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<SEC-DOCUMENT>0000950103-05-000171.txt : 20080317
<SEC-HEADER>0000950103-05-000171.hdr.sgml : 20080317

<ACCEPTANCE-DATETIME>20050202173149

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950103-05-000171

CONFORMED SUBMISSION TYPE:	F-1

PUBLIC DOCUMENT COUNT:		14

FILED AS OF DATE:		20050202

DATE AS OF CHANGE:		20050412


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:		F-1

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-122496

		FILM NUMBER:		05570450



	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>F-1
<SEQUENCE>1
<FILENAME>feb0205_f1.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><B><FONT size=2 face="serif">As filed with the Securities
    and Exchange Commission on February 2, 2005</FONT></B></td>
  </tr>
  <tr>
    <td align="right"><B><FONT size=2 face="serif">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></td>
  </tr>
</table>
<hr size="4" noshade color="#000000" style="margin-top: -2px">
<hr size="1" noshade color="#000000" style="margin-top: -10px">
<div align=center>
<B><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C. 20549<br>
</FONT></B>
<hr align=center width=15% size=1 noshade color="#000000">
  <B><FONT face="serif">FORM F-1 <BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933<br>
  </FONT></B>
  <hr align=center width=15% size=1 noshade color="#000000">
  <B><FONT size=4 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. </FONT></B><BR>
  <FONT size=1 face="serif">(Exact Name of Registrant as Specified in Its Charter)</FONT><br>
  <BR>
  <B><FONT face="serif">Ultrapar Holdings Inc. </FONT></B><BR>
<FONT size=1 face="serif">(Translation of Registrant&#146;s name into English) <br>
<br>
</FONT></div>
<div align="center">
  <TABLE width=80% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
          <TD width=30% align=center>
    <B><FONT size=2 face="serif">Federative Republic of Brazil</FONT></B>
          </TD>
          <TD width=40% align=center>
    <B><FONT size=2 face="serif">4924</FONT></B>
          </TD>
          <TD width=30% align=center>
    <B><FONT size=2 face="serif">Not Applicable</FONT></B>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=30% align=center>
    <FONT size=1 face="serif"> <FONT size=1 face="serif">(State or other jurisdiction
    of</FONT> <br>
    incorporation or organization)</FONT>
          </TD>
          <TD width=40% align=center>
    <FONT size=1 face="serif"> <FONT size=1 face="serif">(Primary Standard Industrial</FONT> <br>
    Classification Code Number)</FONT>
          </TD>
          <TD width=30% align=center>
    <FONT size=1 face="serif"> <FONT size=1 face="serif">(I.R.S. Employer</FONT> <br>
    Identification No.)</FONT>
          </TD>
    </TR>
  </TABLE>
  <BR>
  <B><FONT size=2 face="serif">Av. Brigadeiro Luis Ant&ocirc;nio, 1343, 9&ordm; Andar,</FONT></B><font size="2"><BR>
  <B><FONT face="serif">S&atilde;o Paulo, SP, Brazil 01317-910 </FONT></B><BR>
  <B><FONT face="serif">(Telephone: 55-11-3177-6482)<br>
  </FONT></B></font><FONT size=1 face="serif">(Address and telephone number of Registrant&#146;s
  principal executive offices)<br>
  </FONT>
  <hr align=center width=15% size=1 noshade color="#000000">
  <B><FONT size=2 face="serif">CT Corporation System</FONT></B><font size="2"><BR>
  <B><FONT face="serif">1633 Broadway </FONT></B><BR>
  <B><FONT face="serif">New York, NY 10019<br>
  <FONT size=1 face="serif">(Name, address and telephone number of agent for
  service)</FONT>  </FONT></B></font></div>
<div align="center">
  <TABLE width=80% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
          <TD align=center width=100% colspan=5>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
          <TD align=center width=100% colspan=5>
    <B><FONT size=2 face="serif">Copies to:</FONT></B>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Andr&eacute;s V. Gil</FONT></B>
          </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=44% align=left>

        </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Sara Hanks</FONT></B>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Davis Polk &amp; Wardwell</FONT></B>
          </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=44% align=left>

        </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Clifford Chance US LLP</FONT></B>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">450 Lexington Avenue</FONT></B>
          </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=44% align=left>

        </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=25% align=center>
            <font size="2"><B><FONT face="serif">31 West 52<SUP>nd </SUP>Street</FONT></B>
            </font></TD>
    </TR>
    <TR valign="bottom">
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">New York, New York 10017</FONT></B>
          </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=44% align=left>

        </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">New York, New York 10019</FONT></B>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Phone: (212) 450-4000</FONT></B>
          </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=44% align=left>

        </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Phone: (212) 878-8000</FONT></B>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Fax: (212) 450-4800</FONT></B>
          </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=44% align=left>

        </TD>
          <TD width=2%>&nbsp;
          </TD>
          <TD width=25% align=center>
    <B><FONT size=2 face="serif">Fax: (212) 878-8375</FONT></B>
          </TD>
    </TR>
    <TR>
          <TD>
          </TD>
          <TD>
          </TD>
          <TD>&nbsp;
          </TD>
          <TD>
          </TD>
          <TD>
          </TD>
    </TR>
  </TABLE>
  <hr align=center width=15% size=1 noshade color="#000000">
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Approximate date of commencement of proposed sale to the public</FONT></B><FONT size=2 face="serif">: As soon as practicable after the Registration Statement becomes effective. If any of the
securities being registered on this form are being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.</FONT><FONT size=2 face="serif"> </FONT><font size=2 face="wingdings">o</font><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, please check the
following box.</FONT><FONT size=2 face="serif"> </FONT><font size=2 face="wingdings">o</font><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. </FONT><font size=2 face="wingdings">o</font><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, please check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.</FONT><FONT size=2 face="serif"> </FONT><font size=2 face="wingdings">o</font><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif">If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box.</FONT><FONT size=2 face="serif"> </FONT><font size=2 face="wingdings">o</font></P>
<hr align=center width=15% size=1 noshade color="#000000"><br>
<div align="center"> <B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B> <FONT size=2 face="serif"> </FONT></div>
<TABLE width=100% border=1 cellspacing=4 cellpadding=4>
<TR valign="bottom">
        <TD width=40% align=center>
<B><FONT size=1 face="serif">Title of each class of securities to be registered</FONT></B>
        </TD>
        <TD width=15% align=center>
<B><FONT size=1 face="serif">Amount to be<br>
registered (1)</FONT></B>
        </TD>
        <TD width=15% align=center>
<B><FONT size=1 face="serif">Proposed maximum<br>
offering price per unit</FONT></B>
        </TD>
        <TD width=15% align=center>
<B><FONT size=1 face="serif">Proposed maximum <br>
aggregate offering price(2)</FONT></B>
        </TD>
        <TD width=15% align=center>
<B><FONT size=1 face="serif">Amount of<br>
registration fee</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Preferred shares, without par value(3)</FONT>
        </TD>
        <TD width=15% align=center>
<FONT size=2 face="serif">6,146,901,164</FONT></TD>
        <TD width=15% align=CENTER><FONT SIZE="2">U.S.$0.019131
        </FONT></TD>
        <TD width=15% align=CENTER><FONT SIZE="2">U.S.$117,596,370</FONT></TD>
        <TD width=15% align=CENTER><FONT SIZE="2">U.S.$13,841</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
        <TD width=3% align=left><FONT size=1 face="serif">(1)</FONT></TD>
        <TD width=97% align=left>
<FONT size=1 face="serif">Includes 5,062,153,900 preferred shares to be offered
and sold in the United States and elsewhere and 1,084,747,264 preferred shares
subject to the underwriters&#146; over-allotment option. Offers and sales of preferred shares outside the United
States are being made pursuant to Regulation S under the Securities Act and are
not covered by this registration statement. A portion
of the preferred shares will be represented by ADSs. Each ADS represents 1000
preferred shares.</FONT> </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=3% align=left>
<FONT size=1 face="serif">(2)</FONT>
        </TD>
        <TD width=97% align=left>
<FONT size=1 face="serif">Estimated solely for the purpose of computing the amount
of the registration fee in accordance with Rule 457(c) under the Securities Act
based on the average of the high and low prices</FONT>
<FONT size=1 face="serif">of the preferred shares represented by the ADSs on
the New York Stock Exchange on January
28,
2005.</FONT></TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=3% align=left>
<FONT size=1 face="serif">(3)</FONT>
        </TD>
        <TD width=97% align=left>
<FONT size=1 face="serif">A separate Registration Statement on Form F-6 (File
No. 333-10816) was filed on September 10, 1999 and declared effective on October 5,
1999. This Registration Statement on Form F-6 relates to</FONT>
<FONT size=1 face="serif">the registration of ADSs evidenced by the American
Depositary Shares issuable upon deposit of the preferred shares registered hereby.</FONT> </TD>
</TR>
</TABLE>
<br>
<hr align=center width=15% size=1 noshade color="#000000">
<P align="left">
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine. </FONT></B></P>
<hr size="1" noshade color="#000000" style="margin-top: -2px">
<hr size="4" noshade color="#000000" style="margin-top: -10px">
<br>
<br>
<br>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<div align=center>
  <table cellspacing=5 cellpadding=10 width="90%" border=1>
    <tr>
      <td><font color="#FF0000" size="2" face="Arial, Helvetica, sans-serif">The information
          in this preliminary prospectus is not complete and may be changed.
          We may not sell these securities until the registration statement filed
          with the Securities and Exchange Commission is effective. This preliminary
          prospectus is not an offer to sell these securities and we are not
          soliciting offers to buy these securities in any jurisdiction where
      the offer or sale is not permitted.</font></td>
    </tr>
  </table>
</div>
<br>
<br>

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=30% align=left>
<FONT size=2 face="serif">PRELIMINARY PROSPECTUS</FONT>
        </TD>
        <TD width=40% align=center>
<FONT size=2 face="serif">Subject to Completion</FONT>
        </TD>
        <TD width=30% align=center>
          <FONT size=2 face="serif">February 2, 2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="30%">
<HR noshade size=1>
        </TD>
        <TD width="40%">
<HR noshade size=1>
        </TD>
        <TD width="30%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p><BR>
    <B><FONT face="serif">Preferred Shares <BR>
    including Preferred Shares in the form of<BR>
    American Depositary Shares</FONT></B></p>
<p><img src="ultrapar_logo.jpg" width="278" height="189"><BR>
</p>
<P>
<B><FONT size=5 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.<br>
</FONT></B>
<B><FONT face="serif">R$ </FONT></B>&nbsp;&nbsp;&nbsp;<B><FONT face="serif"> per
1,000 Preferred Shares <br>
</FONT></B><B><FONT face="serif">U.S.$ </FONT></B>&nbsp;&nbsp;&nbsp;<B><FONT face="serif"> per American Depositary Share </FONT></B></P>
<P><HR noshade size=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The selling shareholders
named in this prospectus are offering 7,231,648,428 preferred shares (including
preferred shares in the form of American Depositary Shares, which we refer to
as ADSs)  to be sold in a global offering. Each ADS represents 1,000 preferred
shares and will be evidenced by American Depositary Receipts, which we refer
to as ADRs. Of the total being sold by the selling shareholders, the underwriters
are offering
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferred shares and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs
  in the United States and other jurisdictions outside Brazil,  preferred shares
  purchased by U.S. investors will be placed outside the United States by the
  Brazilian underwriters, settled in Brazil and paid for in reais and their offer
  is being underwritten by the Brazilian underwriters identified elsewhere in
   this prospectus, pursuant to an underwriting agreement governed by Brazilian
  law. U.S. investors purchasing preferred shares must be authorized to invest
  in Brazilian Securities under the requirements established by the Brazilian
  National Monetary  Council (Conselho Monet&aacute;rio Nacional, or CMN) and
  the Brazilian Securities Commission (Comiss&atilde;o de Valores Mobili&aacute;rios,
  or CVM). The Brazilian underwriters are offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferred
  shares in Brazil to Brazilian investors and other non-U.S. international investors
  authorized to invest in Brazilian securities under the requirements established
  by the CMN and the CVM. We will not receive any  proceeds from this offering
  unless the underwriters exercise their over-allotment option, as described
  below. The closings of the international and Brazilian offerings will be conditioned
  upon each other. </FONT>
<p></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our preferred shares
are traded on the S&atilde;o Paulo stock exchange under the symbol &#147;UGPA4&#148; and
our ADSs are traded on the New York Stock Exchange under the symbol
&#147;UGP&#148;. On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005, the last reported sale price on the S&atilde;o Paulo Stock Exchange of
our preferred shares was R$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per 1,000 preferred
shares and the last reported sale price on the New York Stock Exchange of our
ADSs was U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per ADS.</FONT></P>
<P><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>&nbsp;This offering will be registered with the CVM. The
    CVM has not approved or disapproved these securities or determined if this
    prospectus (or the Portuguese-language prospectus used in the Brazilian offering)
    is truthful or complete. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Investing in the preferred shares or the ADSs involves a high degree of risk. Before buying any preferred shares or ADSs, you should carefully read the discussion of material risks of
investing in our securities under the heading &#147;Risk factors&#148; beginning on page 10 of this prospectus. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense. </FONT></B></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=70% align=left>&nbsp;</TD>
  <TD width=15% align=center><strong><font size="1" face="Times New Roman, Times, serif">Per 1,000 preferred shares </font></strong></TD>
  <TD width=15% align=center><strong><font size="1" face="Times New Roman, Times, serif">Total</font></strong></TD>
</TR>
<TR>
  <TD colspan="3">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Public offering price</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
</TR>
<TR>
        <TD colspan="3">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Underwriting discounts and commissions</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
</TR>
<TR>
  <TD colspan="3">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Proceeds, before expenses, to the selling shareholders</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
</TR>
<TR>
  <TD colspan="3">
    <HR noshade size=1>
  </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriters and
the Brazilian underwriters may also purchase up to an additional aggregate 1,084,747,264
preferred shares (which may include preferred shares in the form of ADSs), from
us at the public offering price, less the underwriting discounts and commissions,
within 30 days from the date of this prospectus to cover over-allotments, if
any. If the underwriters and the Brazilian underwriters exercise the option in
full, the total underwriting discounts and commissions will be U.S.$&nbsp;&nbsp;&nbsp;&nbsp; ,
and the total proceeds, before expenses, to us will be U.S.$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>
<hr align=center width=15% size=1 noshade color="#000000">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriters are offering the preferred shares and ADSs and the Brazilian underwriters are offering the preferred shares to non-U.S. investors as set forth under &#147;Underwriting.&#148;
  Delivery of the preferred shares will be made in Brazil through the facility of the Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia (the Brazilian Settlement and Custodial Company), which we refer to as the CBLC, on or about
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005. Delivery of the ADSs will be made through the book-entry facilities of the Depositary Trust Company on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005. Delivery of the ADSs will be made in New York, New York on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005. </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=48% align=left>
<B><I><FONT size=2 face="serif">Sole Global Coordinator &amp; Joint Bookrunner</FONT></I></B>
        </TD>
        <TD width=4%>&nbsp;</TD>
        <TD width=48% align=right>
<B><I><FONT size=2 face="serif">Joint Bookrunner</FONT></I></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<B><FONT size=5 face="serif">UBS Investment Bank</FONT></B>
        </TD>
        <TD width=4%>&nbsp;</TD>
        <TD width=48% align=right>
<B><FONT size=5 face="serif">Pactual Capital Corporation</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=99% colspan=3 align=center>
<FONT size=2 face="serif">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005.</FONT>
        </TD>
</TR>
</TABLE><BR>

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

<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan=8 align=center>
<B><FONT size=2 face="serif"><u>TABLE OF CONTENTS</u></FONT></B>
        </TD>
  </TR>
<TR>
        <TD width=39%>&nbsp;
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=39%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7%>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp;<U><FONT size=2 face="serif">Page</FONT></U>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<U><FONT size=2 face="serif">Page</FONT></U>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Forward looking statements</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp;<FONT size=2 face="serif">ii</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Management</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">77</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Presentation of information</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">&nbsp;iii</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Principal and selling shareholders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">82</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Prospectus summary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp;<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Distribution policy and dividends</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">85</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">The offering</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp;<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Description of capital stock</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">88</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Summary financial information</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp;<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Description of American depositary receipts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">98</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Risk factors</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Taxation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">105</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Use of proceeds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Underwriting</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">111</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Market information</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Expenses of issuance and distribution</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">116</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Exchange rates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Validity of securities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">116</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Capitalization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Experts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">116</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Selected consolidated financial information</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">24</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Where you can find more information about us</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">117</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Management&#146;s discussion and analysis of financial</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Enforcement of judgments against foreign persons118</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">condition and results of operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">27</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Index to consolidated financial statements</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">F-1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=39% align=left>
<FONT size=2 face="serif">Business</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">46</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2% align=left></TD>
</TR>
</TABLE><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You should rely only on the information contained in this prospectus or to which we have referred you. We, the selling shareholders and the underwriters have not authorized anyone to provide
you with information different from that contained in this prospectus. The selling shareholders and the underwriters are not making an offer to sell the preferred shares or ADSs in a jurisdiction or state where such offer is not permitted. The
information in this document is only accurate at the date of this prospectus, and our business, results of operations and financial condition may change after the date of this prospectus. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have prepared this prospectus on the basis of information that we have or have obtained from sources we believe to be reliable. The discussions of documents referred to in this prospectus
summarize those documents and we refer you to those documents for more complete information. You should consult your own legal, tax and business advisors regarding an investment in our preferred shares or ADSs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The offering of preferred shares is being made in Brazil by a Portuguese-language prospectus that has been filed with the CVM and has the same date as this prospectus but has a different
format. This offering is being made in the United States and elsewhere outside Brazil solely on the basis of the information contained in this prospectus. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">No offer or sale of ADSs may be made to the public in Brazil except in circumstances which do not constitute a public offer or distribution under Brazilian laws and regulations. Any offer or
sale of ADSs in Brazil to non-Brazilian residents may be made only under circumstances that do not constitute a public offer or distribution under Brazilian laws and regulations. </FONT></P>
<P align="center">
<FONT size=2 face="serif">i</FONT></P>

