
</TR>
</TABLE>
<font size="2"><BR>
</font><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&#36;440,130
(R&#36;476,323 as of March 31, 2005). </FONT>
<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&#36;21,000 (R&#36;30,644 as of March
  31, 2005), with maturing of up to 210 days. The Company did not incur any loss
nor recorded any liability related to these guarantees as of June 30, 2005. </FONT></P>
<P>
  <FONT size="2" face="serif">14. STOCKHOLDERS&#146; EQUITY </FONT></P>
<P>
  <FONT size="2" face="serif">a)</FONT> <FONT size="2" face="serif">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 whose subscribed and paid-up capital is represented by 81,325,409,849 shares without par value, comprised of
49,429,897,261 common shares and 31,895,512,588 preferred shares. The table below represents changes in the number of shares and capital approved on February 2 and 22, 2005 and April 25, 2005 by the Board of Directors and Extraordinary
Stockholders&#146; Meeting, respectively. </FONT></P>
<P align="right">
  <FONT size="2" face="serif">19</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE></font>
<p>&nbsp;</p>
<p><font size="2"> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
      S.A. and Subsidiaries </FONT></font><font size="2"><BR>
      </font>
</p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">R&#36; thousand</FONT><font size="2">&nbsp; </font></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5"><FONT size="2" face="serif">Total shares</FONT></TD>
  </TR>
<TR align="center" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5"><HR noshade size=1></TD>
  </TR>
<TR align="center" valign="bottom">
  <TD> <FONT size="2" face="serif">Events</FONT><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Capital</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Common</FONT><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size="2" face="serif">Preferred</FONT><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD> <FONT size="2" face="serif">Total</FONT><font size="2">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><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>
  <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=48% align=left>
      <FONT size="2" face="serif">As of December 31, 2004</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">663,952</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">51,264,621,778</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">18,426,647,050</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">69,691,268,828</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <FONT size="2" face="serif">Stock dividends:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">On February 2, 2005 the Board of Directors approved an</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">issuance of 10,453,690,324 preferred shares, to be</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">distributed among the stockholders in the proportion of 15</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">preferred shares to 100 common or preferred shares held.</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">234,864</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">10,453,690,324</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">10,453,690,324</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <FONT size="2" face="serif">Conversion of common shares into preferred shares:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">At the Extraordinary Stockholders&#146; Meeting
      held on</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">February 22, 2005, the stockholders approved the conversion</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">of 1,834,724,517 common shares into preferred shares.</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">(1,834,724,517</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">1,834,724,517</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <FONT size="2" face="serif">Supplementary issuance of preferred shares:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">The Board of Directors&#146; Meeting
      held on April 25, 2005</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">approved an issuance of 1,180,450,697 preferred shares to</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">supply the excess of demand in the secondary distribution of</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">preferred shares, held simultaneously in Brazil and abroad,</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">with a price of R&#36;40.00 per
      thousand shares.</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">47,218</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">1,180,450,697</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">1,180,450,697</FONT><font size="2">&nbsp;
    </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 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=48% align=left>
      <FONT size="2" face="serif">As of June 30, 2005</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">946,034</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">49,429,897,261</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">31,895,512,588</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size="2" face="serif">81,325,409,849</FONT><font size="2">&nbsp;
    </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 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>
<font size="2"><BR>
</font><FONT size="2" face="serif">As of June 30, 2005, 10,098 million 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>
  <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)</FONT> <FONT size="2" face="serif">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 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 June 30, 2005 show 211,097 thousand preferred shares and 6,616 thousand common shares in treasury, which were acquired at the average cost of R&#36;26.07 and R&#36;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&#36;24.35 and R&#36;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 price of shares issued by the Company as of
  June 30, 2005 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R&#36;41.03
per thousand shares. </FONT></P>
<P align="right">
  <FONT size="2" face="serif">20</FONT></P>

<font size="2"><br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>

</font>
<P> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT> </P>
<P><FONT size="2" face="serif"><br>
c)</FONT> <FONT size="2" face="serif">Capital reserve </FONT></P>
<P>
  <FONT size="2" face="serif">The capital reserve, in the amount of R&#36;1,855, reflects the goodwill on sale of treasury shares from the Company to certain subsidiaries, at the average cost of R&#36;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)</FONT> <FONT size="2" face="serif">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&#36;7,528 (R&#36;7,649 as of March
31, 2005). </FONT></P>
<P>
  <FONT size="2" face="serif">e)</FONT> <FONT size="2" face="serif">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)</FONT> <FONT size="2" face="serif">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>
  <FONT size="2" face="serif">g)</FONT> <FONT size="2" face="serif">Reconciliation
of stockholders&#146; equity - Company and consolidated</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size="2" face="serif">06/30/05</FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size="2" face="serif">03/31/05</FONT></TD>
  <TD align=left>&nbsp;</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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Stockholders&#146;</FONT><font size="2">
    <FONT size="2" face="serif">equity - Company</FONT><font size="2">&nbsp; </font> </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,843,005</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,706,308</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Treasury shares held by subsidiaries, net of realization</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(3,211</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(3,303</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Capital reserve arising from sale of treasury shares to</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>
        </TD>
        <TD width=2% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">subsidiaries, net of realization</FONT>&nbsp;
          </font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,620</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,665</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Stockholders&#146;      <FONT size="2" face="serif">equity - consolidated</FONT><font size="2">&nbsp; </font></FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,838,174</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,701,340</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </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>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<P align="right">
  <FONT size="2" face="serif">21</FONT></P>
<HR noshade align="center" width="100%" size=3>
<PAGE>
<br>
<br>
<P>
  <FONT size="2" face="serif"> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
  S.A. and Subsidiaries </FONT> </FONT></P>
<P><FONT size="2" face="serif"><br>
15. RECONCILIATION OF EBITDA (CONSOLIDATED)</FONT></P>
<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 border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=40% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center> <FONT size="2" face="serif">06/30/05</FONT><font size="2">&nbsp; </font></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size="2" face="serif">06/30/04</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR align="center" valign="bottom">
  <TD width=40%>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2"><FONT face="serif">Ultragaz</FONT></font></TD>
  <TD width=1%>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2"><FONT face="serif">Oxiteno</FONT></font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2"><FONT face="serif">Ultracargo</FONT></font></TD>
  <TD width=1%>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2"><FONT face="serif">Other</FONT></font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2"><FONT face="serif">Consolidated</FONT></font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2"><FONT face="serif">Consolidated</FONT></font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD width=1% align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD width=1% align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Income from operations</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">30,486</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">177,172</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">10,414</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(802</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">217,270</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">224,196</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">(-) Equity in subsidiary and</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">affiliated companies</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(3,861</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">4</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,483</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,374</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(28</FONT>
        </TD>
        <TD width=1% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">(+/-) Financial income</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">18,770</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">4,449</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,387</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">867</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">25,473</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">20,901</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">(+) Depreciation and</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">amortization</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">58,290</FONT>&nbsp;
          </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">20,645
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">11,970</FONT>&nbsp;
          </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">431
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">91,336
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">86,154
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD width="1%" align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">EBITDA</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">107,546</FONT>&nbsp;
          </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">198,405
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">23,775</FONT>&nbsp;
          </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">2,979
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">332,705
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">331,223
          </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD width=1% align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><FONT size="2" face="serif">16. 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 mainly 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 Brazil. 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 border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center> <FONT size="2" face="serif">06/30/05</FONT><font size="2">&nbsp; </font></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size="2" face="serif">06/30/04</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><FONT face="serif">Ultragaz</FONT></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><FONT face="serif">Oxiteno</FONT></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><FONT face="serif">Ultracargo</FONT></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><FONT face="serif">Other</FONT></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><FONT face="serif">Consolidated</FONT></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><FONT face="serif">Consolidated</FONT></font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Net sales, net of related-</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">-party transactions</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,405,772</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">846,455</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">86,769</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">43</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,339,039</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,244,722</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Income from operations</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">before financial income</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">(expenses) and equity in</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">subsidiary and affiliated</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">companies</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">49,256</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">177,760</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">11,805</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,548</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">241,369</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">245,069</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">EBITDA</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">107,546</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">198,405</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">23,775</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,979</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">332,705</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">331,223</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <FONT size="2" face="serif">Total assets, net of related</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
      <font size="2">&nbsp;&nbsp;<FONT face="serif">parties</FONT>&nbsp;
          </font></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">964,825</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,336,662</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">285,951</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">394,628</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,982,066</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">2,479,589</FONT><font size="2">&nbsp;
    </font></TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<P align="right">
  <FONT size="2" face="serif">22</FONT><br>
</P>