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

<P>
<B><FONT size=3 face="serif">Forward looking statements</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The statements contained in this prospectus in relation to our plans, forecasts, expectations regarding future events, strategies, and projections, are forward-looking statements which involve
risks and uncertainties and which are therefore not guarantees of future results. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or revise any forward-looking statements after
we distribute this prospectus because of new information, future events and other factors. Words such as &#147;believe,&#148; &#147;expect,&#148; &#147;may,&#148; &#147;will,&#148; &#147;plan,&#148; &#147;strategy,&#148; &#147;prospect,&#148;
&#147;foresee,&#148; estimate,&#148; &#147;project,&#148; &#147;anticipate,&#148; &#147;can,&#148; &#147;intend&#148; and similar words are intended to identify forward-looking statements. We have made forward-looking statements which cover, among
other things, our: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">strategy for marketing and operational expansion;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">capital expenditures forecasts; and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">development of additional sources of revenue.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">These forward-looking statements are subject to risks and uncertainties, which could mean that our actual results and performance could differ significantly from those anticipated and that
anticipated events or circumstances might not occur. The risks and uncertainties include, but are not limited to: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">general economic and business conditions, including the price of crude oil and other commodities, refining</FONT> <FONT size=2 face="serif">margins and prevailing foreign exchange rates;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">competition;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">ability to produce and deliver products on a timely basis;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">ability to anticipate trends in the LPG industry, including changes in capacity and industry price</FONT> <FONT size=2 face="serif">movements;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">changes in official regulations;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">receipt of official authorizations and licenses;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">political, economic and social events in Brazil;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">approval of Brazilian antitrust authorities of the Shell G&aacute;s acquisition;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">access to sources of financing and our level of debt;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">ability to integrate acquisitions;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">regulatory issues relating to acquisitions;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">availability of tax benefits; and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">other factors contained in this prospectus under &#147;Risk factors.&#148;</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">ii</FONT></P>

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

<P>
<B><FONT size=3 face="serif">Presentation of information</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The audited consolidated balance sheets included herein and the related consolidated statements of income, cash flows, changes in financial position and changes in shareholders&#146; equity,
including the notes thereto, are our consolidated financial statements. The unaudited interim consolidated financial statements as of September 30, 2004 and for the nine months ended September 30, 2004 and 2003 included in this prospectus and the
related consolidated statements of income, cash flows, changes in financial position and changes in shareholders&#146; equity, including the notes thereto, are our unaudited interim consolidated financial statements. The selected financial
information presented in this prospectus should be read in conjunction with our consolidated financial statements, our unaudited interim consolidated financial statements, and the notes thereto.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All references herein to the &#147;</FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif">,&#148; &#147;</FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2
face="serif">,&#148; or &#147;R$&#148; are to the Brazilian </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif">, the official currency of Brazil. All references to &#147;U.S. dollars,&#148; &#147;dollars&#148; or
&#147;U.S.$&#148; are to United States dollars. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Segment information for our businesses are presented on an unconsolidated basis. Consequently, intercompany transactions have not been eliminated in segment information and therefore this
information will not sum to consolidated financial information provided. See &#147;Business-Related party transactions&#148; for more information. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Certain figures included in this prospectus have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures
that precede them. </FONT></P>
<P>
<I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian
GAAP and U.S. GAAP</FONT></I></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our consolidated financial statements are prepared in accordance with accounting practices adopted in Brazil (&#147;Brazilian GAAP&#148;), which include accounting principles emanating from the
Brazilian corporate law and accounting standards and supplementary procedures established by the CVM and the Brazilian Institute of Independent Auditors (Instituto dos Auditores Independentes do Brasil), or IBRACON. Such accounting practices differ
in certain material respects from accounting principles generally accepted in the United States of America, or U.S. GAAP. See note 24 to our consolidated financial statements for a summary of the differences between Brazilian GAAP and U.S. GAAP, and
a reconciliation to U.S. GAAP of shareholders&#146; equity as of December 31, 2003 and 2002, and net income for the years ended December 31, 2003, 2002 and 2001. </FONT></P>
<P>
<I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market share information</FONT></I></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All market share information for the LPG business in Brazil is obtained from Sindig&aacute;s, the Brazilian Association of LPG distributors. Unless otherwise specified, all macro economic data
is obtained from Instituto Brasileiro de Geografia e Estat&iacute;stica&#150; IBGE, Funda&ccedil;&atilde;o Get&uacute;lio Vargas &#150; FGV and the Central Bank of Brazil (</FONT><I><FONT size=2 face="serif">Banco Central do Brasil</FONT></I><FONT
size=2 face="serif">), or the Central Bank. </FONT></P>
<P align="center">
<FONT size=2 face="serif">iii</FONT></P>

<br>
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<br>
<br>

<P>
<B><FONT size=3 face="serif">Prospectus summary</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">This summary highlights information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before buying shares in this
offering. You should read the entire prospectus carefully. Unless the context otherwise requires, all references to &#147;Ultrapar,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to Ultrapar
Participa&ccedil;&otilde;es S.A. together with its subsidiaries. &#147;Ultragaz&#148; refers to Ultragaz Participa&ccedil;&otilde;es Ltda. together with its subsidiaries. &#147;Oxiteno&#148; refers to Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio,
together with its subsidiaries. &#147;Ultra S.A.&#148; or &#147;Ultra&#148; refers to Ultra S.A. Participa&ccedil;&otilde;es. &#147;Ultracargo&#148; refers to Ultracargo Opera&ccedil;&otilde;es Log&iacute;stica e Participa&ccedil;&otilde;es Ltda
together with its subsidiaries. </FONT></I></P>
<P>
<B><FONT size=2 face="serif">OUR BUSINESS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are one of Brazil&#146;s leading corporate groups. We are engaged in the distribution of liquified petroleum gas, or LPG, production of chemicals, and the provision of integrated logistics
services. Our wholly-owned subsidiary, Ultragaz, is the largest LPG distributor in Brazil with a national market share of 24%. In the chemicals business, our wholly-owned subsidiary, Oxiteno, is the sole producer of ethylene oxide and its principal
derivatives in the Mercosur area (comprising Brazil, Argentina, Paraguay and Uruguay) and a major producer of specialty chemicals. Through our wholly-owned subsidiary, Ultracargo, we are a leading provider of integrated road transport, storage and
handling services for chemicals and fuels. </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth certain financial information for us and our principal businesses</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><B><FONT size=2 face="serif">Nine months ended</FONT></B> <br>
    <B><FONT size=2 face="serif">September 30,</FONT></B></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center><B><FONT size=2 face="serif">Year ended<br>
December 31,</FONT></B> </TD>
  <TD align=left></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></TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2004</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center></TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">(in millions of </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Net sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

        </TD>
        <TD width=6% align=left></TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,000.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,994.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">2,284.7</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,241.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,903.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,622.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,942.7</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">1,381.1</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,210.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">923.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,237.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">956.1</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">832.1</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">144.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">131.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">177.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">131.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">105.4</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">EBITDA</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left></TD>
        <TD width=6% align=left> </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">498.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">487.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">372.5</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">205.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">166.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">208.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">219.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">163.0</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">309.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">182.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">243.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">232.7</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">176.8</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">31.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">29.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">28.1</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Net Income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left></TD>
        <TD width=6% align=left> </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">246.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">222.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">132.2</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Net cash (debt)<SUP>3</SUP>:</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=left></TD>
        <TD width=6% align=left> </TD>
        <TD width=1% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(25.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(78.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">54.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">241.3</FONT> </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="2" align=left><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Segment information for our businesses are presented on an unconsolidated basis. See &#147;Presentation of</FONT>
<FONT size=2 face="serif">information&#148; for more information.</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left VALIGN="TOP">
<FONT size=2 face="serif">(2)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">See footnote 2 under &#147;Summary financial information&#148; for a more complete discussion of EBITDA</FONT>
<FONT size=2 face="serif">and its reconciliation to information in our financial
statements.</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="TOP">
  <TD align=left><FONT SIZE="2">(3)</FONT></TD>
  <TD align=left><FONT SIZE="2">See footnote 3 under &#147;Summary financial
    information&#148; for a more complete discussion of net cash (debt) and its
    reconciliation to information in our financial statements. </FONT></TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our origins date to 1937 when our founder, Ernesto Igel, brought LPG to be used as cooking gas in Brazil. In 1966, we formed the operating subsidiaries of Ultracargo to satisfy the demand for
high quality transportation services and storage for chemicals and LPG. We were also one of the pioneers in developing Brazil&#146;s petrochemical industry with the creation of Oxiteno in 1970. </FONT></P>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>
<BR>

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

<P>
<B><FONT size=2 face="serif">OUR STRENGTHS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Leading market positions across businesses</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz is the largest LPG distributor in Brazil and the sixth largest independent in the world in terms of volume sold. It has a national market share of 24% and is present in every state,
excluding the Amazon region, reaching more than 7.5 million homes. For the nine months ended September 30, 2004, Ultragaz&#146;s total volume sold reached 1.2 million tons of LPG. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno is the sole producer
of ethylene oxide and its derivatives in the Mercosur region and is also a major
producer of specialty chemicals. Our chemical operations supply a broad range
of market segments, particularly agricultural chemicals, food, cosmetics, leather,
detergents, packaging for beverages, thread and polyester filaments, brake fluids,
petroleum, paints and varnishes. For the nine months ended September 30, 2004,
Oxiteno sold approximately 391,000 tons of chemical products. In the Brazilian
market for these products we compete principally with imports. For instance,
imports of ethylene glycol and methyl-ethyl-ketone, two of our most important
products, represented approximately 30% and 10% respectively, of the volumes
sold in Brazil during the nine months ended September 30, 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo is a leading provider of integrated logistics for chemicals and fuels, with 21% of Brazil&#146;s tank storage capacity for chemical products. Ultracargo accounts for approximately
71% of all tank capacity for liquids at the Aratu terminal in the State of Bahia, which serves South America&#146;s largest petrochemical complex. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Balanced business mix</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our operations encompass the distribution of LPG, the production of ethylene oxide and its derivatives and the transportation and storage of chemicals and fuels. We believe our businesses
provide us with increased financial capability and flexibility across the businesses in which we operate. Our balanced business mix makes us less vulnerable to economic fluctuations and allows us to pursue growth opportunities as they arise in any
of our business segments. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Highly efficient LPG distribution network</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to making
direct sales of bottled LPG, Ultragaz is the only LPG distributor in Brazil with
an exclusive network of independent dealers. This network comprises approximately
4,400 dealers who exclusively represent Ultragaz. This has enabled Ultragaz to
control the quality and productivity of its dealers leading to a strong brand
name recognition associated with quality, safety and efficiency, and also allows
frequent contact with its customers. In addition, Ultragaz was the first to introduce
LPG small bulk delivery in Brazil, with lower distribution cost than bottled
distribution, and over the years has built a strong client base. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Flexibility across the petrochemical cycle</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno is the sole producer
of ethylene oxide and its principal derivatives in the Mercosur region. Approximately
96% of its ethylene oxide production is used internally in the production of
ethylene oxide derivatives which can be classified in two groups: specialty and
commodity chemicals. Oxiteno is a major producer of specialty chemicals, which
are traditionally products with better margins and less exposure to petrochemical
cycles than commodity chemicals. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Cost efficient operations</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s operations
have a high degree of production efficiency derived from scale similar to that
of the largest producers in the world. Ultragaz has significant market presence
in densely populated areas which allows it to operate its filling plants and
distribution system with a high level of capacity utilization and efficiency.</FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

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

<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Strong operational track record</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our business has exhibited
a solid operational track record. During the last five years, we experienced
consolidated annual compounded average growth rates of &nbsp;&nbsp;&nbsp;% in EBITDA<SUP>1 </SUP>and
&nbsp;&nbsp;&nbsp;% in net income, in spite of the overall macroeconomic volatility in Brazil
during this same period. This growth has been driven by the operational performance
of all our businesses. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Experienced management team</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are led by a strong and experienced management team with a proven track record in the LPG, petrochemical and specialized logistics industries. Our senior management team possesses an average
of 31 years of experience in the relevant industries, is a significant shareholder in our company, and has a performance-linked remuneration based on an economic value-added model (EVA&reg;). </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Alignment of shareholders&#146; interests</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our by-laws provide important
rights that align the interests of all our shareholders, including our controlling
shareholders, management shareholders and minority shareholders. If our controlling
shareholders sell their controlling stake in our Company, our by-laws provide
that holders of our preferred and common shares are entitled to sell their shares
in a public tender offer at the same price and with the same payment terms as
our controlling shareholders. </FONT></P>
<P>
<B><FONT size=2 face="serif">OUR STRATEGY</FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Build on the strength of our LPG brand</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our LPG distribution business has a high brand recognition associated with quality, safety and efficiency. We intend to reinforce this market perception by continuing to supply high quality
products and services and introducing new services and distribution channels.</FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Maintain exclusivity in LPG distribution</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We intend to preserve
our strong relationship with dealers by keeping their distribution exclusivity
and avoiding geographic overlap. We plan to continue to invest in training our
dealers, in order to maximize efficiency, further strengthen our relationships
with them and promote the high standards of our distribution network. In parallel,
we plan to increase our operational efficiency and productivity at Ultragaz. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Expand capacity at Oxiteno</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We intend to continue to expand Oxiteno&#146;s production capacity ahead of demand in Brazil. As we expand, we plan to continue our efforts to apply the best global practices to Oxiteno&#146;s
plants and production processes with a view to remain technologically competitive. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Continue to enhance product mix at Oxiteno</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We plan to increase Oxiteno&#146;s capacity to produce a variety of value-added ethylene oxide derivatives in order to optimize its sales mix across petrochemical cycles. Oxiteno&#146;s
investments in research and development has resulted in the introduction of 135 new applications for its products during the last three years. Oxiteno will continue to invest in research and development focused on developing new product applications
to meet clients&#146; needs. In addition, we intend to focus Oxiteno&#146;s sales on the domestic market, which allows us to have higher margins. </FONT></P>
<P><hr align=left width=15% size=1 noshade color="#000000">

<SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif"> See footnote
2 under &#147;Summary
financial information&#148; for a more complete discussion of EBITDA and its
reconciliation to information in our financial  statements. </FONT>
<p></P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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<br>
<br>