<hr size=3 color=GRAY noshade>
<PAGE>
<br>
<br>
<P>
  <FONT size="2" face="serif"> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
  S.A. and Subsidiaries </FONT> </FONT></P>
<P><FONT size="2" face="serif"><br>
17. 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</FONT> <FONT size="2" face="serif">and analyzing credit, and are mitigated by diversification of sales. As of June 30, 2005,</FONT> <FONT size="2"
face="serif">the subsidiaries Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio
  and Oxiteno Nordeste S.A. -</FONT> <FONT size="2" face="serif">Ind&uacute;stria e Com&eacute;rcio maintained R&#36;1,818 (R&#36;2,014
  as of March 31, 2005) and the</FONT> <FONT size="2"
face="serif">subsidiaries of Ultragaz Participa&ccedil;&otilde;es Ltda. maintained R&#36;24,503 (R&#36;25,044
  as of March</FONT> <FONT size="2" face="serif">31, 2005) 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</FONT> <FONT size="2" face="serif">and invest funds and to minimize the cost of capital. Cash investments of the Company</FONT> <FONT size="2" face="serif">and
its subsidiaries are comprised substantially of transactions linked to the CDI, as</FONT> <FONT size="2" face="serif">described in Note 4. A portion of the financial assets is intended for foreign currency</FONT> <FONT size="2" face="serif">hedges, as shown below.
Borrowings originate mainly from BNDES, debentures and</FONT> <FONT size="2" face="serif">foreign currency financing, as mentioned in Note 13.<br>
<br>
</FONT></LI>
<LI>
  <FONT size="2" face="serif">Exchange rate - The Company&#146;s subsidiaries use hedge (mainly US&#36; to
  CDI) instruments</FONT> <FONT size="2" face="serif">available in the financial market to cover assets and liabilities in foreign currency, so as</FONT> <FONT size="2"
face="serif">to reduce the exchange variation effects on their results. Such hedges have amounts,</FONT> <FONT size="2" face="serif">periods and indexes equivalent to the assets and liabilities in foreign currency, to which</FONT> <FONT size="2" face="serif">they are
linked. Shown below are the assets and liabilities in foreign currency, translated</FONT> <FONT size="2" face="serif">into Brazilian reais at June 30, 2005:</FONT></LI>
</UL>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><font size="2"><FONT face="serif">Book value</FONT></font></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right><font size="2"><FONT face="serif">Book value</FONT></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=80% align=left>
      <FONT size="2" face="serif">Assets:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Investments in foreign currency and hedges</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">164,183</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">165,970</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Cash and cash investments abroad</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">134,128</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">134,128</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Receivables from foreign customers, net of advances on</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">export contracts</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">27,931</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">27,931</FONT>&nbsp;
          </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=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">326,242</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">328,029</FONT>&nbsp;
          </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=80% align=left>
      <FONT size="2" face="serif">Liabilities:</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Foreign currency financing</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">283,418</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">286,474</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Import payables</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">13,777</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">13,777</FONT>&nbsp;
          </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=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">297,195</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">300,251</FONT>&nbsp;
          </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=80% align=left>
      <FONT size="2" face="serif">Net asset position</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">29,047</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2"><FONT face="serif">27,778</FONT>&nbsp;
          </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>
</TR>
</TABLE>
<font size="2"><BR>
</font><FONT size="2" face="serif">The exchange variation related to cash and
banks, cash investments and investments abroad was recorded as financial expense
in the statement of income as of June 30, 2005, in the amount of R&#36;9,892 (financial income of
R&#36;8,686 as of June 30, 2004). Other financial instruments recorded in the
financial statements as of June 30, 2005 were determined in conformity with the
accounting criteria and practices described in the respective notes. </FONT>
<P align="right">
  <FONT size="2" face="serif">23</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<PAGE>
<br>
<br>
<P>
  <FONT size="2" face="serif"> <FONT size="1" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es
  S.A. and Subsidiaries </FONT> </FONT></P>
<P><FONT size="2" face="serif"><br>
18. FINANCIAL INCOME (EXPENSES), NET (CONSOLIDATED) </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">04/01/05<br>
to<br>
  </FONT><font size="2" face="serif">06/30/05 </font></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size="2" face="serif">04/01/04<br>
to<br>
  </FONT><font size="2" face="serif">06/30/04</font></TD>
  <TD align=left>&nbsp;</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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Interest on cash investments</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">33,302</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">15,836</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Interest on trade accounts receivable</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,211</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">1,254</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Interest on loans and financing</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(9,668</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(11,433</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Interest on debentures</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(12,926</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Bank charges</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(5,620</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(1,892</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Monetary and exchange variations, including financial expenses from</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">currency hedges</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(15,068</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(3,944</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Taxes (CPMF, PIS, Cofins and IOF)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(7,236</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size="2" face="serif">(7,589</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size="2" face="serif">)</FONT><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
      <FONT size="2" face="serif">Other expenses</FONT><font size="2">&nbsp;
    </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">(642
          </font></TD>
        <TD width=2% align=left>
      <font size="2"><FONT face="serif">)</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">(158
          </font></TD>
        <TD width=2% align=left>
      <font size="2"><FONT face="serif">)</FONT>&nbsp;
          </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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">(16,647
          </font></TD>
        <TD width=2% align=left>
      <font size="2"><FONT face="serif">)</FONT>&nbsp;
          </font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <font size="2" face="serif">(7,926
          </font></TD>
        <TD width=2% align=left>
      <font size="2"><FONT face="serif">)</FONT>&nbsp;
          </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>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><FONT size="2" face="serif">19. CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</FONT>
<P>
  <FONT size="2" face="serif">a)</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 June 30, 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;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">24</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<PAGE>
<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">The Company and its subsidiaries obtained injunctions to pay PIS and Cofins (tax 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$35,396 (R$34,572 as of March 31, 2005).</FONT></P>
<P>
<FONT size=2 face="serif">The main tax discussions of the Company and its 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$7,757 (R$7,543 as of March 31, 2005) 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 June 30, 2005 is
R$27,940 (R$27,495 as of March 31, 2005).</FONT></P>
<P>
<FONT size=2 face="serif">The Company and its subsidiaries have other ongoing administrative and judicial proceedings; legal counsel classified the risks of these proceedings as possible or remote and, therefore, no reserves for potential losses on
these proceedings have been recorded. </FONT></P>
<P>
<FONT size=2 face="serif">Escrow deposits and provisions are summarized below: </FONT></P>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD height="23" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <font size=2 face="serif">06/30/05</font></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">03/31/05</font></TD>
  </TR>
<TR valign="bottom">
  <TD height="23" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=left><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=center><font size=2 face="serif">Escrow<br>
  </font><font size=2 face="serif">deposits</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=center><font size=2 face="serif">Escrow</font><font size=2 face="serif"><br>
    deposits</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Provision</font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Provision</font></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Social contribution tax on net income</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left><HR noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">(CSLL)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,580</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,910</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Labor claims</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,886</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,016</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,628</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,016</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">PIS and Cofins on other revenues</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35,396</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34,572</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">804</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13,876</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">804</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13,554</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">3,754</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">18</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">3,753</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">4,000</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=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">15,502</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">53,886</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">15,243</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">57,052</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>
</TABLE>
<BR>
<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>
<FONT size=2 face="serif">b)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Contracts </FONT></P>
<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. As of June 30, 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 June 30, 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>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=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">Accumulated demand (real)</font> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Minimum purchase<br>
  </font> <font size=2 face="serif">commitment</font> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">06/30/05</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">06/30/04</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</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 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">In tons</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">137,900</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">98,774</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <FONT size=2 face="serif">91,832</FONT></TD>
</TR>
</TABLE>
<BR>
<P>
<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>
<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$226 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, and domestic and international transportation insurance are also contracted.</FONT></P>
<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 Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>
<FONT size=2 face="serif">20. 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 June 30, 2005, including taxes, was R$7,654 (R$4,960 as of June 30, 2004). Such amount is being amortized over a period
of ten years, and the amortization related to the second quarter of 2005, in the amount of R$383 (R$250 to the second quarter of 2004), was recorded as an operating expense for the period. </FONT></P>
<P>
<FONT size=2 face="serif">21. 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 June 30 2005, the Company and
its subsidiaries contributed R$2,388 (R$1,924 as of June 30, 2004) to Ultraprev, which was charged to income for the year. The total number of participating employees as of June 30, 2005 was 5,739 (5,287 as of June 30, 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. SUBSEQUENT EVENTS </FONT></P>
<P>
<FONT size=2 face="serif">The Extraordinary Stockholders&#146; Meeting held on July 20, 2005 approved the grouping of the Company&#146;s shares, attributing 1 (one) share in substitution to each 1,000 (one thousand) existing shares. In the same way,
each American Depositary Share - ADS, today representative of a lot of 1,000 (one thousand) preferred shares, will represent 1 (one) preferred share. The grouping will be effective on August 23, 2005. </FONT></P>
<P>
<FONT size=2 face="serif">As a result of the approved grouping, the Company&#146;s capital will be represented by 81,325,409 shares without nominal value, being 49,429,897 common and 31,895,512 preferred shares. </FONT></P>
<P align="right">
<FONT size=2 face="serif">27</FONT></P>

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


<IMG src="ultrapar6kpg23-32x29x1.jpg" border=0>
<BR>
<P align="center">
<B><I><FONT size=5 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></I></B></P>
<P align="center">
<B><FONT size=1 face="serif">MD&amp;A - ANALYSIS OF CONSOLIDATED EARNINGS<br>
Second Quarter 2005</FONT></B></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=left>
<B><I><FONT size=2 face="serif">(1) Key Indicators - Consolidated:</FONT></I></B>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=center>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>

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

        </TD>
        <TD width=8% align=center>

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

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

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

        </TD>
        <TD width=8% align=center>

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

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

        </TD>
  </TR>
<TR>
        <TD width="20%">&nbsp;
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD colspan=15 align="center">
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">(R$ million)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% rowspan="3" align=center valign="top">
<FONT size=1 face="serif">2Q05</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% rowspan="3" align=center valign="top">
<FONT size=1 face="serif">2Q04</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
        </TD>
        <TD width=8% rowspan="3" align=center valign="top">
<FONT size=1 face="serif">1Q05</FONT>   </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% rowspan="3" align=center valign="top">
      <FONT size=1 face="serif">Change<br>
      2Q05 X<br>
      2Q04</FONT>       </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% rowspan="3" align=center valign="top"><font size=1 face="serif">Change<br>
        2Q05 X<br>
      1Q05</FONT>       </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% rowspan="3" align=center valign="top">
<FONT size=1 face="serif">1st Half<br>
2005</FONT>     </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% rowspan="3" align=center valign="top">
<FONT size=1 face="serif">1st Half<br>
2004</FONT>     </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% rowspan="3" align=center valign="top">
      <FONT size=1 face="serif">Change<br>
      1H05<br>
      X<br>
      1H04</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
  </TR>
<TR>
        <TD colspan="3">
      <HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD colspan="6" align="center">
<HR noshade size=1>
        </TD>
        <TD colspan="2" align="center">
<HR noshade size=1>
        </TD>
        <TD colspan="3" align="center">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left bgcolor="#e0e0e0">
<B><FONT size=1 face="serif">Net sales and services</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">1,202.0 </FONT></B>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><b><font size=2 face="serif">1,194.1</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><b><font size=2 face="serif">1,137.0</font></b>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">1%</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">6%</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">2,339.0 </FONT></B>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><b><font size=2 face="serif">2,244.7</font></b></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">4%</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Cost of sales and services</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(951.0) </FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">(906.6)</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">(878.2)</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">5%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">8%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(1,829.2)</FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">(1,740.4)</font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">5%</FONT>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left bgcolor="#e0e0e0">
<B><FONT size=1 face="serif">Gross profit</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">251.0</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">287.5</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center><b><font size=2 face="serif">258.8</font></b>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(13%)</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(3%)</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">509.8</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">504.3</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">1%</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Selling, general and administrative</FONT>
<font size=1 face="serif">expenses</font>       </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(131.6) </FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">(137.7)</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif"> (137.3)</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(4%)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(4%)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(268.9)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(262.4)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">2%</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Other operating (expenses) income,</FONT>
<font size=1 face="serif">net</font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(0.7)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center> <FONT size=2 face="serif">1.2</FONT>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(141%)</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=center><font size=1 face="serif"> (158%)</font></TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">3.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(84%)</FONT>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left>
<B><FONT size=1 face="serif">Operating income</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center bgcolor="#e0e0e0">
<B><FONT size=2 face="serif">118.7</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">151.5</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center><b><font size=2 face="serif">122.7</font></b>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(22%)</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(3%)</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">241.4</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">245.0</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(1%)</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Financial (expense) income, net</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(16.7)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(7.9)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif"> <FONT size=2 face="serif">(8.8</FONT> )</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">111%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">90%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(25.5)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(20.9)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">22%</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Equity income (expenses)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">1.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif"> <FONT size=2 face="serif">(0.1</FONT> )</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Nonoperating expense, net</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(0.7)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(6.0)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif"> <FONT size=2 face="serif">(1.8</FONT> )</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(88%)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(61%)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(2.5)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(8.8)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(72%) </FONT>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left nowrap>
<B><FONT size=1 face="serif">Income before taxes and social contribution</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">102.8</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">137.6</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center><b><font size=2 face="serif">112.0</font></b>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(25%)</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(8%)</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">214.8</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">215.4</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">0%</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
      <FONT size=1 face="serif">Income and social contribution taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(31.1)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(46.6)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif"> <FONT size=2 face="serif">(31.4</FONT> )</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(33%)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(1%)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(62.5)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(74.3)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(16%)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Benefit of tax holidays (*)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">18.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">22.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center> <FONT size=2 face="serif">20.9</FONT>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(18%)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(11%)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">39.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">36.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">9%</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=1 face="serif">Minority interest</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(0.7)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(1.5)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif"> <FONT size=2 face="serif">(0.7</FONT> )</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">(53%)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(1.4)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">(1.9)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=1 face="serif">(26%)</FONT>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left>
<B><FONT size=1 face="serif">Net income</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">89.5</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">112.1</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center> <B><FONT size=2 face="serif">100.8</FONT></B>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT color="#d9d9d9" size=1 face="serif">(11</FONT></B>
<B><FONT size=1 face="serif">(20%)</FONT></B>   </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=center> <FONT size=1 face="serif">(11%)</FONT> </TD>
        <TD width=2% align=left>
<B><FONT color="#d9d9d9" size=1 face="serif">%)</FONT></B>
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">190.3</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">175.2</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">9%</FONT></B>
        </TD>
  </TR>
<TR>
        <TD width="20%">&nbsp;

        </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left>
<B><FONT size=1 face="serif">EBITDA</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">164.5</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">194.3</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center> <B><FONT size=2 face="serif">168.2</FONT></B>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(15%)</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(2%)</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">332.8</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">331.2</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">0%</FONT></B>
        </TD>
  </TR>
<TR>
        <TD width="20%">&nbsp;