<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Maintain financial strength</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We seek to maintain a sound financial position to allow us to pursue investment opportunities and enhance our shareholders&#146; return on their investment in our Company. Our net debt position
for the year ended September 30, 2004 was R$ 25 million. Additionally, all foreign currency denominated debt is hedged until its maturity. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have been consistently distributing dividends to our shareholders. During the last five years we have paid yearly dividends representing an average of approximately 48% of our net income.
</FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Continue to grow our businesses</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our main objective is to enhance shareholder value and strengthen our market presence by growing our business. Historically, we have grown our business organically and through acquisitions. We
intend to continue this strategy, both domestically and internationally. </FONT></P>
<P>
<B><FONT size=2 face="serif">RECENT DEVELOPMENTS</FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Stock dividend and share exchange by controlling shareholders </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At our Board of Directors&#146; meeting held on February 2, 2005, our directors approved a stock dividend of 10,453,690,324 preferred shares of Ultrapar, or 15 shares for each 100 outstanding
common or preferred shares on February 16, 2005. As a result of the stock dividend, we will issue 10,453,690,324 new preferred shares to our shareholders through a capitalization of reserves. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At an upcoming extraordinary
shareholders&#146; meeting, our shareholders will consider approving the issuance
of additional preferred shares by us to permit certain shareholders, including
 Ultra, to exchange common shares of Ultrapar held indirectly by them into preferred
shares at a ratio of one common share for one preferred share.  Common shares
tendered for exchange into preferred shares will be cancelled.</FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Bond offering in Brazil</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On February 2, 2005, our shareholders approved an offering to Brazilian investors of R$ 300 million principal amount of Ultrapar bonds due 2008. The proceeds from this bond offering will be
used to retire outstanding debt and for general corporate purposes. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Other projects under study</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have signed a protocol with Petr&oacute;leo
Brasileiro S.A., or Petrobras, to study the viability of a project to produce basic petrochemicals, including
ethylene, from heavy oil. Currently, we purchase ethylene from Brazilian suppliers whose production
is based on naphtha. We have not made a commitment to invest in this project should it prove to be viable
and we can give no assurance that the project will prove viable or, if so, that we will participate or
make an investment in such project. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are also studying the viability of building a pipeline together with Petrobras to transport ethanol from the producing regions of Riber&atilde;o Preto to Paul&iacute;nia, one of
Brazil&#146;s principal centers of ethanol distribution. We have not made a commitment to invest in this project should it prove to be viable and we can give no assurance that the project will prove viable or, if so, that we will participate or make
an investment in such project. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are in the advanced
stages of studying the viability and planning of a new production plant for specialty
chemicals which have various applications in the cosmetics and detergents, agrochemical
and textile market segments. </FONT></P>
<P>
<B><FONT size=2 face="serif">PRINCIPAL EXECUTIVE OFFICES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our principal offices are located at Av. Brigadeiro Luis Ant&ocirc;nio, 1343, 9</FONT><FONT size=2 face="serif">&deg;</FONT><FONT size=2 face="serif"> Andar, S&atilde;o Paulo, SP, Brazil
01317-910. Our telephone number is (011-55-11) 3177-6482. We maintain a website at www.ultra.com.br. Information contained in our website does not constitute a part of this prospectus. </FONT></P>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

<br>
<br>
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<br>
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<P>
<FONT SIZE="2"><FONT face="serif"><strong>The offering</strong> </FONT></FONT></P>
<P><FONT SIZE="2"><FONT face="serif">Securities offered</FONT></FONT></P>
<P><FONT SIZE="2"><FONT face="serif">Preferred
    shares, including preferred shares in the form of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs,
    are being offered in a global offering. Of this total, the underwriters are offering &nbsp;&nbsp;&nbsp;&nbsp;preferred
    shares and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs in the United States and other
     jurisdictions outside Brazil, preferred shares purchased by U.S. investors will
    be placed outside the United States by the Brazilian underwriters, settled in
    Brazil and paid for in <I>reais</I> and their offer is being underwritten by
    the Brazilian underwriters pursuant to the Brazilian underwriting agreement.
    U.S. investors purchasing preferred shares must be authorized to invest in Brazilian
    Securities under the requirements established by the CMN and the CVM. The Brazilian
    underwriters are offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferred
    shares in Brazil to Brazilian investors and to other non-U.S.  international
    investors that are authorized to invest in Brazilian securities under the requirements
    established by the CMN and the CVM. </FONT></FONT></P>
<P>
<FONT size=2 face="serif">Selling shareholders</FONT></P>
<P>
<FONT size=2 face="serif">F&aacute;bio Igel, M&aacute;rcia Igel Joppert, Rogerio Igel, Joyce Igel de Castro Andrade, L&uacute;cio de Castro Andrade Filho, Paulo Guilherme Aguiar Cunha, Fabio Schvartsman, Jos&eacute; Carlos Guimar&atilde;es de
Almeida, Pedro Wongtschowski, Maria da Concei&ccedil;&atilde;o de Moraes Coutinho Beltr&atilde;o, Helio Marcos Coutinho Beltr&atilde;o, Cristiana Coutinho Beltr&atilde;o, Maria Coutinho Beltr&atilde;o and Monteiro Aranha S.A. Following this
offering, the holdings beneficially owned by each of these shareholders will be as follows: </FONT></P>
<TABLE width=85% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=76% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">Shares beneficially owned</FONT> <font size="2"><br>
      <FONT face="serif">after this offering</FONT></font> </TD>
  </TR>
<TR valign="bottom">
  <TD width=76% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD width=76% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><FONT size=2 face="serif">Common</FONT></TD>
  <TD width=2% align=left>&nbsp;</TD>
  <TD colspan="2" align=center><FONT size=2 face="serif">Preferred</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD width=76% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><HR noshade size=1></TD>
  <TD width=2% align=left>&nbsp;</TD>
  <TD colspan="2" align=right><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">F&aacute;bio Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">M&aacute;rcia Igel Joppert</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Rogerio Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Joyce Igel de Castro Andrade</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">L&uacute;cio de Castro Andrade Filho</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Jos&eacute; Carlos Guimar&atilde;es de Almeida</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Pedro Wongtschowski</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Maria da Concei&ccedil;&atilde;o de Moraes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Helio Marcos Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Cristiana Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Maria Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Monteiro Aranha S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">Over-allotment option</FONT></P>
<P>
<FONT size=2 face="serif">We have granted the underwriters and the Brazilian underwriters an option to purchase up to an additional aggregate 1,084,747,264 preferred shares (or its equivalent in ADSs) from us, solely to cover over-allotments.
</FONT></P>
<P>
<FONT size=2 face="serif">The ADSs</FONT></P>
<P>
<FONT size=2 face="serif">Each ADS represents 1000 preferred shares. The depositary for the ADSs is The Bank of New York. </FONT></P>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>

<br>
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<br>


<P>
<FONT size=2 face="serif">The preferred shares represented by the ADSs will be deposited with Banco Ita&uacute; S.A. Payments for the ADSs may be made only in U.S. dollars. </FONT></P>
<P>
<FONT size=2 face="serif">Use of proceeds</FONT></P>
<P>
<FONT size=2 face="serif">We will not receive any proceeds from the sale of the ADSs or preferred shares by the selling shareholders. If the underwriters exercise their over-allotment option, the proceeds from the sale of the over-allotment shares
will be used by us for general corporate purposes. </FONT></P>
<P>
<FONT size=2 face="serif">Voting rights</FONT></P>
<P>
<FONT size=2 face="serif">Holders of the preferred shares and the ADSs do not have voting rights except in limited circumstances. See &#147;Description of American depositary receipts- Voting of deposited securities.&#148; </FONT></P>
<P>
<FONT size=2 face="serif">Dividends</FONT></P>
<P>
<FONT size=2 face="serif">Pursuant to our by-laws, we are required to distribute annually dividends equal to at least 50% of our adjusted net income, as calculated under Brazilian GAAP and adjusted as required by Brazilian corporate law (which may
differ significantly from net income under US GAAP). Holders of our preferred shares are entitled to receive dividends per share in the same amount as the dividends per share paid to holders of our common shares.  Holders of our preferred shares are
entitled to receive dividends declared by us from the date of the acquisition of such shares. See &#147;Distribution policy and dividends.&#148; </FONT></P>
<P>
<FONT size=2 face="serif">Tag-along rights</FONT></P>
<P>
<FONT size=2 face="serif">In case our controlling shareholders sell their controlling stake in our Company, holders of our preferred shares are entitled to sell their shares pursuant to a public tender offer to be made by the purchaser of the
controlling stake at the same price and with the same payment terms as our controlling shareholders. </FONT></P>
<P>
<FONT size=2 face="serif">Lock-up</FONT></P>
<P>
<FONT size=2 face="serif">We and each of our directors, executive officers and the selling shareholders have agreed, for 180 days following the date of the final prospectus, not to offer, sell, offer to sell, contract to sell, or otherwise dispose
of any of our shares of our capital stock or any securities convertible into or exchangeable for or any other rights to purchase or acquire shares of our capital stock, including preferred shares and ADSs, without the prior written consent of UBS
Securities LLC. </FONT></P>
<P>
<FONT size=2 face="serif">Listing and trading markets</FONT></P>
<P>
<FONT size=2 face="serif">The preferred shares are listed on the S&atilde;o Paulo Stock Exchange under the symbol &#147;UGPA4.&#148; The ADSs are listed on the New York Stock Exchange under the symbol &#147;UGP.&#148;</FONT></P>
<P>
<FONT size=2 face="serif">Risk factors</FONT></P>
<P>
<FONT size=2 face="serif">See &#147;Risk factors&#148; and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in the </FONT><FONT size=2 face="serif">preferred shares or the ADSs.</FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT><br>
</P>

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<br>
<br>

<P>
<B><FONT size=3 face="serif">Summary financial information</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following tables present summary consolidated financial data for our company under Brazilian GAAP. The financial data presented are derived from our consolidated financial statements and
our unaudited interim consolidated financial statements and notes thereto, which are included elsewhere in this prospectus. You should read those sections for a further explanation of the financial data summarized here. You should also read the
&#147;Management&#146;s discussion and analysis of financial condition and results of operations&#148; section, which describes a number of factors that have affected our financial results. </FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><B><FONT size=2 face="serif">Nine months (unaudited)
        ended<br>
September 30,</FONT></B> </TD>
  <TD align=left></TD>
  <TD colspan="14" align=center><B><FONT size=2 face="serif">Year ended</FONT></B> <br>
    <B><FONT size=2 face="serif">December 31,</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD colspan="14" align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2004</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><font size="2" face="serif">1999</font></B></TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="20" align=center><p> <FONT size=2 face="serif"><B>(in millions
    of <I>reais</I>)</B></FONT></p>    </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Consolidated income</FONT></B> <B><FONT size=2 face="serif">statement
data:</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=CENTER>

        </TD>
        <TD width=1% ALIGN="CENTER">&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=CENTER>

        </TD>
        <TD width=1% ALIGN="CENTER">&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=CENTER>

        </TD>
        <TD width=1% ALIGN="CENTER">&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=CENTER>

        </TD>
        <TD width=1% ALIGN="CENTER">&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=CENTER>

        </TD>
        <TD width=1% ALIGN="CENTER">&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=CENTER>

        </TD>
        <TD width=1% ALIGN="CENTER">&nbsp;
        </TD>
        <TD width=6% align=CENTER>
<B><FONT size=2 face="serif">R$</FONT></B>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Net sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,000.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,994.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,284.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,878.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,594.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cost of sales and</FONT> <FONT size=2 face="serif">services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2,738.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2,329.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3,196.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2,247.1</FONT></TD>
        <TD width=1% align=left><FONT size=2 face="serif">) </FONT></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right><FONT size=2 face="serif">(1,698.3</FONT> </TD>
        <TD width=1% align=left><FONT size=2 face="serif">)</FONT>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,399.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,106.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Gross profit</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">825.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">600.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">803.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">747.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">586.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">478.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">487.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;
</TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Selling, general and</FONT> administrative
expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(408.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(323.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(458.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(382.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(317.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(266.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(233.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Operating income</FONT> before financial items</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">351.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">365.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">278.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">213.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">258.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Financial income</FONT> (expenses), net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(35.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(43.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(57.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">28.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">43.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(34.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Nonoperating income</FONT> (expenses), net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(12.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(44.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(17.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(16.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(18.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Income before income</FONT>
<FONT size=2 face="serif">and social contribution</FONT> <FONT size=2 face="serif">taxes,
equity in</FONT> <FONT size=2 face="serif">&nbsp;</FONT></TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">earnings (losses) of</FONT> <FONT size=2 face="serif">affiliated
companies</FONT> and minority interest</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">374.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">236.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">295.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">349.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">230.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">240.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">205.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">246.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">222.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">132.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">128.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">87.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Balance Sheet Data:</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD 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">1,253.9</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,220.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,186.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,045.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,190.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,112.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Property, plant and</FONT> equipment,
net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,024.5</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">968.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">779.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">707.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">655.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">665.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total assets</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,127.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,952.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,014.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,922.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Short-term financing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">372.4</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">381.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">219.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">124.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">134.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">190.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Long-term financing</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">306.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">363.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">290.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">291.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">279.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total liabilities</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">950.6</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,019.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">905.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">712.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">705.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">708.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Shareholders&#146; equity</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,356.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,191.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">799.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">897.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">819.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Other financial data:</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Depreciation and</FONT> <FONT size=2 face="serif">amortization(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">128.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">104.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">146.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">121.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">102.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">90.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">78.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">EBITDA(2)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">498.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">487.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">372.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">337.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT SIZE="2">Net cash (debt)(3) </FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">25.0</FONT></TD>
  <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">-</FONT></TD>
  <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">(78.1</FONT></TD>
  <TD align=left><FONT SIZE="2">)</FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">54.5</FONT></TD>
  <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">241.3</FONT></TD>
  <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">-</FONT></TD>
  <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
  <TD align=right><FONT SIZE="2">-</FONT></TD>
  <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD colspan="2" align=left><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Depreciation represents depreciation and amortization expenses included in cost of sales and services and in selling, general and administrative</FONT>
<FONT size=2 face="serif">expenses.</FONT> </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(2)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">EBITDA is a measure widely used to approximate operating
income. The inclusion of EBITDA information is to provide a measure of assessing</FONT>
<FONT size=2 face="serif">our ability to generate cash from our operations. EBITDA
is equal to operating income before financial items plus depreciation and amortization </FONT><FONT size=2 face="serif">expenses.
EBITDA is not a measure of financial performance under U.S. GAAP or Brazilian
GAAP. EBITDA should not be considered in isolation, or as a substitute for net
income as a measure of operating performance or to cash flows from operations
or as a measure of liquidity. The EBITDA presented herein relates to Brazilian
GAAP, which is used in the primary financial statements included in this filing.
Such EBITDA is expressly permitted by the standards - setter that establishes
the accounting principles generally accepted for use in such financial statements
and is included in the financial statements used in our home country jurisdiction
and market.</FONT></TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR></table>
<DIV ALIGN="CENTER"><FONT SIZE="2">7</FONT>
</DIV>
<HR WIDTH="100%" SIZE=3 NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<BLOCKQUOTE>
  <P><FONT size=2 face="serif">The tables below provide a reconciliation of operating
        income before financial items to EBITDA for the nine month periods ended
        September 30, 2004 and 2003 and the years ended December 31, 2003, 2002,
        2001, 2000 and 1999:</FONT><BR>
  </P>
</BLOCKQUOTE>
<TABLE width=85% border=0 ALIGN="CENTER" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">Ultrapar</FONT></B></TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">Reconciliation of
    operating income before financial items to EBITDA</FONT></B> </TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">Nine months ended<br>
September 30,</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center><B><FONT size=2 face="serif">Year ended<br>
December 31,</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=right><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2004</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=left></TD>
  <TD align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">1999</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">(in millions of </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Operating income before financial items</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">351.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">365.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">278.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">213.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">258.1</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">128.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">104.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">146.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">121.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">102.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">90.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">78.9</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Non-cash operating income included in &#147;Operating income</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>

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

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">(expenses), net&#148;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(8.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">498.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">487.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">372.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">337.0</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B> <B><FONT size=2 face="serif">Ultragaz</FONT></B> </B></TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">Reconciliation of
        operating income before financial items to EBITDA</FONT></B> </TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">Nine months ended<br>
    September 30,</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center><B><FONT size=2 face="serif">Year ended<br>
    December 31,</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=right><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2004</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=left></TD>
  <TD align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">1999</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">(in millions of </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Operating income before financial items</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">117.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">113.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">143.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">101.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">98.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100.7</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">87.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">66.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">95.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">76.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">61.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">42.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33.6</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">205.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">166.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">208.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">219.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">163.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">140.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">134.3</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>

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

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

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR></table>
<P align="center"><FONT size=2 face="serif">8</FONT> </P>
<HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<P>&nbsp;</P>
<table WIDTH="85%" BORDER="0" ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0">
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B> <B><FONT size=2 face="serif">Oxiteno</FONT></B> </B></TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">Reconciliation of
        operating income before financial items to EBITDA</FONT></B> </TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">Nine months ended<br>
    September 30,</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center><B><FONT size=2 face="serif">Year ended<br>
    December 31,</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=right><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2004</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=left></TD>
  <TD align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">1999</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">(in millions of </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
          <p><FONT size=2 face="serif">Operating income before financial items</FONT>
          </p></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">281.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">155.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">207.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">199.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">146.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">94.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">138.8</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">27.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">26.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">36.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">32.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">38.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">36.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">309.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">182.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">243.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">232.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">176.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">132.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">175.3</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B> <B><FONT size=2 face="serif">Ultracargo</FONT></B></B></TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">Reconciliation of
        operating income before financial items to EBITDA</FONT></B> </TD>
  <TD align=center>&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=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">Nine months ended<br>
    September 30,</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center><B><FONT size=2 face="serif">Year ended<br>
    December 31,</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=right><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2004</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=left></TD>
  <TD align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">1999</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">(in millions of </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Operating income before financial items</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">19.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">19.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">24.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">17.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">27.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">16.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13.7</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">12.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7.7</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT size=2 face="serif">Non-cash operating income included in &#147;Operating income</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>