        </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left>
<B><FONT size=1 face="serif">Volume - LPG sales</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">388</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">396</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center> <B><FONT size=2 face="serif">355</FONT></B>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(2%)</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">9%</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">744</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">768</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">(3%)</FONT></B>
        </TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=20% align=left>
<B><FONT size=1 face="serif">Volume - Chemicals sales</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">136</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">123</FONT></B>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=center> <B><FONT size=2 face="serif">120</FONT></B>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">11%</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">13%</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">256</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">232</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">10%</FONT></B>
        </TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="serif">(*) Benefits on tax holidays for subsidiaries, in 2004 expressed as part of &#147;equity income&#148; have been reclassified in accordance with the guidelines from CVM, set out in Official Circular/CVM/SNC/SEP No. 01/2005
of February 25, 2005. </FONT></P>
<P align="right">
<FONT size=2 face="serif">28</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>
<B><I><FONT size=2 face="serif">(2) Performance Analysis: </FONT></I></B></P>
<P>
<u><FONT size=2 face="serif">Net Sales:</FONT></u><FONT size=2 face="serif"> Ultrapar&#146;s consolidated net sales and services in 2Q05 totaled R$1.202.0 million, an 1% growth compared to the same quarter of 2004, and 6% compared to 1Q05. In the
first half of 2005 Ultrapar&#146;s net sales and services reached R$2.339.0 million, a 4% growth compared to the first half of 2004.</FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: The Brazilian LPG market volumes eased 1% in 2Q05, compared to 2Q04, mainly because of above-average temperatures and the economic slowdown. In 2Q05, the total sales volume of Ultragaz showed a 2% retraction
compared to 2Q04, reflecting the market decrease and the effects of the restructuring on its distribution network in the South-Center Region of Brazil, which impacted sales of the bottled segment in the comparison between the years. The bottled
segment of Ultragaz recorded a retraction of 2%, or 6 thousand tons between second quarters, lower than the retraction of 15 thousand tons between the first quarters. Conversely, compared to the first quarter of this year, the total sales volume of
Ultragaz presented a 9.3% growth - above the 8.7% growth in the LPG market -with bottled segment growing 10.2%, or 25 thousand tons. The bulk segment, which serves the commercial and industrial sectors, recorded a 2% retraction or 2 thousand tons,
compared to the same period of 2004, and a 7% growth, or 9 thousand tons, compared to 1Q05. Net sales and services at Ultragaz totaled R$733.7 million, a 4% decrease compared to 2Q04, due to the lower sales volume and a more competitive market.
Compared to the first quarter of 2005, net sales and services at Ultragaz presented a 9% growth, in line with volume increase.</FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Oxiteno&#146;s total sales volume was 136 thousand tons in 2Q05, an 11% growth compared to 2Q04. Sales to the domestic market totaled 86 thousand tons, a 9% growth compared to 2Q04. The best performing segments in
the domestic market were polyester, cosmetics &amp; detergents and paints &amp; varnishes, driven mainly by the new contracts signed throughout 2004. Sales outside Brazil amounted to 50 thousand tons in 2Q05, a 14% growth compared to 2Q04, a
consequence of the increase in exports to the United States and Europe and the increase of 49% in the sales of Canamex, which reached 5 thousand tons this quarter. Compared to 1Q05, Oxiteno&#146;s sales volume presented a 13% growth, driven by the
39% growth in exports and the stability in domestic sales. Net sales and services at Oxiteno totaled R$423.7 million in 2Q05, an increase of 9% compared to 2Q04, mostly due to the increase in the sales volume. Even though prices in dollar of
Oxiteno&#146;s products have increased in 2Q05, compared to 2Q04, this effect was offset by the 19% revaluation in the Brazilian real against the U.S. dollar. Compared to 1Q05, net sales and services remained stable. Due to the weak demand in the
Brazilian market, Oxiteno directed a larger part of its sales volume to the foreign market, which faced in this quarter the effects of inventory destocking in China&#146;s textile chain that resulted in a 31% decrease in MEG spot prices in the Far
East, a benchmark for prices in the international market. MEG spot prices had a 7% recovery in July. </FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: The increase in Ultracargo&#146;s volume of operations in the second quarter of 2005 was mainly due to the increase of operations in clients that were already part of the company&#146;s portfolio and by the new
operations started in 2004, both in storage and in transportation. The higher volume of Brazilian exports also contributed to the demand increase for Ultracargo&#146;s integrated logistic services. The average storage of liquids and gases increased
by 10%, while the storage of solids increased by 46%, comparing the second quarters. In the same period, the traveled kilometrage increased 8%. Net sales and services totaled R$58.5 million, an increase of 23% compared to 2Q04, a consequence of the
increase in volume of operations and contractual pricing readjustments. Compared to 1Q05, net sales and services of Ultracargo experienced an 8% growth, a consequence of the increase in operations.</FONT></P>
<P align="right">
<FONT size=2 face="serif">29</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>
<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$951.0 million in 2Q05, a growth of 5% compared to 2Q04, and 8% compared to 1Q05. Comparing the
first half in both years, the cost of sales and services increased 5%. </FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: The cost of sales and services in 2Q05 presented a 3% reduction compared to 2Q04, mainly due to the decrease in sales volume for the period. Compared to 1Q05, cost of sales and services grew 8%, also in line with
the progression in volumes.</FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: The cost of sales and services in 2Q05 totaled R$297.4 million, a 24% increase compared to 2Q04, mainly due to the 11% increase in volume sold and the rise in naphtha and oil prices in the international market,
which impacted the unit cost of the ethylene. Compared to 1Q05, the cost of sales and services increased 10%, due to the increase in sales volume.</FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: The cost of services rendered in 2Q05 amounted to R$36.9 million, a 26% increase compared to 2Q04. This increase is due to the: (i) higher volume transported/stored; (ii) increase in fuels unit cost, third
party&#146;s freights, and nitrogen used in the cleaning of tanks; and (iii) 51% increase in depreciation, driven by the higher capex of 2004. Compared to 1Q05, Ultracargo&#146;s cost of services rendered remained flat, despite the increase of the
operational activity. </FONT></P>
<P>
<u><FONT size=2 face="serif">Gross Profit:</FONT></u><FONT size=2 face="serif">  Ultrapar&#146;s 2Q05 gross profit was R$251.0 million, 13% lower than the R$287.5 million in the 2Q04 and a decrease of 3% in relation to 1Q05. The 1H05 gross profit
was R$509.8 million, 1% higher than the 1H04.</FONT></P>
<P>
<u><FONT size=2 face="serif">Selling, General and Administrative (&#147;SG&amp;A&#148;) Expenses:</FONT></u><FONT size=2 face="serif"> SG&amp;A expenses of Ultrapar were R$131.6 million in 2Q05, a reduction of 4% compared to 2Q04 and 1Q05. In the
first half of 2005, Ultrapar recorded R$268.9 million in SG&amp;A expenses, 2% higher than SG&amp;A expenses recorded in the same period of 2004. </FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: SG&amp;A expenses of Ultragaz totaled R$70.0 million in 2Q05, a 6% reduction compared to 2Q04, basically due to a decrease in selling expenses. A portion of such reduction is also a function of efforts to reduce
expenses in the areas of telecommunications, through renegotiations of contracts, third parties services, travel and marketing expenses. Administrative expenses remained flat between the two quarters. Compared to 1Q05, SG&amp;A expenses presented a
4% reduction, mainly due to the reduction in variable compensation and in employee profit sharing. </FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: SG&amp;A expenses were R$49.2 million in the quarter, a 6% reduction compared to 2Q04. Selling expenses increased 10% due to the 11% growth in the volume sold. Administrative expenses presented a 19% decrease due
to lower personnel expenses, a consequence of a reduction in provision for employee profit sharing. Compared to 1Q05, SG&amp;A expenses reduced 6%, also as a consequence of lower personnel expenses. </FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: SG&amp;A expenses were R$13.7 million in 2Q05, a 9% growth compared
to 2Q04, mainly due to the increase in personnel expenses, as a result of the annual collective wage
agreements celebrated in 2004 and the  increase in the workforce due to the expansion in operations.
Compared to 1Q05, SG&amp;A expenses remained stable. </FONT></P>
<P align="right">
<FONT size=2 face="serif">30</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>
<u><FONT size=2 face="serif">Operating Income:</FONT></u><FONT size=2 face="serif"> Ultrapar&#146;s 2Q05 operating income was R$118.7, a decrease of 22% compared to 2Q04. Compared with 1Q05, operating income retracted by 3%. In the first half of
2005, Ultrapar&#146;s operating income totaled R$241.4 million, 1% lower than the first half in 2004.</FONT></P>
<P>
<u><FONT size=2 face="serif">Financial Results:</FONT></u><FONT size=2 face="serif"> Ultrapar reported financial expenses of R$16.7 million in 2Q05, compared to financial expenses of R$7.9 million in 2Q04. The main factor behind the increase in
financial expenses was the impact of the appreciation of the Brazilian currency over the net worth of the company&#146;s assets abroad, which reduced the financial result in about R$10 million.</FONT></P>
<P>
<u><FONT size=2 face="serif">Other Nonoperating Income (Expenses):</FONT></u><FONT size=2 face="serif"> In 2Q05 Ultrapar reported a nonoperating expense of R$0.7 million, an improvement of R$5.3 million compared to 2Q04, and an improvement of R$ 1.1
million compared to 1Q05. The net nonoperating expense registered 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 taxes expenses amounted to R$31.1 million in the second quarter of 2005 and to R$46.6 million in the same period
of 2004. Besides the lower results, nontaxable revenues resulted in a R$3.1 million benefit in this second quarter. </FONT></P>
<P>
<u><FONT size=2 face="serif">Benefit of Tax Holidays:</FONT></u><FONT size=2 face="serif"> Ultrapar are
entitled to federal tax benefits for its activities in the Northeast Region of Brazil, due to the federal
program for development of the region.  In this second quarter, tax benefits amounted to R$18.5 million,
mainly composed of tax benefits of the Cama&ccedil;ari plant. The tax benefits were 18% lower than that
in the 2Q04, in line with Oxiteno&#146;s results in this quarter. </FONT></P>
<P>
<u><FONT size=2 face="serif">Net Income:</FONT></u><FONT size=2 face="serif"> Consolidated net earnings in 2Q05 amounted to R$89.5 million, a 20% reduction compared to 2Q04 and 11% compared to 1Q05. Net earnings reached R$190.3 million in the first
half of 2005, a 9% growth compared to the same period of 2004. </FONT></P>
<P>
<u><FONT size=2 face="serif">EBITDA:</FONT></u><FONT size=2 face="serif"> Ultrapar reported consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of R$164.5 million in 2Q05, a reduction of 15% compared to 2Q04, and of
2% compared to 1Q05. In the first half of 2005, Ultrapar&#146;s EBITDA reached R$332.7 million, remaining stable when compared to EBITDA recorded in the first half of 2004.</FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: Ultragaz reported EBITDA of R$62.2 million, a 17% reduction compared to the reported in 2Q04, mainly due to the 2% decrease in the volume sold and to a more competitive market than that in 2Q04. Compared to 1Q05,
the EBITDA of Ultragaz recorded a 37% growth, due to the increase in sales volume and the company&#146;s efforts towards profitability recovery and continuous improvement of results. </FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Oxiteno ended 2Q05 with an EBITDA of R$87.0 million, a reduction of 19% and 22% compared to 2Q04 and 1Q05, respectively. Such reductions are due to the: (i) 19% revaluation in the Brazilian currency against the
U.S. dollar between 2Q04 and 2Q05; (ii) increased levels of oil prices, which have been impacting the costs of naphtha and ethylene; and (iii) higher volume of exports compared to 1Q05. Oxiteno&#146;s sales volume is constantly increasing, and the
impact in EBITDA has been a consequence of the worsening in macroeconomic fundamentals.</FONT></P>
<P align="right">
<FONT size=2 face="serif">31</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>
<FONT size=2 face="serif">Ultracargo: Ultracargo reported a R$13.8 million EBITDA in 2Q05, a 38% growth compared to 2Q04, mainly due to the increase in the volume of operations. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan=16 align=center>
<FONT size=2 face="serif">EBITDA</FONT></TD>
  </TR>
<TR>
        <TD colspan="16" align="center">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=13% rowspan="3" align=center valign="top">
<B><I><FONT size=2 face="serif">R$</FONT></I></B><br>
 &nbsp;<B><I><FONT size=2 face="serif">thousand</FONT></I></B></TD>
        <TD width=10% rowspan="3" align=center valign="top">
<B><FONT size=2 face="serif">2Q05</FONT></B></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% rowspan="3" align=center valign="top">
<B><FONT size=2 face="serif">2Q04</FONT></B></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% rowspan="3" align=center valign="top">
<B><FONT size=2 face="serif">1Q05</FONT></B></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% rowspan="3" align=center valign="top">
<B><FONT size=2 face="serif">Change<br>
</FONT></B><FONT size=1 face="serif"><b><font size=2 face="serif"> </font></b> <font size=1 face="serif"></font>2Q05 X</FONT><br>
<FONT size=1 face="serif">2Q04</FONT></TD>
        <TD width=1% align=right><b></b></TD>
        <TD width=10% rowspan="3" align=center valign="top"><b><font size=2 face="serif">Change</font></b><br>
      <FONT size=1 face="serif">2Q05 X<br>
      </FONT>
      <FONT size=1 face="serif">1Q05</FONT></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% rowspan="3" align=center valign="top">
<B><FONT size=2 face="serif">1H05</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% rowspan="3" align=center valign="top">
<B><FONT size=2 face="serif">1H04</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% rowspan="3" align=center valign="top"><b><font size=2 face="serif">Change</font></b><br>      <font size=1 face="serif">1H05 X</font><br>
      <FONT size=1 face="serif">1H04</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=1% align=left>&nbsp;
        </TD>
        <TD width=1% align=left>

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

        </TD>
  </TR>
<TR>
        <TD width="13%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=13% align=center>
<B><FONT size=2 face="serif">Ultrapar</FONT></B>
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">164.5</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">194.3</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">168.2</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">(15%)</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">(2%)</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">332.8</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">331.2</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">0%</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="13%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=13% align=center>
<B><FONT size=2 face="serif">Ultragaz</FONT></B>
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">62.2</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">74.8</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">45.4</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">(17%)</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">37%</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">107.6</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">132.2</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif"> <B><FONT size=1 face="serif">(19</FONT></B> %)</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="13%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=13% align=center>
<B><FONT size=2 face="serif">Oxiteno</FONT></B>
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">87.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">107.9</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">111.4</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">(19%)</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">(22%)</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">198.4</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">176.1</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">13%</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="13%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=13% align=center>
<B><FONT size=2 face="serif">Ultracargo</FONT></B>
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">13.8</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">10.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">10.0</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">38%</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">38%</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;
</TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">23.8</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=2 face="serif">19.9</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">20%</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="13%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="10%" align="center">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<P>
<I><FONT size=1 face="serif">We hereby inform that, in accordance with the requirements of CVM Resolution No. 381/03, our independent auditors Deloitte Touche Tohmatsu Auditores Independentes have not performed during this first half of the year any
other service than the audit service related to Ultrapar and affiliated companies&#146; financial statements. We also inform that there is no perspective, for the year in course, that Deloitte will perform any other service amounting to more than 5%
of the auditing cost.</FONT></I><FONT size=2 face="serif"> </FONT></P>
<P align="right">
<FONT size=2 face="serif">32</FONT></P>

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


<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=left>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
<B><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></B></TD>
</TR>
<TR>
        <TD>
<HR align="left" width="40%" size=2 noshade>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
<FONT size=2 face="serif">Investments in subsidiaries and/or affiliates</FONT></TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap> <font size=1 face="serif">1 - Item</font> </TD>
  <TD width="2%" align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap><font size=1 face="serif">2 - Company name</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><font size=1 face="serif">3 - Corporate<br>
  Taxpayer<br>
  Number (CNPJ)</font></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align=center nowrap> <FONT size=1 face="serif">4 - Classification</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap> <font size=1 face="serif">5 - % of<br>
  </font> <font size=1 face="serif">ownership<br>
  </font> <font size=1 face="serif">interest in<br>
  </font> <font size=1 face="serif">investee</font> </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><font size=1 face="serif">6 - % of</font><br>
    <font size=1 face="serif">investor&#146;s<br>
    </font> <font size=1 face="serif">Shareholders<br>
    </font> <font size=1 face="serif">equity</font> </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><font size=1 face="serif">7 - Type of company</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap> <font size=1 face="serif">8 - Number of<br>
    shares held in<br>
    the current quarter<br>
    (in thousands)</font> </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap> <font size=1 face="serif">9 - Number of<br>
    shares held in<br>the prior quarter<br>(in thousands)</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="13%" align=left><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>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">01</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">34.266.973/0001-99</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">33.09</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,461</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">2,461</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Participa&ccedil;&otilde;es Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% 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=14% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">02</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">57.651.960/0001-39</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">15.70</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">4,336</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">4,336</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">03</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">61.604.112/0001-46</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2.66</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">27,734</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">27,734</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">04</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">62.545.686/0001-53</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">64.44</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">35,102</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">35,102</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">05</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">14.109.664/0001-06</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">99.24</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">46.96</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">5,242</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">4,711</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Com&eacute;rcio</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% 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=14% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">06</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Terminal Qu&iacute;mico de Aratu S.A. -</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">14.688.220/0001-64</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">99.41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">6.47</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">12,536</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">12,536</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Tequimar</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% 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=14% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">07</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">60.959.889/0001-60</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">4.19</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">34,999</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">34,999</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Especializado Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% 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=14% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">08</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Companhia Ultragaz S.A.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">61.602.199/0001-12</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">98.54</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">24.16</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">799,746</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">184,246</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">09</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">65.828.550/0001-49</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">4.52</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1,314</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">1,314</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">10</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Bahiana Distribuidora de G&aacute;s Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">46.395.687/0001-02</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">5.79</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">24</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">24</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">11</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Uting&aacute;s Armazenadora S.A.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap>
<FONT size=1 face="serif">61.916.920/0001-49</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">55.99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1.31</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2,751</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">2,751</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><font size=1 face="serif">12</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=20% align=left>
<FONT size=1 face="serif"> Canamex Qu&iacute;micos S.A. de C.V.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center nowrap></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1.66</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">122,047</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=1 face="serif">122,047</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="serif">Note: This </FONT><FONT size=1 face="serif">information</FONT><FONT size=1 face="serif"> is an </FONT><FONT size=1 face="serif">integral</FONT><FONT size=1 face="serif"> part of the interim </FONT><FONT size=1
face="serif">financial</FONT><FONT size=1 face="serif"> </FONT><FONT size=1 face="serif">statements</FONT><FONT size=1 face="serif"> as </FONT><FONT size=1 face="serif">required</FONT><FONT size=1 face="serif"> by the CVM.</FONT></P>
<P align="right">
<FONT size=2 face="serif">33</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<br>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=left>

        </TD>
</TR>
<TR>
        <TD width="24%" nowrap>&nbsp;
</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="8%" align="left">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="64%">&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5 nowrap><HR noshade size=1>

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">Characteristics of debentures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=left>

        </TD>
</TR>
<TR>
        <TD colspan="5" nowrap>
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD width="24%" nowrap>&nbsp;

        </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<TR>
        <TD width="24%" nowrap>&nbsp;

        </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">1 &#150; ITEM</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">01</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">2 - ORDER NUMBER</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">SINGLE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">3 - REGISTER NUMBER IN THE CVM</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">CVM/SRE/DEB/2005/015</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">4 - REGISTER DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">04/06/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">5 - ISSUE SERIAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">UN</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">6 - ISSUE TYPE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">SINGLE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">7 - ISSUE NATURE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">PUBLIC</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">8 - ISSUE DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">03/01/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">9 - MATURING DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">03/01/2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">10 - DEBENTURE SPECIES</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">NO PREFERENCE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">11 &#150; YIELD</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">102.5% CDI</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">12 &#150; AWARD</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">13 - NOMINAL AMOUNTS (Reais)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">10,000.00</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">14 - ISSUED AMOUNTS (Reais - Thousands)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">318,697</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">15 - ISSUED TITLE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">(UNIT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">16 - CIRCULATION TITLE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">(UNIT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">17 - TREASURY TITLE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">(UNIT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">18 - RANSOM TITLE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">(UNIT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">19 - CONVERTIBLE TITLE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">(UNIT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">20 - TO PUT TITLE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">(UNIT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">21 - LAST REPACTUATION DATE</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">22 - NEXT EVENT DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=64% align=right>
<FONT size=2 face="serif">09/01/2005</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">34</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P align="right">
<B><FONT size="2" face="serif">ITEM 2 </FONT></B></P>
<br>
<P align="center">
  <font size="2"><B><FONT face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT></B></font></P>
<P align="center">
  <font size="2"><B><FONT face="serif">Public Company </FONT></B></font></P>
<div align="center">
  <TABLE border=0 width=45% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=50% align=left>
        <FONT size="2" face="serif">CNPJ No. 33.256.439/0001-39</FONT><font size="2">&nbsp;
      </font></TD>
      <TD width=50% align=center>
        <FONT size="2" face="serif">NIRE 35.300.109.724</FONT><font size="2">&nbsp;
      </font></TD>
    </TR>
  </TABLE>
  <font size="2"><BR>
  </font>
</div>
<P align="center">
  <font size="2"><B><FONT face="serif">MINUTES OF A MEETING OF THE BOARD OF DIRECTORS (10/2005) </FONT></B></font></P>
<P>
  <font size="2"><B><FONT face="serif">Date, Time and Place: </FONT></B></font></P>
<P>
  <FONT size="2" face="serif">August 3, 2005, at 2:30 p.m., at the corporate
  headquarters, located at Av. Brigadeiro Luiz Ant&ocirc;nio, n&ordm; 1343 &#150; 9&ordm; andar, in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo. </FONT></P>
<P>
  <font size="2"><B><FONT face="serif">Attendance: </FONT></B></font></P>
<P>
  <FONT size="2" face="serif">Members of the Board of Directors, whose signatures appear below. </FONT></P>
<P>
  <font size="2"><B><FONT face="serif">Issues Discussed and Resolutions: </FONT></B></font></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
      <FONT size="2" face="serif">1)</FONT><font size="2">&nbsp; &nbsp; &nbsp;  </font></TD>
        <TD width=95%>
      <FONT size="2" face="serif">The company&#146;s performance and the related
    financial statements for the 2</FONT><font size="2"><SUP><FONT face="serif">nd </FONT></SUP><FONT face="serif">quarter of this fiscal year were examined and discussed.</FONT></font>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%"><font size="2" face="serif">2) </font></TD>      <TD width=95%>
  <FONT size="2" face="serif">&#147;Ad referendum&#148; of the Annual General Meeting to be called to approve the balance sheet and the financial statements for the fiscal year of 2005, to approve the distribution of dividends from net income for this year,
in the total amount of fifty-seven million, eighty-four thousand, nine hundred and seventy-five reais and fifty centavos (R&#36; 57,084,975.50), where common and preferred shareholders will be entitled to receive an amount of R&#36; 0.703817
per lot of one thousand shares, excluding the shares held in treasury as of July
31, 2005.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<font size="2"><br>
<br>
<br>
</font>
<hr size=3 color=GRAY noshade>
<font size="2"><PAGE>
<br>
<br>
<br>
<br>
</font>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <div align="center"><FONT size="2" face="serif">(Minutes of the Board of Director&#146;s Meeting
    of Ultrapar Participa&ccedil;&otilde;es S.A. held on Aug. 3, 2005)</FONT></div></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" valign=top nowrap>
      <FONT size="2" face="serif">3)</FONT><font size="2">&nbsp; &nbsp; &nbsp;  </font></TD>
        <TD width=95%>
      <FONT size="2" face="serif">To set August 22, 2005 as the due date for payment of the dividends declared above, without interest or indexation.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
      <FONT size="2" face="serif">4)</FONT><font size="2">&nbsp; &nbsp; &nbsp;  </font></TD>
        <TD width=95%>
      <FONT size="2" face="serif">To approve the Company&#146;s entry into the Level 1 listing segment of Special Corporate Governance Practices of the S&atilde;o Paulo Stock Exchange &#150; Bovespa.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
      <FONT size="2" face="serif">5)</FONT><font size="2">&nbsp; &nbsp; &nbsp;  </font></TD>
        <TD width=95%>
      <FONT size="2" face="serif">To approve that the Company&#146;s Management executes all acts required and signs all documents necessary to effect the resolutions set forth in item &#147;4&#148; of these minutes, including to sign the Agreement for the
Adoption of Special Corporate Governance Practices &#150; Level 1.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
  <FONT size="2" face="serif">Notes: (i) the record date for receipt of the dividends approved herein will be August 10, 2005 in Brazil and August 15, 2005 in the United States of America; (ii) all resolutions were approved by all those present, except for
Board member Renato Ochman, who abstained from voting.</FONT> </P>
<P>
  <FONT size="2" face="serif">With nothing further to discuss, the meeting was closed and these Minutes were prepared, read, and approved, and have been signed by all directors present. signatures) </FONT><font size="2"><B><FONT face="serif">Paulo Guilherme Aguiar
Cunha</FONT></B><FONT face="serif"> &#150; Chairman; <B>Lucio de Castro Andrade Filho</B> - Vice Chairman; <B>Ana Maria Levy Villela Igel; Nildemar Secches; Olavo Egydio
Monteiro de Carvalho; Paulo Vieira Belotti</B>, and<B> Renato Ochman.</B></FONT> </font></P>
<P>
<hr size=1>
  <FONT size="2" face="serif">I declare that this is a faithful copy of the minutes
written in the Company&#146;s record books. </FONT></P>
<P align="center">&nbsp;  </P>
<P align="center"><font size="2"><B><FONT face="serif">Paulo Guilherme Aguiar Cunha<br>
</FONT></B></font><FONT size="2" face="serif">Chairman</FONT><br>
<br>
</P>
<HR noshade align="center" width="100%" size=3>
<PAGE>
<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><FONT size=2 face="serif"> </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=45% align=left>&nbsp;</TD>
    <TD colspan="2" align=left> <B><FONT size=2 face="serif">ULTRAPAR HOLDINGS INC.</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=45% align=left><font size=2 face="serif">Date: August 05, 2005</font> </TD>
    <TD width=3% align=left>&nbsp;</TD>
    <TD width=52% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="45%" align="left">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="52%" align="left">&nbsp; </TD>
  </TR>
  <TR>
    <TD width="45%" align="left">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="52%" align="left">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=45% align=left>&nbsp;</TD>
    <TD width=3% align=left valign="top"><font size=2 face="serif">By:</font></TD>
    <td width=52% align=left valign="top"><FONT size=2 face="serif">/s/ F&aacute;bio
          Schvartsman</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">&nbsp;</TD>
    <TD align=left valign="top"><HR align="left" width="70%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD width=45% align=left>&nbsp;</TD>
    <TD width=3% align=left valign="top">&nbsp;</TD>
    <TD width=52% align=left valign="top"> <FONT size=2 face="serif">Name: F&aacute;bio Schvartsman</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=45% align=left>&nbsp;</TD>
    <TD width=3% align=left valign="top">&nbsp;</TD>
    <TD width=52% align=left valign="top" nowrap><FONT size=2 face="serif">Title: Chief Financial and Investor Relations Officer</FONT> </TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><FONT size=2 face="serif"><em>(Interim Financial Statements for the Quarter and Six-month
Period Ended June 30, 2005 and Independent <br>
Accountants&#146; Review Report / Minutes of a Meeting of the Board of Directors,
August 03, 2005) </em></FONT>
</p>