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

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">(expenses), net&#148;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp; &nbsp;<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(8.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
 &nbsp;<FONT size=2 face="serif">31.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">29.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">28.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">21.4</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD align="right">&nbsp;</TD>
  <TD></TD>
  <TD align="right">&nbsp;</TD>
  <TD></TD>
  <TD align="right">&nbsp;</TD>
  <TD></TD>
  <TD align="right">&nbsp;</TD>
  <TD></TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD></TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>

<table width="95%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
  <TR valign="top">
    <TD WIDTH="5%" align=left><FONT SIZE="2">(3)</FONT></TD>
    <TD align=left><FONT SIZE="2"> Net cash (debt) is included in this document
        in order to provide the reader with information relating to our overall
        indebtedness and financial position. Net cash (debt) is not a measure
        of financial performance under U.S. GAAP or Brazilian GAAP. The table
        below provides a reconciliation of our consolidated balance sheet data
        to the net cash (debt) positions shown in the table, for the nine month
        period ended September 30, 2004 and the years ended December 2003, 2002
        and 2001. </FONT></TD>
  </TR>
  <TR valign="top">
    <TD WIDTH="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE WIDTH="85%" border=0 ALIGN="CENTER" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD WIDTH="50%" align=left>&nbsp;</TD>
    <TD WIDTH="12%" align=CENTER> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><B>Nine
    months ended September 30,</B>   </FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD COLSPAN="8" align=CENTER> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Year
          ended<BR>
      December 31,</FONT></B> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD WIDTH="12%" align=right><hr size="1" noshade></TD>
    <TD align=left><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD COLSPAN="7" align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD WIDTH="12%" align=CENTER><B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2004</FONT></B> </TD>
    <TD align=CENTER><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD ALIGN="CENTER"><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD align=CENTER><B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD align=CENTER><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD ALIGN="CENTER"><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD align=CENTER><B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2002</FONT></B> </TD>
    <TD align=CENTER><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD ALIGN="CENTER"><FONT SIZE="2">&nbsp;</FONT></TD>
    <TD align=CENTER><B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2001</FONT></B></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD COLSPAN="10" align=CENTER><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(in
          millions of </FONT></B><B><I><FONT size=1 face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif">reais</FONT></I></B><B><FONT size=1
face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">)</FONT></B> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
        and cash equivalents</FONT> </TD>
    <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">569.6</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">568.8</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">637.9</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">656.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Short-term
        investments</FONT> </TD>
    <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">26.6</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">41.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Long-term
        investments</FONT> </TD>
    <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">34.3</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.0</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Short-term
        financing</FONT> </TD>
    <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(372.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(381.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(219.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(124.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Long-term
        financing</FONT> </TD>
    <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(283.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(306.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(363.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(290.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net
        cash (debt) position</FONT> </TD>
    <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(25.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(78.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">54.5</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">241.3</FONT> </TD>
    <TD width=2% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
  </TR>
</TABLE>
<P ALIGN="CENTER"><FONT SIZE="2">9</FONT></P>
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<P>
<B><FONT size=3 face="serif">Risk factors</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">You should carefully consider the risks described below, as well as the other information contained in this prospectus in evaluating an investment in our preferred shares or ADSs. Our
business, results of operations or financial condition could be harmed if any of these materializes and, as a result, the trading price of the preferred shares or the ADSs could decline and you could lose a substantial part or even all of your
investment. </FONT></I></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">We have included information in these risk factors concerning Brazil to the extent that information is publicly available. We believe this information is reliable, but we cannot guarantee
that it is accurate.</FONT></I></P>
<P>
<B><FONT size=2 face="serif">RISKS RELATING TO ULTRAPAR</FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Government deregulation of LPG
prices has caused refinery prices to fluctuate according to the<br>
&nbsp;&nbsp;&nbsp;international
markets and may affect our revenues and operating margin. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian government has historically regulated both the refinery price of LPG, which is the price we pay Petrobras and is thus a component of our cost of sales and services, and the retail
price of LPG, which is the price we charge customers and is thus a component of our net sales and services. In the 1990&#146;s, the Brazilian government began to deregulate both prices. From May 2001 the retail store prices in Brazil ceased to be
regulated. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In January 2002, Petrobras refinery prices, which
are the LPG prices charged by Petrobras to distributors, including us, were deregulated and they have
thereafter been freely established by  Petrobras, although subject to government intervention when deemed
appropriate, which occurred between August 2002 and October 2002. In this new market environment, the
refinery price tends to fluctuate according to the international markets, while  the retail price depends
on a number of factors, including the level of competition, brand recognition and the relative prices
of the energy sources that compete with LPG. If we are not able to pass on increases in the refinery
price to our  customers by increasing the retail prices and/or improving our operational efficiency,
our operating margins may be adversely affected. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Petrobras is the only supplier of LPG in Brazil.</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Prior to 1995, Petrobras benefited from a constitutional monopoly in the production and importation of petroleum products in Brazil. Although the Brazilian government removed Petrobras&#146;s
monopoly from the Federal Constitution in November 1995, Petrobras effectively remains the sole provider of LPG in Brazil. See &#147;Business- Distribution of liquefied petroleum gas - Industry and regulatory overview.&#148; Any interruption in the
supply of LPG from Petrobras immediately affects Ultragaz&#146;s ability to provide LPG to its customers. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;LPG distributions in Brazil, including Ultragaz, do not have formal contracts with Petrobras for the supply of LPG. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All Brazilian LPG distributors,
including Ultragaz, currently purchase all their LPG requirements from Petrobras
without a formal LPG supply contract. The procedures for ordering and purchasing
 LPG from Petrobras are generally common to all LPG distributors &#150; including
Ultragaz. There was a  significant interruption in the supply of LPG by Petrobras
to the distributors in 1995 due to a 15-day strike by Petrobras
employees. We cannot guarantee that there will not be other significant interruptions
to LPG supplies in future. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Intense competition in the LPG distribution market may affect our operating margins. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian LPG market is very competitive in all segments &#150; residential, commercial and industrial. Petrobras and other major companies with greater resources than we possess have
entered the Brazilian LPG distribution market. Intense competition in the LPG distribution market may have a material adverse effect on our operating margins. </FONT></P>
<P align="center">
<FONT size=2 face="serif">10</FONT></P>

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<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;LPG competes with alternative sources of energy.</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">LPG competes with natural gas, wood, diesel, fuel oil and electricity. Natural gas is currently the principal source of energy against which we compete. Natural gas is currently less expensive
than LPG for industrial consumers who purchase large volumes, but more expensive for residential consumers. In addition, supply of natural gas requires significant investments in pipelines. The development of alternatives sources of energy in the
future may adversely affect the LPG market and consequently our business, financial results and results of operations. See &#147;Business - Distribution of liquefied petroleum gas - Competition.&#148; </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The acquisition of Shell G&aacute;s is subject to Brazilian regulations and other antitrust rules.</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz is subject to regulation under Brazilian antitrust rules. For this reason, the acquisition of Shell G&aacute;s (LPG) Brasil S.A., or Shell G&aacute;s, is still subject to approval by
the Brazilian antitrust authorities, although these operations have been fully integrated into our business. The process is in the first of three phases of examination by the Brazilian antitrust authorities. We cannot assure that the antitrust
authorities will approve the acquisition nor predict the impact that a ruling requiring us to unwind the acquisition would have on our future business, financial condition and results of operations. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Ethylene, the principal raw material used in our petrochemical operations, comes from limited supply sources. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All second generation
petrochemical producers in Brazil that use ethylene as their key raw material,
including Oxiteno, our subsidiary involved in the production and sale of chemical
and  petrochemical products, purchase ethylene, from Brazilian suppliers. Oxiteno
purchases ethylene from two of Brazil&#146;s three naphtha crackers, which are
the sole sources of ethylene in Brazil. Braskem S.A., or Braskem, supplies all
of our  ethylene requirements at our plant located at Cama&ccedil;ari, and Petroqu&iacute;mica
Uni&atilde;o S.A., or PQU, supplies all of our ethylene requirements at our plant
located at Mau&aacute;. Because of its characteristics, ethylene is difficult
 and expensive to store and transport, and cannot be easily imported into Brazil.
Therefore, Oxiteno is almost totally dependent on ethylene produced at Braskem
and PQU for its supply of ethylene. For the nine months ending September 30,
2004,  Brazilian ethylene imports totaled approximately 3,975 tons, representing
less than 1% of Brazil&#146;s installed capacity. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Due to ethylene&#146;s chemical characteristics, Oxiteno does not store significant quantities of ethylene, and reductions in supply from Braskem and PQU would have an immediate impact on our
production and results of operations. If we further expand our production capacity, there is no assurance that we will be able to obtain additional ethylene from Braskem and PQU. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, Petrobras is the principal supplier of naphtha to crackers in Brazil, and any interruption in the supply of naphtha from Petrobras to the crackers could adversely impact their
ability to supply ethylene to Oxiteno. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The Brazilian petrochemical industry is very closely influenced by the performance of the international petrochemical industry and its cyclical behavior. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The international petrochemical market is cyclical in nature, with alternating periods of tight supply, increased prices and high margins, and over capacity, declining prices and low margins.
The decrease in Brazilian tariff rates on petrochemical products, the increase in demand for such products in Brazil, and the ongoing integration of regional and world markets for commodities, among other factors, have contributed to the increasing
integration of the Brazilian petrochemical industry into the international petrochemical marketplace. As a consequence, events affecting the petrochemical industry worldwide could have a material adverse effect on our business, financial condition
and results of operations. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The price of ethylene is subject to fluctuations in international oil prices. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The price of ethylene, which is the principal component of Oxiteno&#146;s cost of sales and services, is directly linked to the price of naphtha which, in turn, is largely linked to the price
of crude oil. Consequently, ethylene prices are subject to fluctuations in international oil prices. A significant increase in the price of crude oil and, consequently, naphtha and ethylene, could have a material adverse effect on our results of
operations. </FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

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<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The reduction in import tariffs on petrochemical products can reduce our competitiveness in relation to imported products. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Final prices paid by importers of petrochemical products include transportation costs and tariff rates. Consequently, tariff rates imposed by the Brazilian government affect the prices we can
charge for our products. The Brazilian government&#146;s negotiation of commercial and free trade agreements, principally with NAFTA and the European Union, may result in reductions in Brazilian import duties on petrochemical products and may reduce
the competitiveness of our products vis-&agrave;-vis imported petrochemical products. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;We may be adversely affected by the imposition and enforcement of more stringent environmental laws and regulations. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are subject to stringent environmental laws and regulations in Brazil and Mexico. Changes in these laws and regulations, or changes in the enforcement policy of these laws and regulations,
could adversely affect us. In addition, it is possible that new laws or additional regulations will come into force, or that the relevant enforcement agencies will seek a more stringent interpretation of existing laws and regulations that would
require us to spend additional funds on environmental matters in order to continue to keep our plants and operations in compliance with current legislation. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The production, storage and transportation of petrochemicals and chemicals are inherently hazardous. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The complex manufacturing operations we perform at our plants involve a variety of safety and other operating risks, including the handling, production and transportation of highly inflammable,
explosive and toxic materials. These risks could result in personal injury and loss of life, severe damage to or destruction of property and equipment and environmental damage. A sufficiently large accident at one of our plants or storage facilities
could force us to suspend our operations temporarily and result in significant remediation costs and lost revenue.</FONT></P>
<P>
<FONT size=2 face="serif">In addition,  insurance proceeds may not be available
on a timely basis and may be insufficient to cover all losses. Equipment breakdowns,
natural disasters, and delays in obtaining imports or required replacement parts
or equipment can also affect our manufacturing operations and consequently our
results of operations. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Our insurance coverage may be insufficient to cover losses that we might incur. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The operation of any chemical manufacturing plant and the distribution of petrochemicals, as well as the operations of logistics of oil and chemical products and LPG distribution involve
substantial risks of property contamination and personal injury and may result in material costs and liabilities. The occurrence of losses or other liabilities that are not covered by insurance or that exceed the limits of our insurance coverage
could result in significant unexpected additional costs. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The suspension, cancellation or non-renewal of certain federal tax benefits may adversely affect our results of operations. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are entitled to federal
tax benefits providing for income tax exemption or reduction for our activities
in the northeast region of Brazil. These benefits may be cancelled or suspended
if we do not comply with our commitment not to distribute to our shareholders
the amounts under the benefits or if the relevant tax authorities decide to suspend
or cancel our benefits. As a result, we may become liable for the payment of
related taxes at the full tax rates. If we are not able to renew the tax benefits,
or if we are only able to renew them under terms that are substantially less
favorable than expected, our results of operations may be adversely affected.
See &#147;Business-Distribution of liquefied petroleum gas-Ultragaz-Tax exemption status,&#148; &#147;Business-Petrochemicals and chemicals-Oxiteno-Tax exemption
status&#148; and &#147;Business-Logistics of chemical products and fuels-Ultracargo-Tax exemption status.&#148; </FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We cannot guarantee that, whenever requested, these benefits will be renewed by the competent authorities. If so granted, we can give no assurance as to the terms upon which such new benefits
will be granted. The failure to renew such benefits on favorable terms could adversely affect our results of operations. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;We are currently controlled by
members of our founding family and our senior management, which<br>
&nbsp;&nbsp;&nbsp;substantially
limits the ability of other shareholders to control the direction of our business. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our senior management and members of our founding family indirectly control, approximately 67% of our voting share capital through their control of Ultra S.A. This level of control enables
Ultra to elect the majority of our directors and to determine the outcome of substantially all actions requiring shareholder approval. See &#147;Principal and selling shareholders - Principal shareholders - Shareholders&#146; agreement of Ultra
S.A.&#148; </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Our status as a holding company may limit our ability to pay dividends on the preferred shares and consequently, on the ADSs. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a holding company, we have no significant operating assets other than our ownership of shares of our subsidiaries. Substantially all of our operating income comes from our subsidiaries.
Consequently, our ability to pay you dividends depends solely upon our receipt of dividends and other cash flows from our subsidiaries. </FONT></P>
<P>
<B><FONT size=2 face="serif">RISKS RELATING TO BRAZIL</FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"> <B><FONT size=2 face="serif">The Brazilian government has
          exercised, and continues to exercise, significant influence over the
          Brazilian economy. Brazilian political and economic conditions could
          adversely affect our business and the market price of our preferred
    shares and the ADSs. </FONT></B></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian government
    frequently intervenes in the Brazilian economy and occasionally makes drastic
    changes in policy and regulations. The Brazilian government&#146;s actions
    to control inflation and effect other policies and regulations have often
    involved wage and price controls, currency devaluations, capital controls,
    and limits on imports, among other measures. Our business, financial condition
    and results of operations may be adversely affected by changes in policy
    or regulations involving or affecting tariffs, exchange controls and other
matters, as well as factors such as: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">currency fluctuations;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">inflation;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">interest rates;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">price instability;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">energy shortages;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">liquidity of domestic capital and lending markets;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">fiscal policy; and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">other political, diplomatic, social and economic developments in or affecting Brazil.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Uncertainty over whether the Brazilian government may implement changes in policy or regulation affecting these or other factors in the future may contribute to economic uncertainty in Brazil
and to heightened volatility in the Brazilian securities markets and securities issued abroad by Brazilian issuers. These and other future developments in the Brazilian economy and governmental policies may adversely affect us and our business and
results of operations and may adversely affect the trading price of the ADSs and our preferred shares. </FONT></P>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

<br>
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<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"><b><font size=2 face="serif">Inflation and certain governmental
          measures to curb inflation may contribute significantly to economic
          uncertainty in Brazil and could harm our business and the market value
    of the ADSs and our preferred shares. </font></b></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazil has in the
    past experienced extremely high rates of inflation. Inflation and some of
    the Brazilian government&#146;s measures taken in an attempt to curb inflation
    have had significant negative effects on the Brazilian economy. Since the
    introduction of the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> in
    1994, Brazil&#146;s inflation rate has been substantially lower than in previous
    periods. However, inflationary pressures persist, and actions taken in an
    effort to curb inflation, coupled with speculation about possible future
    governmental actions, have contributed to economic uncertainty in Brazil
    and heightened volatility in the Brazilian securities market. According to
    the </FONT><I><FONT size=2 face="serif">&yen;ndice Geral de Pre&ccedil;os-Mercado</FONT></I><FONT size=2 face="serif">, or IGP-M, a general price inflation index, the Brazilian general price inflation rates
were 25.3%, 8.7% and 12.4% in 2002, 2003 and 2004, respectively.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazil may experience high levels of inflation in the future. Our cash operating expenses are substantially in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif"> and
tend to increase with Brazilian inflation. Inflationary pressures may also hinder our ability to access foreign financial markets or may lead to further government intervention in the economy, including the introduction of government policies that
could harm our business or adversely affect the market value of our preferred shares and, as a result, our ADSs. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"><B><FONT size=2 face="serif">Exchange rate instability may
          adversely affect our financial condition and results of operations
    and the market price of the ADSs and our preferred shares.</FONT></B></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of inflationary pressures, the Brazilian currency has been devalued periodically during the last four decades. Throughout this period, the Brazilian government has implemented
various economic plans and utilized a number of exchange rate policies, including sudden devaluations, periodic mini-devaluations during which the frequency of adjustments has ranged from daily to monthly, floating exchange rate systems, exchange
controls and dual exchange rate markets. Although over long periods depreciation of the Brazilian currency generally has correlated with the rate of inflation in Brazil, devaluation over shorter periods has resulted in significant fluctuations in
the exchange rate between the Brazilian currency and the U.S. dollar and other currencies.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> depreciated against the U.S. dollar by 9.3% in 2000 and by 18.7% in 2001. In 2002, the </FONT><I><FONT size=2
face="serif">real</FONT></I><FONT size=2 face="serif"> depreciated 52.3% against the U.S. dollar, due in part to political uncertainty surrounding the Brazilian presidential elections and the global economic slowdown. Although the </FONT><I><FONT
size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> appreciated 18.2% against the U.S. dollar in 2003 and a further 8.1% in 2004, no assurance can be given that the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2
face="serif"> will not depreciate or be devalued against the U.S. dollar again. On January 31, 2005, the U.S. dollar/</FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> exchange rate was R$2.625 per U.S.$1.00. See
&#147;Exchange rates.&#148;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no guarantees that the exchange rate between the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> and the U.S. dollar will stabilize at current levels.
Although we have managed our existing U.S. dollar debt obligations in order to protect against fluctuations in the dollar/</FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> exchange rate, we could in the future experience
monetary losses relating to these fluctuations. See &#147;Business - Quantitative and qualitative disclosures about market risk - Foreign exchange risk&#148; for information about our foreign exchange risk hedging policy.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Depreciations of the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> relative to the U.S. dollar also create additional inflationary pressures in Brazil that may
negatively affect us. Depreciations generally curtail access to foreign financial markets and may prompt government intervention, including recessionary governmental policies. Depreciations also reduce the U.S. dollar value of distributions and
dividends on the ADSs and the U.S. dollar equivalent of the market price of our preferred shares and, as a result, the ADSs. On the other hand, appreciation of the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> against
the U.S. dollar may lead to a deterioration of the country&#146;s current account and the balance of payments, as well as to a dampening of export-driven growth. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"><B><FONT size=2 face="serif">Developments and the perception
          of risk in other countries, especially emerging market countries may
          adversely affect the results of our operations and the market price
    of the preferred shares and ADSs. </FONT></B></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The market value of securities of Brazilian companies is affected to varying degrees by economic and market conditions in other countries, including other Latin American and emerging market
countries. Although economic </FONT></P>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

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<P>
<FONT size=2 face="serif">conditions in such countries may differ significantly from economic conditions in Brazil, investors&#146; reactions to developments in these other countries may have an adverse effect on the market value of securities of
Brazilian issuers. Crises in other emerging market countries may diminish investor interest in securities of Brazilian issuers, including ours. This could also make it more difficult for us to access the capital markets and finance our operations in
the future on acceptable terms or at all. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;United States investors may not be able to obtain jurisdiction over or enforce judgments against us. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are a company incorporated under the laws of the Federative Republic of Brazil. All members of our Board of Directors, executive officers and experts named in this prospectus are residents
of Brazil. All or a substantial part of the assets pertaining to these individuals and to Ultrapar are located outside the United States. As a result, it is possible that investors may not be able to obtain jurisdiction over these individuals or
Ultrapar in the United States, or enforce judgments handed down by United States courts of law based on provisions for civil liability under federal law in relation to securities of the United States or otherwise. </FONT></P>
<P>
<B><FONT size=2 face="serif">RISKS RELATING TO THE PREFERRED SHARES AND THE AMERICAN DEPOSITARY SHARES </FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The preferred shares and the ADSs generally do not give you voting rights. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Generally under Brazilian corporate law and in the case of our by-laws, holders of preferred shares do not have the right to vote at shareholders&#146; meetings except in limited circumstances.
This means, among other things, that holders of our preferred shares and our ADSs, which represent preferred shares, are not entitled to vote on important corporate transactions including mergers or consolidations with other companies. See
&#147;Description of capital stock-Rights of preferred shares.&#148; </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The preferred shares and ADSs do not entitle you to a fixed or minimum dividend. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under our by-laws, unless otherwise proposed by the Board of Directors and approved by the voting shareholders in the Annual General Meeting, we must pay our shareholders a mandatory
distribution equal to at least 50% of our adjusted net income. The net income may be capitalized, used to set off losses and/or retained in accordance with the Brazilian corporate law and may not be available for the payment of dividends. Therefore,
whether or not you receive a dividend depends on the amount of the mandatory distribution, if any, and whether the Board of Directors and the voting shareholders exercise their discretion to suspend these payments. See </FONT><FONT size=2 face="serif">&#147;Distribution policy and dividends&#148; for
a more detailed discussion on mandatory distributions. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;You might be unable to exercise preemptive rights with respect to the preferred shares. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the event of a rights offering or a capital increase which would maintain or increase the proportion of capital represented by preferred shares, preferred shareholders would have preemptive
rights to subscribe to newly issued preferred shares. In the event of a capital increase which would reduce the proportion of capital represented by preferred shares, preferred shareholders would have preemptive rights to subscribe for preferred
shares in proportion to their shareholdings and for common shares only to the extent necessary to prevent dilution of their interest in the company. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our by-laws establish that the Board of Directors may exclude preemptive rights to the current shareholders, holding either common or preferred shares, in the case of an offering of new shares
to be sold on a registered stock exchange or through public subscription. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The holders of preferred shares or ADSs may be unable to exercise their preemptive rights in relation to the preferred shares represented by the ADSs, unless we file a registration statement
pursuant to the United States Securities Act of 1933 or an exemption from the registration requirements applies. We are not obliged to file registration statements with respect to the preemptive rights and therefore do not assure holders that such a
registration will be obtained. If the rights are not registered as required, the depositary will try to sell the preemptive rights held by holder of the ADSs and you will have the right to the net sale value, if any. However, the preemptive rights
will expire without compensation to you should the depositary not succeed in selling them. </FONT></P>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

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<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"><B><FONT size=2 face="serif">If you exchange the ADSs for
          preferred shares, you risk losing certain foreign currency remittance
    and Brazilian tax advantages. </FONT></B></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The ADSs benefit from
    the depositary&#146;s certificate of foreign capital registration, which permits the depositary to convert dividends and other distributions with respect to the preferred
shares into foreign currency and remit the proceeds abroad. If you exchange your ADSs for preferred shares, you will be entitled to rely on the depositary&#146;s certificate of foreign capital registration for five business days from the date of
exchange. Thereafter, you will not be able to remit abroad non-Brazilian currency unless you obtain your own certificate of foreign capital registration or you qualify under National Monetary Council Resolution 2,689 dated January 26, 2000, known as
Resolution 2,689, which entitles certain investors to buy and sell shares on Brazilian stock exchanges without obtaining separate certificates of registration. If you do not qualify under Resolution 2,689, you will generally be subject to less
favorable tax treatment on distributions with respect to the preferred shares. The depositary&#146;s certificate of registration or any certificate of foreign capital registration obtained by you may be affected by future legislative or regulatory
changes, and additional Brazilian law restrictions applicable to your investment in the ADSs may be imposed in the future. For a more complete description of Brazilian tax regulations, see &#147;Taxation
- - Brazilian tax consequences.&#148;
</FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;The relative volatility and illiquidity of the Brazilian securities markets may adversely affect you. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Investing in securities, such as the preferred shares or ADSs, of issuers from emerging market countries, including Brazil, involves a higher degree of risk than investing in securities of
issuers from more developed countries. For the reasons above, investments involving risks relating to Brazil, such as investments in ADSs, are generally considered speculative in nature and are subject to certain economic and political risks,
including but not limited to: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">changes to the regulatory, tax, economic and political environment that may affect the ability of investors</FONT> <FONT size=2 face="serif">to receive payments, in whole or in part, in respect of their investments;
and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">restrictions on foreign investment and on repatriation of capital invested.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian securities market is substantially smaller, less liquid, more concentrated and more volatile than major securities markets in the United States. This may limit your ability to
sell the preferred shares underlying your ADSs at the price and time at which you wish to do so. The S&atilde;o Paulo Stock Exchange, known as Bovespa, the only Brazilian stock exchange, had a market capitalization of approximately U.S.$341 billion
as of December 31, 2004 and an average monthly trading volume of approximately U.S.$8.7 billion for 2004. In comparison, the New York Stock Exchange had a market capitalization of U.S.$19.8 trillion as of December 31, 2004 and an average monthly
trading volume of approximately U.S.$968 billion for 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There is also a large concentration in the Brazilian securities market. The ten largest companies in terms of market capitalization represented approximately 49% of the aggregate market
capitalization of the Bovespa as of December 31, 2004. The top ten stocks in terms of trading volume accounted for approximately 48% of all shares traded on the Bovespa in 2004. Ultrapar&#146;s average daily volume on both stock exchanges in 2004,
2003 and 2002 was R$ 3.7 million, R$ 1.6 million and R$ 1.2 million, respectively. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"><B><FONT size=2 face="serif">Controls and restrictions on
          the remittance of foreign currency could negatively affect your ability
          to convert and remit dividends, distributions or the proceeds from
          the sale of our preferred shares, Ultrapar&#146;s capacity to make
          dividend payments to non-Brazilian investors and the market price of
    our preferred shares and ADSs. </FONT></B></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian law provides
    that whenever there is a serious imbalance in the Brazilian balance of payments,
    or reasons for believing that there will be a serious imbalance in the future,
    the Brazilian government can impose temporary restrictions on remittances
    of income on investments by non-Brazilian investors in Brazil. The probability
    that the Brazilian government might impose such restrictions is related to
    the level of the country&#146;s foreign currency reserves, the availability
    of currency in the foreign exchange markets on the maturity date of a payment,
    the amount of the Brazilian debt servicing requirement in relation to the
    economy as a whole, and the Brazilian policy towards the International Monetary
Fund, among other factors. We are unable to give assurances </FONT></P>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

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<P>
<FONT size=2 face="serif">that the Central Bank will not modify its policies or that the Brazilian government will not introduce restrictions or cause delays in payments by Brazilian entities of dividends relating to securities issued in the
overseas capital markets up to the present. Such restrictions or delays could negatively affect your ability to convert and remit dividends, distributions or the proceeds from the sale of our preferred shares, Ultrapar&#146;s capacity to make
dividend payments to non-Brazilian investors and the market price of our preferred shares and the ADSs. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Changes in Brazilian tax laws may have an adverse impact on the taxes applicable to a disposition of our ADSs.</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Law No. 10,833, enacted on December 29, 2003, the disposition of assets located in Brazil by a non-resident to either a Brazilian resident or a non-resident is subject to taxation
in Brazil, regardless of whether the disposition occurs outside or within Brazil. In the event that the disposition of assets is interpreted to include a disposition of our ADSs, this tax law could result in the imposition of withholding taxes on a
disposition of our ADSs by a non-resident of Brazil to another non-resident of Brazil. Due to the fact that Law No. 10,833 has been enacted and no judicial guidance as to its application yet exists, we are unable to predict whether an interpretation
applying such tax laws to dispositions of the ADSs between non-residents could ultimately prevail in the courts of Brazil.</FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Substantial sales of our shares or our ADSs after this offering could cause the price of our preferred shares or our ADSs to decrease.</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">After completion of the global offering, the public will continue to hold substantially all of our preferred shares and ADSs representing preferred shares and Ultra S.A. will hold approximately
66% of our voting capital. Shareholders of Ultra
also have the right to withdraw and convert common shares owned through Ultra
into our preferred shares as more fully described under &#147;Principal and selling shareholders - Shareholders&#146;
agreement of Ultra S.A. Participa&ccedil;&otilde;es&#148; Two other shareholders,
who may freely sell their respective shares, hold a substantial portion of our
remaining common shares. A sale of a significant number of shares could negatively
affect the market value of the preferred shares and ADSs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We, the selling shareholders, our directors and executive officers and certain of our other shareholders have agreed that, subject to certain exceptions, we and they will not issue or transfer,
until 180 days after the date of the final prospectus any preferred shares or ADSs or any options or warrants to purchase our preferred shares or ADSs, or any securities convertible into, or exchangeable for, or that represent the right to receive,
our preferred shares or ADSs. After the 180 day lock-up period, the preferred shares and ADSs subject to these agreements will be eligible for sale in the public market. The market price of our preferred shares and the ADSs could drop significantly
if the holders of shares or the ADSs sell them or the market perceives that they intend to sell them. </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%">&nbsp;</td>
    <td width="99%"><B><FONT size=2 face="serif">If we were treated as a Passive
          Foreign Investment Company, U.S. Holders of our preferred shares or
          our ADSs would be subject to disadvantageous rules under the U.S. tax
    laws. </FONT></B></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If we are characterized
    as a passive foreign investment company, or PFIC, in any year, U.S. holders
    of our preferred shares or our ADSs could be subject to unfavorable U.S.
    federal income tax treatment. Although we do not believe that we were a PFIC
    in 2004 and we do not expect to be a PFIC in the foreseeable future, there
    can be no assurance that our business and activities will not lead to PFIC
    status for us in the future. PFIC classification is a factual determination
    made annually and thus is subject to change. See &#147;Taxation - U.S. federal income tax consequences&#148; for
a description of the PFIC rules. </FONT></P>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

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<P>
<B><FONT size=3 face="serif">Use of proceeds</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We will not receive any
proceeds from the sale of the ADSs or preferred shares by the selling shareholders.
If the underwriters and the Brazilian underwriters exercise their over-allotment
option, we will use the proceeds from the sale of over-allotment shares (approximately
U.S.$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">, if the over-allotment option is exercised
in full) for general corporate purposes.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">18</FONT></P>

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<P>
<B><FONT size=3 face="serif">Market information</FONT></B></P>
<P>
<B><FONT size=2 face="serif">GENERAL</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our ADSs are listed on the New York Stock Exchange under the trading symbol &#147;UGP.&#148; Our preferred shares trade on the S&atilde;o Paulo Stock Exchange under the symbol
&#147;UGPA4.&#148; The ADSs offered in this offering will be fungible with, and will be identified by the same CUSIP number and will be eligible for trading under the same New York Stock Exchange trading symbol as, the existing ADSs. </FONT></P>
<P>
<B><FONT size=2 face="serif">MARKET PRICE OF PREFERRED SHARES AND ADSs </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below sets forth, for the indicated periods, the high and low closing prices of the ADSs on The New York Stock Exchange, in U.S. dollars, and the preferred shares on the S&atilde;o
Paulo Stock Exchange, in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif">:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">New York Stock<br>
Exchange U.S.$</FONT></B> <br>
<B><FONT size=2 face="serif">per ADS</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size=2 face="serif">S&atilde;o Paulo Stock</FONT></B> <br>
    <B><FONT size=2 face="serif">Exchange R$</FONT></B> <br>
    <B><FONT size=2 face="serif">per 1,000</FONT></B> <br>
    <B><FONT size=2 face="serif">preferred shares</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD 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>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">HIGH</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">LOW</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">HIGH</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">LOW</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<B><FONT size=2 face="serif">Year ended</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR>
        <TD width="66%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">December 31, 2000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13.56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">8.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15.00</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">December 31, 2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4.95</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">21.65</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14.00</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">December 31, 2002</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9.55</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">26.40</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">18.10</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">December 31, 2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12.97</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6.41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">37.70</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">21.95</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">December 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">8.70</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">53.50</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">27.10</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<B><FONT size=2 face="serif">Year ended December 31, 2003</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR>
        <TD width="66%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">First quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7.45</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6.41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">24.90</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">21.95</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Second quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9.22</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6.94</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">26.80</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">22.50</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Third quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.60</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">8.69</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25.35</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Fourth quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12.97</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.25</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">37.70</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.00</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<B><FONT size=2 face="serif">Year ended December 31, 2004</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR>
        <TD width="66%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">First quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13.45</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.25</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">38.01</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">33.03</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Second quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.95</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">8.70</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.65</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">27.10</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Third quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15.96</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">46.01</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.10</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">Fourth quarter</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14.47</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">53.50</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">42.24</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<B><FONT size=2 face="serif">Month ended</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR>
        <TD width="66%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
        </TD>
        <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">August 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13.90</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.16</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">41.50</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.20</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">September 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15.96</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13.86</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">46.01</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.00</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">October 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">16.68</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14.47</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">47.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">42.24</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">November 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">18.70</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">15.50</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">50.39</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">45.50</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">December 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">18.07</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">53.50</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">50.00</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=66% align=left>
<FONT size=2 face="serif">January 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20.26</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">17.57</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">53.49</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">48.80</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=2 face="serif">SHARE REPURCHASE PROGRAM </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In October 2001, the
Board of Directors approved a share repurchase program under which we can acquire
our own preferred shares at market price and hold them in treasury for subsequent
sale or  cancellation. During 2002 and 2003, we acquired a total of 20.2 million
and 87.9 million preferred shares, respectively. From January 1, 2004 to September
30, 2004, we acquired a total of 219.6 million preferred shares. The last share
repurchase  program expired in September of 2004 and was not renewed by us. Of
the 327.7 million shares repurchased since approval of the program in 2001, we
have granted 145 million preferred shares as deferred stock compensation to our
executive officers  under our Deferred Stock Plan. See &#147;Management - Compensation.&#148;</FONT></P>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