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


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ultrapar6kpg23-32x29x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ultrapar6kpg23-32x29x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!C`'0#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MI"0`22``"22<``<DDG@`#DD]*X_QGXCU30_"VMZMX3T%/&_B.QLFET?PI;:[
MHFAS:U>%T2.U75M<O;+2K%0'::2:\N8D\J)U0M,T:-=.G*K.$(VO.48)SE&G
M!.344YU)N-.G%-KFG.4817O2DDFR924(RD[M1BY-1C*<FDKM1A%.4I/91BG*
M3:23;2.QHK^=C]H;Q5_P<'?$VZU33O@]\+?V6?@GX3N9V2S5?BQIOB;Q<MK'
M(&MYCXCM?$?AMK"ZE0?Z5#:13P@LT:3R*`Q_*/QW_P`$^_\`@Y+\>ZS_`&U<
M_M:>/_"LFQT.G>`OVU_&GA'1?G<.6&EZ=\2O(#+C:C<E%+*.":_2LL\.\'BZ
M:GF/'O!652DK^R>;4\=5BVDU&;PS]BGK9\E:HEIJ[GQV/XMQ.&DXX/A;B3,+
M.W/#`RPT'\.L77M)KWNL(ORMJ?W!T5_''\,?V4/^#CSX/?V)<^$_VG?"7QJM
M!8:5>3W/Q*_:-\5_$"WAOHB\]YHNHGQ3\0K<:A<V5U+-8:E<VWGV%\D$0@N)
M8HU:OVX_9)^+'_!5R/Q'I_A_]LS]GCX%7'AB\D@@N?B)\(?BUX8M]1TEY9`D
MMY?>"]1U65;C3K9&\^5=,U.\U%U1D@LY9"JG@SK@6EEM*I7P'%W"6=TZ<93E
M2PN;T<-C&HVTAA<8Z3G-I_PHU'5;]U0<G8Z\MXEJ8V<*>*R#/<MG/E2E7P-2
MMATY6WKX=5(I+F7O./+;5R331^LE%0)=6LK!(KF"1SG")-&['`R<*K$G`!)X
MX'-3U\$TUNFO70^H"BBBD`4444`%%%%`!36945G=E1$4L[L0JJJ@EF9B0%50
M"220``23BG5^>W_!1ZTN_B;^SOX[_9V\$?M:?#G]DWXD_%'2K&PF\=^+-9L;
M7Q!IWP_O;V:W\3?\(Y8G6]%U*VO/$-K9W?AV#7;6XADTZ"XU.XL+B'4[:VFA
M]#*L!_:>8X/`NM]6IXBO2IUL4Z&(Q,<+0E.*K8F=#"TZM>I"A!NI*%*G*<N7
MEBKLYL7B'A<-6KJFZTZ=.<J=%5*=*5>HHMPHQJ590IQE4E:*E.2BKW>B/!_^
M"GG_``U?\?\`X46WP?\`V&?VE/V>?@HGBJ'4;7XG_$SQ;\1FT_QB?#U[8:AI
M<WA/P0NBZ/KG]CRZG'=I<ZAXJ6XM=6TZ.%+?1/L]],-4L/YF?^'(_P#P4\_Z
M2@?##_Q+?XX__&ZYH?\`!MC\*`,?\/2/V6>..=)TDG\2?'V3]3S1_P`0V7PH
M_P"DI'[+/_@HTG_YO:_J[AN/#W"F71RS)_$#!TZ'M)UJM6OX89GB,7B*LVO?
MQ&)J5'4J\L;0I1;Y*4+1IQC>3E^,YM#-\[Q7US'<*XJ510C3A"AQI2PU&G!-
M-1A2H*$%=W;E9RDY+FD[(Z7_`(<C_P#!3S_I*!\,/_$M_CC_`/&ZKWG_``1:
M_P""D&B65[K?BC_@JO\`"?P_X:T:TGU3Q!KMY^UQ\<5L]&T:R0SZAJ=V_EX2
MWL[=7FE=B%55))`YK"_XALOA1_TE(_99_P#!1I/_`,WM1C_@W<_9P\*ZEX?3
MQ[_P5?\`V;='L/%NLMX-\.OH^AZ%+?ZEXTU/2=3N_#>EVZ7/Q$MH)%>^L$N[
MR%IHGFL+6YB@EAN'AE7WUQ)ANGB+@ZC2<N2EX59C*I*,(\\^17J7DH*4E>G-
M+>47%-/QZF2XF,&_]5L73V2G5X\Y81D^51<FYQTNEIS*][76YTL?_!##_@H=
MH9GT[P%_P4\^$B>$([FYFT"2Q_:?^,F@07>G74SW%O?MI&GQFSLKB^2075U%
M!),GVB60BXG!\YY/^'(__!3S_I*!\,/_`!+?XX__`!NN:_XALOA/V_X*D?LL
M_P#@HTC_`.;XT?\`$-E\*/\`I*1^RS_X*-)_^;VC_67"O5^)."DWJY2\+,P<
MI-VNY-3BN:5[NT8J[T26A:R/$JR7".-25K*/'+44ERV44I:+1671-?/V[X0_
M\$G?^"M/P/\`B1X4^*G@?_@I]\#Y?%'@[46U'3+?Q9^TC\5O&7AJ\,EM/9W-
MEK?ACQ#I]]I&KZ=>6=S<6UQ;75N759//M)K6\BM[J'^RGX#?$77?%O@3PK8_
M$S7_`(47/QCBT1&\:Z5\*?&(\5>&7O[-EMKK5="FO+73-7&F7C-#=^3>:;$^
MGR77V)I;@1)<S?PT?\0V7PH_Z2D?LL_^"C2?_F]KZ,_91_X(LWG[&7QT\$_M
M`?`W_@KA^S+X8\;^#KY3*(=+T<Z=XE\.W4L(U_P?XBM'\=R17_A_Q%91&SOX
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MXR33335TTUHTUJFM&@HHHJ1A1110`5_)G_P48_X)N?\`!-W]KK_@HIK6E?M&
M?\%'O'7@_P#:F^*%S\.O"G@W]GNS'A&[G\-:;JFD:?8^`_!OA.RU+PWJ4EG:
M:RTTNOI;S7T1NM4\0:AJ]PL;:B\K_P!8EW=6]C:W-[>3);VEG;S75U<2G;'!
M;V\;33S2-_"D42,[GLJDU_!3^S:3^U?_`,'37CWQE=$:GHWPY_:`^.>JS2*/
M/A32OV=/AQX@^%/@N\A61952V'B7PSX/N$E)14N;E9X&BGD@2OUWPFP^/IU>
M,<\P>;X[)(Y!PAF6/GBL!2P,ZV(JT9T<11P,I8_"8NG&C7^K3E4]E"%:4J=*
M,:BBY)_"<<U\*Z>099B,!A<REFV?X+!QP^*G7C3IPFJD:N*4:%6E*4Z,9I1<
MVZ<5.3:O8^K_`(Z?\&S/_!.C]F?X<:M\7?CS^W+\8_A?\-M#O-(T_5?%_BC3
M?AM;:39WNO:E;:1I%K(\/A6>9IK[4;NWMH4BA<@N9'V11R2)\:7_`/P2D_X(
M+:7X7\/>--0_X*U^)K/PMXLU'Q)I/AO6Y[3P1'9ZU?\`A%-$?Q)!I['P)ON!
MI7_"1Z-'<2HA@::[,$,DDUM=1P?KK_P=<?%`^%_V$/A#\,+:55N_BO\`M&Z!
M/>PL<F?PY\/_``9XPUV\PF1D0^);[P?-YA#+&Z(,!Y(W7^5?PM\,M%_:*_:2
M_P""4_[#\.G-::':^!_@%IGQ&,,4$5UJUU^TU\0M5_:@\=ZW)Y44R37EI\&/
MBAX/T&1[B&1D@\)0V]V7BM68?MW`6*XOXDX4PW$F=<=<186-3%YQ5KK`4,AC
M2HY-E.&G[7%N.)RBM.558^$:$K34'"HO=BXN1^;<40R#)\]JY/EW"V38ATZ6
M60IO$SQ_/4Q^98B$:6'YJ>+A"$%A5.MS22M[-WDT]/V/^/G_``0K_P"".G[+
MFH^#])_:"_X*8>/_`(4ZGX_\+P>-?!MEXJL_A];7'B#PK<SO;0:Y8QP>#;@F
MQEN(Y(4>7RV+QNNS*MCRC1_^"<W_``;G66@^*=/U3_@J[K&L:YJ]KIT'ASQ#
M_;/A33O^$3FM=3MKR_NDTFV^'[6FN-JEC#+I4D.IR>1:0W+W=JB7L4$T?]6O