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

<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows all repurchases by us of our preferred shares during 2004: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><B><FONT size=2 face="serif">Period</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD align=center> <B><FONT size=2 face="serif">Total number</FONT></B> <br>
    <B><FONT size=2 face="serif">of shares<br>
    </FONT></B><B><FONT size=2 face="serif">purchased</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap> <B><FONT size=2 face="serif">Average price<br>
  </FONT></B><B><FONT size=2 face="serif">paid per<br>
  </FONT></B><B><FONT size=2 face="serif">1,000 shares<br>
  </FONT></B><B><FONT size=2 face="serif">in </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap> <B><FONT size=2 face="serif">Total number of<br>
  </FONT></B><B><FONT size=2 face="serif">shares purchased<br>
  </FONT></B><B><FONT size=2 face="serif">as part of publicly<br>
  </FONT></B><B><FONT size=2 face="serif">announced plans<br>
  </FONT></B><B><FONT size=2 face="serif">or programs</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><B><FONT size=2 face="serif">Maximum number<br>
of</FONT></B> <B><FONT size=2 face="serif">shares that<br>
may yet</FONT></B> <B><FONT size=2 face="serif">be<br>
purchased
under<br>
</FONT></B> <B><FONT size=2 face="serif">the plans<br>
or</FONT></B> <B><FONT size=2 face="serif">programs</FONT></B> </TD>
  <TD align=right>&nbsp;</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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">January 1, 2004 &#150; January 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,722,752,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">February 1, 2004 &#150; February 29, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,722,752,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">March 1, 2004 &#150; March 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,300,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34.41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,300,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,705,452,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">April 1, 2004 &#150; April 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,300,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">33.65</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,300,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,688,152,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">May 1, 2004 &#150; May 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">149,200,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">29.04</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">149,200,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,538,952,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">June 1, 2004 &#150; June 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">22,100,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">30.62</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">22,100,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,516,852,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">July 1, 2004 &#150; July 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13,700,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">30.95</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13,700,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,503,152,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">August 1, 2004 &#150; August 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,503,152,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">September 1, 2004 &#150; September 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,503,152,268</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">October 1, 2004 &#150; October 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">November 1, 2004 &#150; November 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">December 1, 2004 &#150; December 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</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">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="50%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
        </TD>
        <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Total shares repurchased during 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">219,600,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">219,600,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2% align=left></TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="2" align=left><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR valign="TOP">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Our latest share repurchase program approving the repurchase of 1,733,452,508 shares was announced on</FONT>
<FONT size=2 face="serif">September 25, 2003 and expired on September 23, 2004.</FONT> </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="serif">TRADING ON THE S&Atilde;O PAULO STOCK EXCHANGE </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Settlement of transactions conducted on the S&atilde;o Paulo Stock Exchange is effected three business days after the trade date. Delivery of, and payment for, shares are made through the
facilities of separate clearing houses for each exchange, which maintain accounts for member brokerage firms. The seller is ordinarily required to deliver the shares to the clearing house on the second business day following the trade date. The
clearing house for the S&atilde;o Paulo Stock Exchange is </FONT><I><FONT size=2 face="serif">Companhia Brasileira de Liquida&ccedil;&atilde;o e Cust&oacute;dia</FONT></I><FONT size=2 face="serif">, or CBLC, which is wholly owned by that exchange.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to better control volatility, the S&atilde;o Paulo Stock Exchange has adopted a &#147;circuit breaker&#148; system pursuant to which trading sessions may be suspended for a period of
30 minutes or one hour whenever the indices of these stock exchanges fall below the limits of 10% and 15%, respectively, in relation to the closing index registered in the previous trading session. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The S&atilde;o Paulo Stock Exchange is less liquid than the New York Stock Exchange or other major exchanges in the world. At December 31, 2004, the aggregate market capitalization of the 373
companies listed on the S&atilde;o Paulo Stock Exchange was equivalent to approximately U.S.$340.92 billion, and the ten largest companies listed on the S&atilde;o Paulo Stock Exchange represented approximately 48% of the total market capitalization
of all listed companies. Although any of the outstanding shares of a listed company may trade on a Brazilian stock exchange, in most cases fewer than half of the listed shares are actually available for trading by the public, the remainder being
held by small groups of controlling persons, by governmental entities or by one principal shareholder. See &#147;Risk factors - Risks relating to the preferred shares and the American depositary shares - The relative volatility and illiquidity of
the Brazilian securities markets may adversely affect you.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Trading on the S&atilde;o Paulo Stock Exchange by non-residents of Brazil is subject to certain limitations under Brazilian foreign investment and tax legislation. See &#147;Description of
capital stock - Regulation of foreign investment and exchange controls.&#148; </FONT></P>
<P>
<B><FONT size=2 face="serif">REGULATION OF BRAZILIAN SECURITIES MARKETS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian securities markets are regulated by the CVM, which has authority over stock exchanges and the securities markets generally, by the </FONT><I><FONT size=2 face="serif">Conselho
Monet&aacute;rio Nacional</FONT></I><FONT size=2 face="serif">, the National Monetary Council, and by the </FONT></P>
<P align="center">
<FONT size=2 face="serif">20</FONT></P>

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

<P>
<FONT size=2 face="serif">Central Bank, which has, among others, licensing authority over brokerage firms and regulates foreign investment and foreign exchange transactions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the Brazilian corporate law, a corporation is either publicly (</FONT><I><FONT size=2 face="serif">companhia aberta</FONT></I><FONT size=2 face="serif">), such as we are, or closely held
(</FONT><I><FONT size=2 face="serif">companhia fechada</FONT></I><FONT size=2 face="serif">). All publicly held companies, including us, are registered with the CVM and are subject to reporting requirements, in order to be allowed to have their
securities offered to the public and to be listed in a Brazilian stock exchange. Our preferred shares are traded on the S&atilde;o Paulo Stock Exchange but may be traded privately subject to certain limitations. The Brazilian over the counter market
consists of direct trades in which a financial institution registered with the CVM serves as intermediary. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We may ask that trading of our securities on the S&atilde;o Paulo Stock Exchange be suspended in anticipation of a material announcement. Trading may also be suspended at the initiative of the
S&atilde;o Paulo Stock Exchange or the CVM, among other reasons, based on or due to a belief that we have provided inadequate information regarding a material event or has provided inadequate responses to the inquiries by the CVM or the S&atilde;o
Paulo Stock Exchange. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian securities law, Brazilian corporate law and the regulations issued by the CVM, the National Monetary Council and the Central Bank provide, among other things, disclosure requirements
and restrictions on insider trading, price manipulation and protection of minority shareholders. However, the Brazilian securities markets are not as highly regulated and supervised as the U.S. securities markets or markets in some other
jurisdictions. </FONT></P>
<P align="center">
<FONT size=2 face="serif">21</FONT></P>

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

<P>
<B><FONT size=3 face="serif">Exchange rates</FONT></B></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are two principal foreign exchange markets in Brazil:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the commercial rate exchange market; and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">the floating rate exchange market.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each one of these markets
is regulated separately. The commercial market is dedicated principally to trade
and financial foreign exchange transactions such as the buying and selling of
 registered investments by foreign entities, the purchase or sale of shares,
or the payment of dividends or interest with respect to shares. Foreign currencies
may only be purchased through financial institutions domiciled in Brazil authorized
to  operate in these markets. The floating rate foreign exchange market is generally
used for transactions not conducted through the commercial foreign exchange market.
In both markets, rates are freely negotiated but may be strongly influenced by
 Central Bank intervention. Before February 1, 1999, the foreign exchange rate
in each of these markets was established independently, potentially resulting
in two different rates at any given time. On January 25, 1999, the Brazilian
government  announced the unification of the exchange positions of the Brazilian
banks in the floating rate exchange market and commercial rate exchange market,
which led to a convergence in the pricing and liquidity of both markets. Since
February 1, 1999 the  floating market rate has been the same as the commercial
market rate. </FONT><FONT size=2 face="serif">However, there is no guarantee that the rates will continue to be the same in the future. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Following the introduction of the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> in 1994 and through 1998, the Central Bank maintained a band system exchange
rate, under which the exchange rate between the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> and the U.S. dollar would fluctuate within a pre-established moving band. In January 1999, due to market pressures, the
Central Bank abolished the band system and allowed the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif">/U.S. dollar exchange rate to float freely. Since then, the exchange rate has been established by the market and has
fluctuated considerably, reporting a maximum quotation of R$ 3.955 per U.S.$ 1.00 on October 22, 2002. Since the liberalization of the exchange rate, the Central Bank has intervened occasionally to control unstable movements in the foreign exchange
rate. It is not possible to predict whether the Central Bank will continue to let the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> float freely or whether the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT
size=2 face="serif"> will remain at its present level. Accordingly, it is not possible to predict what impact the Brazilian government&#146;s exchange rate policies may have on us. The Brazilian government could impose a band system in the future or
the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> could devalue or appreciate substantially. See &#147;Risk factors - Risks relating to Brazil.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth information on prevailing commercial foreign exchange selling rates for the periods indicated, as published by the Central Bank on its electronic information
system, SISBACEN, using PTAX 800, Option 5.</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center> <B><FONT size=2 face="serif">Exchange rates of
        nominal </FONT></B><B><I><FONT size=2 face="serif">reais </FONT></I></B><B><FONT size=2 face="serif">per
    U.S.$ 1.00</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=right><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> <B><FONT size=2 face="serif">Year ended</FONT></B> </TD>
  <TD>&nbsp; </TD>
  <TD align=center> <B><FONT size=2 face="serif">High</FONT></B> </TD>
  <TD align="center">&nbsp; </TD>
  <TD align=center> <B><FONT size=2 face="serif">Low</FONT></B> </TD>
  <TD align="center">&nbsp; </TD>
  <TD align=center> <B><FONT size=2 face="serif">Average</FONT><SUP><font size="2" face="serif">1</font></SUP></B> </TD>
  <TD align="center">&nbsp; </TD>
  <TD align=center> <B><FONT size=2 face="serif">Year end</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">December 31, 2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.801</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.936</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.353</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.320</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">December 31, 2002</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.955</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.271</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.998</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">3.533</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">December 31, 2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.662</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.822</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">3.060</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.889</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">December 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.205</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.654</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.917</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.654</FONT>
        </TD>
        <TD width=2% align=center>&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=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Month ended</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">High</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">Low</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">Average</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=2 face="serif">Month end</FONT></B>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%">
<HR noshade size=1>
        </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="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">August 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.064</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.934</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.999</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.934</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">September 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.936</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.859</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.897</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.859</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">October 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.885</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.824</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.855</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.857</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">November 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.859</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.731</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.795</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.731</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">December 31, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.787</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.654</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.721</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.654</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">January 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.722</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.625</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.693</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2.625</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Average of the foreign exchange rates on the last day of each month in the period.</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">(2)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Average of the high and low foreign exchange rates for each month.</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">22</FONT></P>

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

<P>
<B><FONT size=3 face="serif">Capitalization</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets
forth our total debt and capitalization at September 30, 2004, and as adjusted
to reflect (i) the sale by us of R$ 300 million principal amount of bonds due
2008 solely to Brazilian investors on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">, 2005,
and the repayment of short-term debt with the proceeds from the sale of these
bonds, (ii) the issuance of 10,453,690,324 preferred shares as a stock dividend
approved at a meeting of our Board of Directors held on February 2, 2005, , and
(iii) the sale by us of 1,084,747,264 preferred shares, assuming that the underwriters
fully exercise their over-allotment option. This table should be read in conjunction
with the consolidated financial statements and notes thereto appearing elsewhere
in this prospectus.</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><B><FONT size=2 face="serif">As of September 30,
    2004</FONT></B> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="10%" align=center> <B><FONT size=2 face="serif">(in millions of</FONT></B><br>
    <B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="10%" align=center> <B><FONT size=2 face="serif">(as adjusted,<br>
  </FONT></B><B><FONT size=2 face="serif">in millions of<br>
  </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">)</FONT></B> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="10%" align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="10%" align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">569.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">569.6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Short-term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26.6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Long-term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34.3</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Total cash and financial investments</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">632.7</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">632.7</FONT></B>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="10%" align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="10%" align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Short-term financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">372.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">72.4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Long-term debt</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Bonds</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">300.0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Total debt</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">664.4</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">664.4</FONT></B>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Minority interest</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">36.1</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">36.1</FONT></B>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Shareholders' equity:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Capital stock</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Reserves and retained earnings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">898.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">663.7</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Total shareholders' equity</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="10%">
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD WIDTH="10%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Total capitalization (1)</FONT></B></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">2,263.0</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right><B></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
          <HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
          <HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD colspan="2" align=left><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
    <TD width=95% align=left><FONT SIZE="2" FACE="serif">Total capitalization
    is the sum of total debt, minority interest and total shareholders&#146; equity. </FONT></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">23</FONT></P>

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

<P>
<B><FONT size=3 face="serif">Selected consolidated financial information </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table presents our selected financial information at the dates and for each of the periods indicated in Brazilian GAAP. The selected financial information at and for the years
ended December 31, 2003, 2002 and 2001 is derived from our audited consolidated financial statements included in this prospectus. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The selected financial information as of September 30, 2004 and for the nine months ended September 30, 2004 and 2003 has been derived from our unaudited interim consolidated financial
statements included in this prospectus, which in the opinion of management reflect all adjustments which are of a normal recurring nature necessary for a fair presentation of the results for such periods. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You should read the information below in conjunction with our audited and unaudited consolidated financial statements and the notes thereto included elsewhere in this prospectus, as well as
&#147;Presentation of financial information&#148; and &#147;Management&#146;s discussion and analysis of financial condition and results of operations.&#148;</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center> <B><FONT size=2 face="serif">Nine months<br>
ended September 30,</FONT></B> </TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center><B><FONT size=2 face="serif">Year ended</FONT></B> <br>
    <B><FONT size=2 face="serif">December 31,</FONT></B> </TD>
  <TD align=left></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></TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2004</FONT></B> </TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2002</FONT></B> </TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><font size="2" face="serif">1999</font></B> </TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="19" align=center> <B><FONT size=2 face="serif">(in millions of <I>reais</I>,
    except per share data)</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Consolidated income statement data:</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Gross sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,903.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,450.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,603.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,795.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,862.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,301.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,927.0</FONT>
        </TD>
        <TD width=1% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">discounts and returns</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(339.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(520.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(603.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(800.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(577.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(423.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(332.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Net sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,000.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,994.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,284.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,878.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,594.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,738.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,329.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,196.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,247.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,698.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,399.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,106.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Gross profit</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">825.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">600.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">803.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">747.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">586.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">478.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">487.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Operating (expenses) income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Selling, general
          and administrative expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(408.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(323.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(458.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(382.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(317.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(266.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(233.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total operating expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(403.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(320.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(452.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(381.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(307.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(264.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(229.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Operating income before financial items</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">351.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">365.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">278.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">213.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">258.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Financial income (expenses), net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(35.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(57.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">43.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(34.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Non-operating (expenses) income, net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(44.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(17.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(16.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(18.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Income before income and social</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=LEFT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;contribution taxes, equity in earnings</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=LEFT>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;(losses) of affiliated companies and</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">minority interest</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">374.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">236.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">295.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">349.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">230.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">240.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">205.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(65.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(45.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(44.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(71.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(27.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(47.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(40.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Income before equity in earnings (losses)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;of
            affiliated companies and minority</FONT> <FONT size=2 face="serif">interest</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">308.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">191.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">250.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">278.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">203.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">193.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">164.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>          <FONT size=2 face="serif">Equity in earnings (losses) of affiliated</FONT> <FONT size=2 face="serif">companies</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(54.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(73.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(74.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(73.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Net income</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">246.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">132.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">128.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">87.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Net earnings per thousand shares(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.39</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.69</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.54</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.62</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.49</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.42</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.66</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=2>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Dividends per thousand common shares(2)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.33</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.46</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.01</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.00</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.20</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.57</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.48</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD WIDTH="8%">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Dividends per thousand preferred shares(2)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.33</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.51</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.11</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.09</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.63</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.63</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.53</FONT>
        </TD>
        <TD width=1% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">24</FONT></P>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align=center> <B><FONT size=2 face="serif">Nine months<br>
    ended September 30,</FONT></B> </TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=center><B><FONT size=2 face="serif">Year ended</FONT></B> <br>
        <B><FONT size=2 face="serif">December 31,</FONT></B> </TD>
    <TD align=left></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></TD>
    <TD>&nbsp;</TD>
    <TD colspan="13" align=left><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2004</FONT></B> </TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2002</FONT></B> </TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2001</FONT></B></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">2000</FONT></B></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><font size="2" face="serif">1999</font></B> </TD>
    <TD align=left></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD> </TD>
    <TD WIDTH="8%">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align=center> <B><FONT size=2 face="serif">(in millions
          of </FONT></B><B><I><FONT size=2 face="serif">reais</FONT></I></B><B><FONT size=2 face="serif">,
          except per share data)</FONT></B> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><b><font size=2 face="serif">Other financial data(3)</font></b> </TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Consolidated income statement data:</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cash flows from operating activities(4)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">396.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">171.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">311.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">468.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">339.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">302.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">373.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cash flows from investing activities(4)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(214.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(290.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(391.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(427.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(206.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(170.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(96.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cash flows from financing activities(4)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(181.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(59.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(339.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(126.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">233.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Depreciation and amortization(5)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">128.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">146.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">121.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">102.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">78.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">EBITDA(6)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">498.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">487.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">372.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">304.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">337.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Number of common shares (in millions)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,264.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,264.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,264.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,264.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">37,984.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">37,984.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">37,984.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Number of preferred shares (in millions)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,426.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,426.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,426.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,426.6</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,016.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,016.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,016.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">U.S. GAAP:</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">305.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">288.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">143.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">123.0</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">123.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">98.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Basic earnings per thousand common</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">shares(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.11</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.03</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.28</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.23</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.24</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.24</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Basic earnings per thousand preferred</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">shares(1)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.42</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.43</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.51</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.55</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.57</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.50</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD colspan="2" align=left><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Net earnings per thousand shares is calculated on the
weighted average shares outstanding during each of the periods presented. Net earnings
per thousand shares do not reflect any adjustments related to the stock dividend described
under &#147;Description of capital stock &#150; History of capital stock.&#148;</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(2)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">See &#147;Distribution policy and dividends&#148; for
information regarding declaration and payment of dividends. Dividends per thousand shares
do not</FONT>
<FONT size=2 face="serif">reflect any adjustments related to the stock dividend
described under &#147;Description of capital stock &#150; History of capital
stock.&#148;</FONT> </TD>
</TR>
<TR valign="top">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(3)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Cash flow information has been derived from our consolidated financial statements and unaudited interim consolidated financial</FONT>
<FONT size=2 face="serif">statements prepared in accordance with Brazilian GAAP.</FONT> </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(4)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">See Note 24 to our consolidated financial statements
and our unaudited interim consolidated financial statements. </FONT>
        </TD>
</TR>
<TR valign="top">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(5)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Depreciation represents depreciation and amortization expenses included in cost of sales and services and in selling, general and</FONT>
<FONT size=2 face="serif">administrative expenses.</FONT> </TD>
</TR>
<TR valign="top">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(6)</FONT>
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">See footnote 2 under &#147;Summary financial information&#148; for a more complete discussion of EBITDA and its reconciliation to</FONT>
<FONT size=2 face="serif">information in our financial statements.</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">25</FONT><br>
<br>
</P>

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

<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">As of September 30,</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center> <B><FONT size=2 face="serif">As of December 31,</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">2004<B></B> </FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">2003 </FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">2002 </FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">2001 </FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">2000 </FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center> <B><FONT size=2 face="serif">1999</FONT> </B> </TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD WIDTH="8%" align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD WIDTH="8%" align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD WIDTH="8%" align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD WIDTH="8%" align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD WIDTH="8%" align="right">
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD WIDTH="8%" align="right">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center> <B><FONT size=2 face="serif">(in millions of        <I>reais</I>)</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left> <B><FONT size=2 face="serif">Consolidated balance sheet data</FONT></B> </TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align="center">&nbsp;</TD>
  <TD WIDTH="8%" align=center><B><FONT size=2 face="serif">R$</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Current assets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">569.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">568.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">637.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">656.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">862.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">856.6</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Short-term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Trade accounts receivables</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">366.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">322.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">278.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">149.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">139.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">119.0</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">175.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">137.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">106.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">94.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">86.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">79.1</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">85.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">115.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">115.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">121.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">82.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">42.8</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">20.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Total current assets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,253.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,220.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,186.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,045.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,190.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,112.9</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Long-term assets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Long-term investment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</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=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</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=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.0</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Total long-term assets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">142.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">83.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">42.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34.0</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Permanent assets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">88.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">87.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">78.2</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Property, plant and equipment, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,024.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">968.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">779.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">707.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">655.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">665.7</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Deferred charges, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">94.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">102.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">81.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.8</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Total permanent assets</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,152.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,104.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">893.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">864.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">787.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">775.7</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">TOTAL ASSETS</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,127.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,952.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,014.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,922.6</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Current liabilities</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">372.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">381.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">219.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">124.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">134.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190.1</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">82.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">88.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">86.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">73.0</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">86.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">74.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38.2</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Dividends payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Total current liabilities</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">575.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">632.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">468.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">323.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">321.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">356.3</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Long-term liabilities</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">306.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">363.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">290.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">291.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">279.1</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.8</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Other taxes and contributions - contingent liability</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">62.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">53.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38.9</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">Total long-term liabilities</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">375.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">386.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">437.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">388.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">384.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">352.3</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">TOTAL LIABILITIES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">950.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,019.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">905.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">712.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">705.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">708.6</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD 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">36.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">439.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">411.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">394.4</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Shareholders&#146; equity</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">433.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">433.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">433.9</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Revaluation reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">53.5</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Profit reserves</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">881.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">674.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">501.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">340.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">434.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">332.2</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">TOTAL SHAREHOLDERS&#146; EQUITY</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,356.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,191.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">799.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">897.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">819.6</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=LEFT>
<B><FONT size=2 face="serif">&nbsp;&nbsp;TOTAL LIABILITIES AND SHAREHOLDERS&#146; &nbsp;&nbsp;EQUITY</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,127.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,952.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,014.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,922.6</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">U.S. GAAP:</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,493.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,343.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,004.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,892.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,967.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,838.0</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total shareholders&#146; equity</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,506.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,294.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,076.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">748.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">854.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">760.1</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<BR>
<P align="center">
<FONT size=2 face="serif">26</FONT></P>

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<P>
<B><FONT size=3 face="serif">Management&#146;s discussion and analysis of<br>
financial
condition and results of operations</FONT></B></P>
<P>
<B><FONT size=2 face="serif">OPERATING RESULTS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You should read this discussion together with our consolidated financial statements, including the notes thereto, and our unaudited interim consolidated financial statements and accompanying
notes, and other financial information included elsewhere in this prospectus and in conjunction with the financial information included under &#147;Selected consolidated financial information.&#148; Our consolidated financial statements and our
unaudited interim consolidated financial statements have been prepared in accordance with Brazilian GAAP and the accompanying notes contain a description of the principal differences between such practices and U.S. GAAP, and a reconciliation to U.S.
GAAP of net income for the nine months ended September 30, 2004 and 2003 and shareholders&#146; equity at September 30, 2004 and net income and shareholders&#146; equity for each of the three years in the period ended December 31, 2003. Our
unaudited interim consolidated financial statements for the nine months ended September 30, 2004 and 2003 respectively, were reviewed by the independent registered public accounting firm, Deloitte Touche Tohmatsu Auditores Independentes. Our
consolidated financial statements for the years ended December 31, 2003 and 2002 were audited by the independent registered public accounting firm, Deloitte Touche Tohmatsu Auditores Independentes. Our consolidated financial statements for the
fiscal year ended December 31, 2001 were audited by the independent registered public accounting firm, PricewaterhouseCoopers Auditores Independentes. </FONT></P>
<P>
<B><FONT size=2 face="serif">Overview</FONT></B></P>
<P>
<FONT size=2 face="serif">Our three principal businesses are:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the LPG distribution business, conducted by our wholly-owned subsidiary Ultragaz;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">the chemical and petrochemical business, conducted by our wholly-owned subsidiary Oxiteno; and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">logistical services for oil and chemical products, conducted by our wholly-owned subsidiary Ultracargo.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz sells LPG to the residential, commercial and industrial market segments. Oxiteno produces ethylene oxide and its principal derivatives, and is also a significant producer of specialty
chemicals. It manufactures approximately 700 products used in various industrial sectors such as polyethylene terephthalate, or PET, packaging, polyester, textiles, paints, cosmetics and detergents. Ultracargo operates a fleet of trucks specializing
in the transport of chemical products and fuels and maintains storage facilities at railroad junctions and port terminals. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Brazilian economic background</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Since most of our operating businesses are located in Brazil, we are significantly affected by Brazil&#146;s economic and social conditions, including, but not limited to, gross domestic
product, or GDP, growth rates, the domestic rate of inflation and exchange rate fluctuations.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Gross domestic product. </FONT></I></B><FONT size=2 face="serif">After the introduction of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">Plan in 1994,
the Brazilian economy experienced some years of strong economic growth. However, in 1998, economic growth slowed down, followed by a sharp devaluation of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">and GDP
increased by 0.8% in 1999. On the other hand, in 2000, Brazil&#146;s GDP grew by 4.4% . In 2001, Brazil&#146;s GDP grew by only 1.5%, largely due to the lack of energy supply, the terrorist attacks of September 11, and the Argentine crisis. In 2002,
Brazil&#146;s GDP grew by 1.5%, as a result of the political instability surrounding the presidential elections of October 2002, which caused foreign exchange rate devaluation, and an increase in interest rates, and undermined consumer confidence.
In 2003, the GDP grew 0.5%, largely a reflection of the economic policy of holding the basic interest rate at high levels throughout the year as a means of controlling inflation. As government became more confident regarding inflation trends,
interest rates were lowered, and estimates are that during 2004 Brazilian GDP grew by 5%. From January to September 2004, GDP grew by 5.3% . </FONT></P>
<P align="center">
<FONT size=2 face="serif">27</FONT></P>

<br>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our operations are significantly impacted by Brazilian GDP growth, specifically, sales of LPG to the commercial and industrial customers, Oxiteno&#146;s sales to the domestic market and
Ultracargo&#146;s logistics operations. In addition, sales of LPG to residential customers are affected by the level of household income. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Inflation and currency fluctuations</FONT></I></B><FONT size=2 face="serif">. Our cash operating expenses are substantially in </FONT><I><FONT size=2 face="serif">reais </FONT></I><FONT
size=2 face="serif">and tend to increase with Brazilian inflation. The inflation rate, as measured by the </FONT><I><FONT size=2 face="serif">&yen;ndice Geral de Pre&ccedil;os - Mercado</FONT></I><FONT size=2 face="serif">, or IGP-M, was 1.8% in
1998. The inflation rate increased to 20.1% in 1999 as a result of the devaluation of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">beginning in January 1999, and decreased to 10.0% in 2000 and 10.4% in 2001. In
2002, the inflation rate as measured by the IGP-M increased to 25.3%, reflecting the foreign exchange rate devaluation of 52.3%, largely due to uncertainties and risks inherent in the Brazilian presidential succession campaign. In 2003, the
</FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">appreciated 18% against the U.S. dollar, consequently diminishing inflationary pressures and resulting in an IGP-M of 8.7% . In 2004, the </FONT><I><FONT size=2
face="serif">real </FONT></I><FONT size=2 face="serif">appreciated further against the U.S. dollar and IGP-M for the year was 12.4% . Future governmental actions, including actions to adjust the value of the </FONT><I><FONT size=2 face="serif">real
</FONT></I><FONT size=2 face="serif">in relation to the dollar, may increase inflation. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The principal foreign exchange risk we face arises from certain U.S. dollar denominated costs and expenses. Although a substantial part of our debt is dollar-denominated, it is currently hedged
against currency devaluation through the use of various derivative instruments. Additionally, a significant part of our raw materials is also denominated or indexed to the U.S. dollar. A large part of our sales is denominated in </FONT><I><FONT
size=2 face="serif">reais</FONT></I><FONT size=2 face="serif">, although prices in the chemical business are benchmarked to prices prevailing in the international markets and denominated in U.S. dollars. Hence, we are exposed to foreign exchange
rate risks which could negatively impact our businesses, financial situation and operating results as well as our capacity to service our debt.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below shows the inflation rate for the periods indicated, as measured by the IGP-M as well as the devaluation of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2
face="serif">against the U.S. dollar. </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center> <B><FONT size=2 face="serif">Nine months ended<br>
September 30,</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center> <B><FONT size=2 face="serif">Year ended December
    31,</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=center><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=2 face="serif">Index</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=center> <B><FONT size=2 face="serif">2004</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <B><FONT size=2 face="serif">2003</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2002</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=2 face="serif">2001</FONT></B></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>
  <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=65% align=left>
<FONT size=2 face="serif">General Price Index-IGP-M</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">10.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">8.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">25.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">10.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=65% align=left>
<FONT size=2 face="serif">Devaluation (appreciation) of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">against the U.S.</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=65% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">dollar</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">17.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">(18.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">52.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">18.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We manage the foreign exchange risk associated with the scheduled payments under the terms of our U.S. dollar indebtedness by investing in U.S. dollar-denominated securities and foreign
currency/interest swap contracts, under which we pay variable interest in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif"> based on the interbank certificate of deposit rate, or CDI, and receive fixed interest in U.S.
currency. As of September 30, 2004 our total debt denominated in foreign currency was R$ 403.8 million, including pre-export finance contracts and import payables. At the same date our total asset position in foreign currency was R$ 459.3 million,
composed of investments indexed to U.S. dollars and swap instruments used to manage fluctuations of exchange rates and foreign currency receivables exposures. See &#147;Business - Quantitative and qualitative disclosures about market risk - Foreign
exchange risk&#148; for information about our foreign exchange risk hedging policy, Note 12 and 17 to our consolidated financial statements and Notes 12 and 18 to our unaudited interim consolidated financial statements. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Discussion of critical accounting policies and estimates</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The presentation of our financial condition and results of operations requires our management to make judgments regarding the effects of matters that are inherently uncertain on the carrying
value of our assets and liabilities and may affect the reported amount of them as well as our revenues and expenses. Actual results may differ from those estimated under different variables, assumptions or conditions, even though our management
believes that its accounting estimates are reasonable. The following paragraphs review the critical accounting estimates that management considers most important for understanding our financial condition, results of operations and cash flows. An
accounting estimate is considered a critical accounting estimate if it meets the following criteria:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The accounting estimate requires management to make assumptions about matters that were highly</FONT> <FONT size=2 face="serif">uncertain at the time the accounting estimate was made; and</FONT><BR><BR></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">28</FONT></P>