M[:__``26_81_;=\;Z5\9_P!J'P)XG\0:_P"`?AS:^!M,O=&^)_C[P/HVB^!_
M#NI^(O$\=LFC>$_$&CZ2K07OB'6+B>^DMC=20-!;R3FVL[:.+^+7_@A__P`$
M_P#]E[_@I!^V=^TOI?Q/\!^(#^SA\/O`WB/QGX(\#:+X\\8:->:)<>+OB98:
M=\,-)U#Q=I^JP^*-7@TCP3;>)H)7O=9ENM2OK*WO=3ENY%=G\OA7C">?\+9M
MGN8\><?X>IPSAL'B\_\`JF!X8IX:-7&8JK#!X?+9/!2KXEU'04*D:\J%.;DU
M5M3J*F_0SS(:>5YWEN68/A;A6O'.:^(H9=[:KFTJL:6&H4I8BMC$JJITXQYU
MR^SYY*ZY;SCS+WA?^"8?_!OZUC+J2_\`!7W6S8075O8RW?D^!O)2\NH;FX@M
M]Y\"8,LD-I<2;5R52,E]NY-U7_AVC_P;X_\`2875S[+%X'9C[!5\"$L3V`!)
M/`!-?-W_``7/_8P_98_9!_;"^"/[*?[)N@S>!]+U;X=>'?%7CB?Q)\0?$?BX
M6_C7XI>.=3\+:2-5U3QIK&J/H-EI7A[PIH^J.OVJVL$L]<DU"[1(QY[?NU^U
M+_P36_X-WOA!^S+\9/'%EXF^%EAXK\,?"WQ;<^$]7\*?M>>,/%_C2]\=6_AR
M^_X1?_A&O!4?Q9\067B/Q!?>($LVM=#;PUJ6ESNT@OK`:3%=-%]%BL\>%P'"
MV8?ZY>*>+I\71J3RRC@<FX4Q.(H0A5PU*,\PIK+X*A'$?6J52A[&>)E4IN;Y
M4X)2\JAEGUC%YYA(<.<#47P^Z4,;6Q..SJC2JU)TI590PTO:3]I*BJ+C5]HJ
M,8R<8\SNW'S/X/?\&PW_``3Q_:"\`Z/\4O@C^W1\5/BI\.]?-RFD^,/`[?"/
MQ!H=W/93-;7UI]MT_0)D@O["Y1K>^L+CR;VRG4PW4$4@*UYI^TG_`,&\_P#P
M2I_8]T_PGJG[37_!0_XF_!JP\=7NJZ?X0G\96?PXM/\`A(+O0X+*YUB+3H[?
MPE=2S?V;#J.GO>2&-8H3>VJ.X>XB5NK_`.#2+3/BKI'AW]M'Q9JHN]+_`&>[
M^?X7#3=1U836>A7GQ*T2#QG+XEU+0KJZA2PD&F>$[C2(/&%_;W2JB_\`",6]
MZ9391BS_`!F_X*A?M$_%/_@K3^U%^U3\>OAM!<7'[.O[%?POGE\'6]Q>W2Z7
M!\)=,^*?AKP$WC&&W=SIT?C+XI>)_&?_``FAM?+@U"?P7H,&DR27K^#D9O-R
MY>(6*\1,]X8K>(.9/AS((X&>,S>GA<DI8E5<WHX?^R\LE*>"JX>GCIXS%+#U
M).FXSCAJLE2H5*M.E#HQD^%L/PAE>>0X/P;S?-?;+#9;*6-E2<,%*I+&8M<M
M>-66%IX>C[6+NI7JT]9P4I/^WG_@D!^Q?\%?V-OV:KJR_9M_:.\9_M&?`7XS
MZY:_%GP#KOB8Z&VCZ;_:6EPZ3JMUX1.B:?IL<.G>(/[,L+C4+2:VB:+5+&XG
M:-+JZO"WZOU^#_\`P;=_&2T^*_\`P2L^$F@I,TVK?!#QO\4O@_KI=]TBSVGB
MVZ^(&B)AI9'6*+PE\0?#MM""(EV6^(XPB@G]X*_F7CRGF%#C+B6AFF)JXW&X
M?-\9AZF,KTZ-*MBZ>'JNCAL55AAZ5"BIXC"PHU9.%*"FYN;7-)M_LG#-3"U>
M'LFK8*C3P^&K9?AJT,/2E.=.A*M356K1@ZDZE3EI595*:4IR<>7EO96"BBBO
MDCW0HHHH`^6?VYM>UCPK^Q-^V'XH\/07%UK_`(;_`&6?V@M>T.UM!,;NYUC1
M_A+XNU'3(+46X:X-Q->V\$<(@5IC(RB(%]HK^*;_`(-J?B%\)=,_X*!?M5_&
M+X\_$#PA\-/'VK?"OQ/;>&K3XA^)-+\*I?ZQX\^*FE^)?B)#;7OB2YL$GUW2
M6\.:<EQ9M.-1-I>:E,UNT<-X\/\`?K?6-GJ=E>:;J-K!?:?J%K<6-]97423V
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ML:?L>?L^^,M`^*'_``C=G=:5?ZK\/];L?%^B#XC_`!Z\9>'/#<.@_;=`N;ZP
MN-2\,:%X*TW5-6,<S?V3;Z[+'>26[6]\L'B?_!+WQ%\!/B3_`,%Z/B=^T#K_
M`,2/AO\`#KX&_!?6?CUXM^&&M_$'Q9X8\%:%J_AO0+4_`#X-:1I-WXAO=)T^
M;4(/!'B'2M;T^QL]LD%CX>DF@MXH;0>7]O\`[!WPI_X(._L0>*/%WQ1M?^"B
MMM\4/C/K'@OQ/X/\%^/?%'AW7K>/X62>*]!U/0-4\3^#=%LOAW'9-XGDLM3E
MBCU36AJ<EM`LEM:B"&\ODN/D"+_@G'_P;Z0HD<?_``5A^(ZJB*@_XD]KDJH`
M&X_\*7RQX!)/4\]:_9LOQF38/AS%<$X?!\;8/+,+P]B,CP><_P"IN?5*V.J9
M[5KXC/L6L)'`N=)1DL/##.O*G*,ZN(4(*G2I5*GYUC*&8XC-L/Q'5Q/#6)QM
M;.:&:XC+UQ'ED*>&IY91A0RS#?695U[1/FG.LH0E&4:=%2<9RFH_U@?M]_M\
M?LP^#_V&_P!KSQ/X)_:,^"?C'Q9I?[//Q/M?#>A>!_BSX%\2^(KGQ+XE\-7?
MA#PH;32M`UZ_U.13XI\0Z+%)-!;D0+*)'>,#>/R'_P"#2_X'P>%OV6OVD?C[
M/!&E_P#%CXS:-\/--9H$65?#7P?\)6]_%);SF,.;2YU_XE:[;21I*T/VC23F
M-)(V9ORXU;]B3_@@%X!\#_$J_M?^"H7Q:\4G5O!;:?=:)HF@V=UXBU6VTCQ/
MX9\<V^E>'K:X^$NGZ?+K&JZUX.T>PMCJ-S#:!)IDFN+6*22XC_?/]@7]NC_@
MC;^P)^S)X-_9I^&O[=7AOQ7X<\+ZOXQ\0GQ-XNT/Q;'XDUF_\:^*-4\3W$NJ
M+I'@#3+`/81:C;Z-:B&RA86&FVBS;YA)(WYUFV14LA\/<ZX:X4P7&6=8OB#/
M<NJ8RKBN$,YP"_L_+J5/%*"4\):U+&0IVYG&=1UGR1E&G49]=@,UEFO%>6YQ
MGF)X?RVAE.5XZ%"E1S_+L8GB\945%2YXUT[RPSGM&T>5:KF5_P";3XX?`C3_
M`/@J-_P<3_&_X%ZOXA\0Z5X*\3_&SQIX*\4>(_#,UFVL^&_"/[.7PJ?POJ\V
MCSZI8ZOI=J]QK/PV-A:27.GW5G]NUJ,M"9KC->@_\%K?^"'WP*_X)N_LT_#O
MX[?"#XQ?%+QA>:_\9-(^%WB'PU\4KOPM?1WMKX@\)^-?$=GJ?AR3POX1\.-!
M?Z9+X3\N^M]0DGMKC3;F>>%X;JU2*[_2_P#8TN/^"(?[''[9/CW]M;0O^"D]
MY\1?B3\0;'XJ1:KI7C71-3&A6>K?%KQ9IGBSQ%KEA_8GPOTO4$O8Y[*]T^U6
M>\F@%CJMVLL<DHBDC^F/^"E'[4/_``1E_P""F/P4\'_!'XG?\%!=.\`:'X.^
M*6D_%2RU?P'H_B/^U;K5=)\*>,?"<6FW7]O_``YUBT_LZ6T\97ES+Y5O'<&X
MM;8+,(C-')]B^+^)<!Q5P7@\IR_BVCP/DN1Y5EF;4X\)YO;$U<)A:^'K3=&K
METL9)*G'!TU*ERVE3E4@I-7?SW]@9)C,CXDQ.88GA^KQ/F>8X_%X&<L[P'-0
MIUJM*6'A&K3Q:HIZU:C<V[N:C)['P]^UW^W[%\&/^#=/]DSX83>*K6#]H#]K
MSX$>$?AYI]MILK0:Y)\+M)O!9?$?QSJLEM'#Y0UCPEIMEX-U&ZN9A=ZCKGC.
MXEM9-1_L_4[J#\D?V?/#O_!5/]EC]CC]I7]GWP;_`,$^WN?A9^TWX/\`$5Q\
M6OB;XO\`A3XIN/B&G@R_\#G2[)=/UVT\4Z7:6.F>"]/;4O%'AFTO]"O/[,U[
M5M6O;J&Z%RUJGZC:#\%?^"%0^)W[,GCWXC_\%0_$?Q<\/?LIZ!\/_"'PW^%W
MC/07;P(W@_X=:G<:_I7AS5K'3OA%97=U8:IXDO+[7_$"K=HVK7M[<P7)>P9;
M5?W[\2?\%F/^"3WB?PWKWA;4/VR?AR--\0Z'JF@7JQZ-X]!%CJUA/IURJ*W@
MTID6]PX4,I7.`5(XK@K9[6X;PDLNX?X"SSB.EG/$68<3YW7S#A[/\%1PV*J9
MG2Q.4X?!T?J5&K-Y?0P]&=YN5&.(A&I2;<YQAUK+:>=8IXW,^*\MR:>7Y5AL
MERN&&S7)\54Q&'^J.GCZV*E*O6IP^N5JDHM0Y:CHR<9Z63_&K_@T:\?V5Q\%
MOVQ?A>]_;K<Z-\6OAKX]M;*2X59IO^$Z\$:WH$TEI`T@\Y1%\+E>5H(V=%0M
M,YC$03^P*OYCO^",G_!/']AKX4_%+5_CO^P7^W5\5OCQX7\%WMIH/Q8\(WNF
M:-:^#_$&I7?@;QSHO@^QUZ>7X>^%K][O0HO&.K>);./2;PM'=I8-?A;6XBBN
M/Z<:_&O%W%9=C^/,WS#+9XKV6.IX&O6P^.R_&99B\%B8X*AAZN'KX7'4:-92
MJ*A#&0FH<DJ6*IJ,FXRM^A\`T,9A.%\NP>-5%SPGMZ-&MA\3A\70Q.&]M.I1
MJTJV&J5:;C%5'0:YN92HR;5FFRBBBOS0^R"BBB@`K\)O^"K/[`G_``2QU*#Q
M3^W7^VY\+_&\S:79^#O"GCOQE\--9\5:;<26ANQX?\-ZWXGTCPUJFFQ7C6TE
MWIOAZ;7[E9;B"R71K.=Q:6D;0_NS7)^._`G@WXG^#?$OP\^(?AK2/&/@CQCI
M%YH'BCPOK]G%J&CZYH^H1&&[T_4+28%)H)D/(X='"R1LDB(Z^YPYGF+X?S7#
M8_"XW,\##GA1QT\HQL\!CJV`G5IRQ6'HXF*:A*I&"</:1G356-.4X-1/-S;+
M:&:X&KA:^'P>)=G4P\<=06)P\,3&,E1JSI7C)J,I6ER3C-P<HJ2N?PO?8?\`
M@U<_Z!WQ]_\`"C^)O_S54?8?^#5S_H'?'W_PH_B;_P#-57ZC_M^_L<?\$?\`
M_@GAX6\/?$'XK?\`!/;6O%WPVUV^BT67QOX`L;G6M-T#7IXKZXM]-\20BZ6?
M24N[:QDDLM0G_P!"N)<VIDCN/*2;\F_^&S_^#;[_`*,,\=?^"-__`)8U_4V4
M8ZIGN"I9ED^*\<<QP-64HPQ.%SS+:E-SIRC&I!VQJ<)PES*4)J,EHVK-,_$L
M=@5E>)EA,PCX:X3$049.E7R_,*<^27+RS2>DH2Y96E%N+::3NFC>AUW_`(-:
M_"6I:-<67@3XW^*H]9OKSP_J0U#5?'VIVGAZPU'0=9'_``D4UCJ/BAHI3:7T
M=C:VL]N1>Z=?7EMJMME[#8[5L?\`@U="J#I_Q^8@`%CXB^)@+$#EB!XJ`!)Y
MP``.PQ5"#]NK_@WOTZWO]"C_`."=7BO_`(03Q+9VUW<>*KGPYNU'_A)=!U',
M&BZ5))=;TMUT^]EN]2GM;G&9;>VN(AYD;FE_PV?_`,&WW_1AGCK_`,$;_P#R
MQKT5A,XYG)X;QV@VHKVD<\RZ<JL8NZE-?7FJ4HN52G[-6T@I27,W;D57`N*A
M]9\,&HN[C++<;!QE>.T^52JQE!1FIMM:N,7:*-W[#_P:N?\`0.^/O_A1_$W_
M`.:JC[#_`,&KG_0.^/O_`(4?Q-_^:JL+_AL__@V^_P"C#/'7_@C?_P"6-'_#
M9_\`P;??]&&>.O\`P1O_`/+&J6%SC3]WX]=/^9QEW]V__,;YO\>PE+`:?O\`
MPOZ?\P6/_N?Y,W?L/_!JY_T#OC[_`.%'\3?_`)JJV_#/@[_@UX\8^(_#_A'P
MQX:_:)UOQ+XIUO2_#GA_1M/USXH7-]JNMZU?0:=I>G6<$?BEGEN+R]N88(D4
M<NX)PH)'+:5^UU_P;IZ[J5EHVA_\$^/B7K6L:G<Q6>FZ3I'A:\U+4]0O)V"0
MVMC86=Y-=7=S,Y"QPP1/(['"J:_I^_8W_P""9_[!_P`.[CX<?M,?#C]CC2O@
MA\3?[)N-6T#3/%=LEWXL\'IK-O);QOJ%E)+=6>G:[_9\F\*F^YTQ[AECF6==
MZ_-\2Y^N%\&J^:X[QIP%;$1K0R^GF'$.`P]/%8FG24U!RIU\16C2C)I5JL*%
M14E->ZYRA&7L9-DTLYKJ&#H>'F+HT94GBY8++,=5G1I2E!-KGE"G[1I2=.$Y
MQYW%OX8R:^K?V//V)OV=?V$?AC?_``D_9L\%/X-\(ZOXFOO&&M_;=5U#7]9U
MOQ#?VEEI\FH:MK>K37&HWSP:=IMAI]FD\S):65I#;PJJ+@_6%%%?RQC<;C,Q
MQ5?'8_%5\9C,34=7$8K$U9UJ]:HTDYU:M1RG.5DE>3=DDEHD?MN&PV'PE"EA
ML+1IX?#T(*G1HTH*%.G".T80BDDEY+>[>K"BBBN4V"BBB@`HHHH`P_$?ACPW
MXQT>\\.^+=`T7Q/H&H(J7^B^(-,LM8TJ\1&#H+G3]0AN+6;8ZK)&9(F*2*KH
M5901\Z>-/V9?@7H_AK4]2\&_LK?!'Q?XCM(DET_PW-X+\"Z$NK/YBB2V35K[
M2/L5E(8RSI+=$0Y7:QY%?4]%=>&QN)PKC[*M5C34U.5&-:O3I5&K74U1JTI6
MDHJ,G&49V2M)-)KGKX7#XA/VM&E.7*XQJ2I4JDX73U@ZL)I.+?,DXRC=:Q:N
MC^63XW_\%)C^S7XF\:>!/CW_`,$3?%=AX,\.>(S+X!U#PMX%^'?B70+O37T>
MQ36]6;5-/T2ZTNY:[UJ#49K:^TW;!-HW]G"[(G@94^.;O_@XC_X)ZV$SV]__
M`,$O#87$;,CV]]X7^$MI.C*<,K0W&DQR*5)PP*C!X/-?VMW-M;WEO<6=Y;PW
M5I=0RVUU:W,4<]O<V\Z-%/;W$$JO%-#-$S1RQ2*T<B,R.I4D'Y/\0_L!?L(^
M+=1FU?Q7^Q1^R3XGU:X>22?5/$/[.'P<UK49Y)6WRR37NI>#;FYD>1R7D=Y6
M9V.YB3S7ZAEG&?`CIVSK@S-(UXPI+VF3\5YS2H5)QA&-2I+#XO%SE3E4E#VD
MK8BKS3E)NUSX?,.&.))2YLMXAP*BWI#,,BR^<H0OI&-2A17,HK2*]G!1226F
MW\N7AK_@OS^PWXRNTL/"/_!)O7?%%Y(R*EMX?\!?#/6)6,C%8\+8:%<'#E6"
MGH=K8/RG'ZX?LB?%'3_VL=2AG7_@CK_PI3P*+BU2\\>?%_PW\)/#MD;2>15E
MN=%T9M,_M?7FMHV\R6WLX4D4%3R#Q^K_`,-/V7OV9_@Q=?;O@]^SM\"_A/>A
M(XQ>?#3X2>`/`EUY<7F^4GVCPOX?TJ;9%Y\WEKOVIYTNT#S'S[I7GY[Q=PK6
MIU*/#G"V/P,I02AC,SXHSO%U:4M.:4,+1Q=*C=67(ZE6K&^LJ<MGU97PWF]*
M<*F;YSA<5RN+EA\'DN6X>G.VKC*M4P]2IR2>C480ER[33=UXMH?[.'[/OAG5
M[#7_``[\$/A/H>N:5<+=Z9J^E?#_`,+6&I:?=("([FRO+;2X[BVN(]Q,<T,B
M21D[D96`->TT45^<U:]>NU*O6JUI15HNK4G4<5V3G*32\EH?8TJ-&@G&C2I4
M8MW<:5.---VM=J"2;LDKO6R"BBBLC4****`"BBB@`HHHH`****`"BBB@`HHH
4H`****`"BBB@`HHHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