<br>
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<UL>
<LI>
<FONT size=2 face="serif">Different estimates that management reasonably could have used for the accounting estimate in the current</FONT> <FONT size=2 face="serif">period, or changes in the accounting estimate that are reasonably likely to occur
from period to period,</FONT> <FONT size=2 face="serif">would have a material impact on our financial condition, results of operations or cash flows.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have identified the following four of our accounting policies that can be considered critical. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Allowance for doubtful accounts. </FONT></I></B><FONT size=2 face="serif">We maintain allowances for doubtful accounts for estimated losses resulting from the subsequent inability of our
customers to make required payments. The allowance for doubtful accounts is recorded in an amount we consider sufficient to cover any probable losses on realization of our accounts receivable from our customers, as well as other receivables, and is
included as selling expenses; no adjustment is made to net sales and services revenue. In order to establish the allowance for doubtful accounts, our management constantly evaluates the amount and characteristics of our accounts receivable.  When
significant delays occur and the likelihood of receiving these payments decreases, a provision is made. In case receivables in arrears are guaranteed or there are reasonable grounds to believe they will be paid, no provision is made. If the
financial conditions of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances would be required in future periods.  However, because we can not predict with certainty the future
financial stability of our customers, we can not guarantee that our reserves will continue to be adequate. Actual credit losses may be greater than the allowance we have established, which could have a significant impact on our selling expenses.
See Note 24v(i) to our consolidated financial statements and Note 18 to our unaudited interim consolidated financial statements for additional information about our allowance for doubtful accounts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Deferred Taxes</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">We recognize deferred tax assets and liabilities which do not expire, arising from tax
loss carry forwards, temporary add-backs, revaluation of property, plant and equipment and other procedures. We periodically review the deferred tax assets for recoverability and establish a valuation allowance, as required, based on historical
taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences. In the event we or one of our subsidiaries operate at a loss or are unable to generate sufficient future taxable income, or
if there is a material change in the actual effective tax rates or time period within which the underlying temporary differences become taxable or deductible, we evaluate the need to establish a valuation allowance against all or a significant
portion of our deferred tax assets, resulting in an increase in our effective tax rate, thereby decreasing net income. If we determine that we can realize a deferred tax in excess of our net recorded amount, we decrease the valuation allowance,
thereby increasing net income. Significant management judgment is required in determining any valuation allowance. The principal uncertainty relates to the likelihood of future taxable income from the subsidiary that generated the deferred tax
asset. A change in our projections of profitability could result in the need to record a valuation allowance against deferred tax assets, resulting in a negative impact of future results. See Note 21 to our consolidated financial statements for
additional information on taxes. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Contingent liabilities.</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif"> We are currently involved in certain legal and administrative proceedings that
arise from our normal course of business as described in Note 18 to our consolidated financial statements, Note 19 to our unaudited interim consolidated financial statements and in &#147;Business &#150; Legal proceedings.&#148; We believe that the
extent to which these contingencies are recognized in our consolidated financial statements and unaudited interim consolidated financial statements is adequate. It is our policy to record accrued liabilities in regard to contingencies that can be
reasonably estimated and could have a material adverse impact on the result of our operations or our financial condition, to the extent not covered by insurance, and that are likely to occur in the opinion of our management, based on information
available to us including information obtained from our legal advisors. Future results of operations for any particular quarterly or annual period could be materially affected by changes in our assumptions, by the effectiveness of our strategies
relating to these proceedings, by future developments in each matter being discussed or by changes in approach, such as a change in settlement strategy in dealing with these matters. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Fair value of financial instruments.</FONT></I></B><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif"> We enter into foreign currency swap agreements in order to hedge our
foreign exchange exposure. Under Brazilian GAAP, these swap agreements are recorded at their net settlement prices as determined on each balance sheet date in accordance with their contractual terms. In applying U.S. GAAP to our swap agreements we
adopted SFAS 133, &#147;Accounting for Derivative Instruments and Hedging Activities.&#148; The accounting required under SFAS 133 is broader than under Brazilian GAAP, especially with respect to the overall treatment and definition of a derivative,
when to record a derivative, the classification of derivatives, and </FONT></P>
<P align="center">
<FONT size=2 face="serif">29</FONT></P>

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

<P>
<FONT size=2 face="serif">when to designate a derivative as a hedge. Under this method of accounting we adjusted our foreign currency swaps to their fair values, with changes in fair values being recognized in earnings. Note 24 to our consolidated
financial statements and to our unaudited interim consolidated financial statements provide additional information regarding the accounting of our swap agreements. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to estimate fair values, we consider several variables, such as interest rates, discount rates, foreign exchange rates and future cash flows. Our most important source of information
concerning these variables is the market projections of future exchange and interest rates provided by the Brazilian Mercantile &amp; Future Exchange (BMF). We believe BMF to be the most adequate and reliable source of information available for our
calculations. However, given the volatility inherent in financial markets, estimates concerning the variables used to calculate fair values are subject to constant change. As a consequence, our judgment related to, among other issues, the behavior
of these variables, the selection of sources of information and the timing of calculation, directly affects the fair values of our swaps and the amount of gains or losses recorded in the income statement under U.S. GAAP. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Results of operations</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following discussion of our results of operations is based on the financial information derived from our consolidated financial statements and our unaudited interim consolidated financials
statements, prepared in accordance with Brazilian GAAP. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Nine months ended September 30, 2004 compared to the nine months ended September 30, 2003. </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows a summary of our results of operations for the nine months ended September 30, 2004 and 2003:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <B><font size=2 face="serif">Nine months<br>
  </FONT></B><B><font size=2 face="serif">ended<br>
  </FONT></B><B><font size=2 face="serif">September<br>
  </FONT></B><B><font size=2 face="serif">30, 2004</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <B><font size=2 face="serif">Percentage<br>
  </FONT></B><B><font size=2 face="serif">of net sales<br>
  </FONT></B><B><font size=2 face="serif">and services</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <B><font size=2 face="serif">Nine months<br>
  </FONT></B><B><font size=2 face="serif">ended<br>
  </FONT></B><B><font size=2 face="serif">September<br>
  </FONT></B><B><font size=2 face="serif">30, 2003</FONT></B> </TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <B><font size=2 face="serif">Percentage<br>
  </FONT></B><B><font size=2 face="serif">of net sales<br>
  </FONT></B><B><font size=2 face="serif">and services</FONT></B> </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <B><font size=2 face="serif">Percent<br>
  </FONT></B><B><font size=2 face="serif">change</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="13" align=center> <B><FONT size=2 face="serif">(in millions of
    <I>reais</I>, except percentages)</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Net sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,738.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">77</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,329.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">80</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT size=2 face="serif">Gross profit</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">825.9</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">600.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Selling, general and administrative expenses</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(408.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(323.8</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT size=2 face="serif">Operating income before financial items</FONT></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Financial income (expense), net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(35.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(19</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Non-operating income (expense), net</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">&#150;</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(65.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(45.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Minority interest/equity in earnings of affiliates</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR>
        <TD width="40%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>    </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>    </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>    </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>    </TD>
        <TD width="1%">&nbsp;
        </TD>
        <TD width="1%">
        </TD>
        <TD width="8%">
<HR noshade size=1>    </TD>
        <TD width="1%">&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">63</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=1% align=left>

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
        <TD width=1% align=left>

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">43</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="2" align=left><HR align="left" width="10%" size=1 noshade></TD>
  </TR>
<TR valign="top">
        <TD width=5% align=left>
<FONT size=2 face="serif">(1)</FONT></TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">See footnote 2 under &#147;Summary financial  information&#148; for a more complete discussion of EBITDA and its</FONT>
<FONT size=2 face="serif">reconciliation to information in our financial statements.</FONT> </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Net sales and services</FONT></I><FONT size=2 face="serif">. Net sales and services increased by 22%, to R$ 3,564.1 million for the nine months ended September 30, 2004 from R$ 2,930.3
million for the nine months ended September 30, 2003.</FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the change in sales in each of our segments: </FONT></P>
<P align="center">
<FONT size=2 face="serif">30</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD WIDTH="10%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><b><font size=1 face="serif">Nine months ended September 30,</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="10%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="10%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">2004</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">2003</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percent change</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="10%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><hr align="left" width="95%" size=1 noshade></TD>
    <TD colspan="2" align=center><hr align="left" width="95%" size=1 noshade></TD>
    <TD colspan="2" align=center><hr align="left" width="100%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="10%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">,
    except percentages)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">2,241.9</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">1,903.5</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">18</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">1,210.0</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">923.9</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">31</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">144.7</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">131.5</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
</TABLE>
<BR>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s net sales and services were
    R$ 2,241.9 million for the nine months ended September 30, 2004, a growth of 18% in relation to the
    R$ 1,903.5 million in the same period in 2003. The increase in net sales was largely due to an increase
    in sales volume. Ultragaz&#146;s sales volume grew 19% compared to the same period in 2003, primarily
    due to the acquisition of Shell G&aacute;s in August 2003, which at that
    time accounted for 4.5% of the Brazilian market, and also due to the growth
    in the LPG market as a whole. Brazil&#146;s
    LPG market grew by 3% compared to the same period in 2003. We believe that this increase is largely
    a reflection of growth in the Brazilian economy and the increase in personal income among the population
    and a leveling-off of the price of LPG charged by Petrobras.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s net sales and services increased
    to R$ 1,210.0 million in the nine months ended September 30, 2004, a 31% growth compared to R$ 923.9
    million for the same period in 2003. This increase resulted primarily from (i) an increase in volume
    sold, (ii) the recovery of petrochemical commodities prices in the international market, and (iii)
    the acquisition of Canamex in December 2003, which contributed R$ 46.7 million to net revenue for
    the nine months ended September 30, 2004. Oxiteno&#146;s sales volume was 391,000 tons in this period,
    a growth of 11% compared with 352,000 tons for the same period in 2003, mainly a result of (i) expansion
    of its customer base, partly through import substitution; (ii) a greater volume of sales of specialty
    chemicals; (iii) stronger demand as a result of the growth in the Brazilian economy, and (iv) the
    acquisition of Canamex.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s net sales and services
    increased to R$ 144.7 million for the nine months ended September 30, 2004, a growth of 10% compared
    to the same period in 2003, with net sales of R$ 131.5 million. The improvement in net sales and
    services reflects the increased volume of operations and contractual tariff increases. Ultracargo&#146;s
    average stored volumes of liquids and gases increased by 3% for the nine months ended September 30,
    2004 compared to the same period in 2003, as a result of a growth in its number of customers and
    increased economic activity. Stored volumes of solid chemicals saw an increase of 48% for the nine
    months ended September 30, 2004 compared to the nine months ended September 30, 2003, mainly due
    to the startup of the Tatu&iacute; Terminal. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Cost of sales and services</FONT></I><FONT size=2 face="serif">.
    Cost of sales and services increased by 18% to R$ 2,738.2 million in the nine months ended September
    30, 2004, from R$ 2,329.8 million for the nine months ended September 30, 2003.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s cost of sales and services
    increased 17% to R$ 1,904.6 million for the nine months ended September 30, 2004 from R$ 1,626.7
    million for the same period in 2003, largely the result of an increase of 19% in sales volume, collective
    wage agreements and higher freight costs. </FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s cost of sales and services
    rose by 20% to R$ 775.9 million for the nine months ended September 30, 2004 from R$ 647.1 million
    for the same period in 2003. This increase was mainly due to (i) an 11% growth in sales volumes and
    an increase in some raw material prices, the latter directly impacted by stronger naphtha prices
    on the international market, and (ii) the consolidation of Canamex, which contributed to a increase
    of R$ 35.0 million in the cost of sales and services. In addition, Oxiteno increased its sales volume
    of specialty chemicals which have a higher unit cost, and higher margins, by 27% compared to the
    same period in 2003.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s cost of sales and services
    increased 7% to R$ 90.1 million in the nine months ended September 30, 2004 from R$ 84.2 million
    for the same period in 2003. This increase is a reflection of (i) increases in personnel costs due
    to annual collective wage agreements and expansion in the size of the workforce to meet the demands
    of new clients and new operations, (ii) higher fuel prices, and (iii) increased nitrogen costs, used
    for cleaning storage tanks.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Gross profit. </FONT></I><FONT size=2 face="serif">Our
    gross profit increased by 38% to R$ 825.9 million for the nine months ended September 30, 2004 from
    R$ 600.5 million for the same period in 2003. Ultragaz&#146;s gross profit was R$ 337.2 million,
    22% higher </FONT></P>
<P align="center"> <FONT size=2 face="serif">31 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> <FONT size=2 face="serif">than the gross profit of R$ 276.8 million reported for the nine months
    ended September 30, 2003. Oxiteno&#146;s gross profit was R$ 434.1 million, a 57% increase compared
    with R$ 276.8 million reported for the same period in 2003. Ultracargo&#146;s gross profit was R$
    54.5 million for the nine months ended September 30, 2004, corresponding to an increase of 16% compared
    with R$ 46.9 million for the nine months ended September 30, 2003. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Selling, general and administrative expenses</FONT></I><FONT size=2 face="serif">.
    Our selling, general and administrative expenses grew 26% to R$ 408.2 million for the nine months
    ended September 30, 2004 from R$ 323.8 million for the nine months ended September 30, 2003.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s selling general and administrative
    expenses increased by 25% to R$ 221.0 million for the nine months ended September 30, 2004 from R$
    177.2 million for the same period in 2003. This increase was the result of (i) a 32% increase in
    depreciation and amortization to R$ 87.6 million for the nine months ended September 30, 2004 from
    R$ 66.3 million for the same period in 2003, due to the acquisition of Shell G&aacute;s in August
    2003 and investments in fixed and deferred assets, (ii) the incorporation of the Shell G&aacute;s
    sales structure, (iii) an increase of 19% in sales volume, and (iv) an increase in payroll expenses
    due to collective labor agreements renegotiated during the year.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s selling, general and administrative
    expenses increased by 26% to R$ 155.0 million for the nine months ended September 30, 2004 from R$
    123.0 million for the same period in 2003, principally the result of (i) higher personnel expenses,
    due to annual collective wage agreements renegotiated for the period and an increase in the provision
    for employee profit sharing, in line with the company&#146;s improved performance; (ii) the consolidation
    of Canamex expenses; and (iii) increased freight expenses, accompanying the higher sales volume.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s selling, general and administrative
    expenses rose 31% to R$ 36.6 million for the nine months ended September 30, 2004 from R$ 27.9 million
    in the same period in 2003. The increase was a function of higher general and administrative expenses,
    principally as a result of wage increases for 2004 per the terms of collective labor agreements,
    a larger number of employees, needed to service our increased customer base, notably in the transportation
    sector, and higher IT expenses. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Operating income before financial items</FONT></I><FONT size=2 face="serif">.
    Our operating income before financial items increased 51% to R$ 422.2 million for the nine months
    ended September 30, 2004 from R$ 279.8 million for the same period in 2003. This was mainly due to
    the increase in Oxiteno&#146;s and Ultragaz&#146;s operating results. Ultragaz&#146;s operating income
    before financial items for the nine months ended September 30, 2004 was R$ 117.9 million, a R$ 17.7
    million increase compared to the same period in 2003. At Oxiteno, operating income before financial
    items was R$ 281.4 million for the nine months ended September 30, 2004, an 81% increase compared
    to R$ 155.8 million for the same period in 2003. Ultracargo&#146;s operating income before financial
    items was R$ 19.0 million for the nine months ended September 30, 2004, a 3% decrease compared to
    the R$ 19.6 million for the same period in 2003. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Financial income (expense), net</FONT></I><FONT size=2 face="serif">.
    We reported net financial expenses of R$ 35.5 million for the nine months ended September 30, 2004,
    a decrease of 19% compared to a net financial expense of R$ 43.6 million for the same period in 2003
    primarily related to the decrease of our net debt position. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of September 30,
          2004, we had net debt of R$ 25.0 million and a net foreign exchange
          rate exposure of R$ 55.4 million, mainly comprised of foreign currency
          trade accounts receivable (net) of R$ 19.3 million and R$ 30.7 million
    currency exposure related to our investment in Canamex. See footnote 3 under
          &#147;Summary financial information&#148; for a more complete discussion of net cash
    (debt) and its reconciliation to information in our financial statements. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Non-operating income (expense), net</FONT></I><FONT size=2 face="serif">.
    We posted a net non-operating expense of R$ 12.1 million for the nine months ended September 30,
    2004 compared to a net non-operating income of R$ 0.4 million for the same period in 2003. This net
    expense is primarily attributable to the scrapping of storage cylinders by Ultragaz in 2004. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Income and social contribution taxes</FONT></I><FONT size=2 face="serif">.
    Income and social contribution tax expenses amounted to R$65.7 million for the nine months ended
    September 30, 2004 an increase of 46% from R$ 45.0 million for the same period in 2003. This increase
    is in line with the growth in our operating results. </FONT></P>
<P align="center"> <FONT size=2 face="serif">32 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Minority interest/equity in earnings of
      affiliates</FONT></I><FONT size=2 face="serif">. Minority interest was R$ 4.2 million for the nine
      months ended September 30, 2004, compared to R$ 4.2 million for the same period in 2003. Minority
      interest reflects our remaining minority stakes in certain subsidiaries, such as Cia. Ultragaz
      S.A. and Tequimar, not wholly-owned by us. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Net income</FONT></I><FONT size=2 face="serif">.
    As a result of the foregoing, net income for the nine months ended September 30, 2004 was R$ 304.7
    million, an increase of 63% compared to the same period in 2003. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">EBITDA. </FONT></I><FONT size=2 face="serif">EBITDA
    increased by 43% to R$ 550.8 million for the nine months ended September 30, 2004, from R$ 384.6
    million for the same period in 2003. Ultragaz posted EBITDA of R$ 205.5 million for the nine months
    ended September 30, 2004, 23% higher than the figure for the same period in 2003. Factors behind
    this growth included: (i) our acquisition of Shell G&aacute;s and our ensuing gains in scale, and
    (ii) the growth seen in Brazil's LPG market. Oxiteno&#146;s EBITDA amounted to R$ 309.3 million for
    the nine months ending September 30, 2004, representing an increase of 70% compared to the same period
    in 2003. This performance reflected an increase in sales volume due to new contracts closed, growth
    of the Brazilian economy, an increased sales focus on specialty chemicals and improved prices for
    petrochemical commodities. Ultracargo reported EBITDA of R$ 31.4 million for the nine months ended
    September 30, 2004, a 2% increase compared to R$30.9 million the figure for the same period in 2003.
    See footnote 3 under &#147;Summary financial and other information&#148; for a more complete discussion
    of EBITDA and its reconciliation to information in our financial statements. </FONT></P>
<P> <B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2003 compared to the year ended December
        31, 2002. </FONT></I></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows a summary of our
    results of operations for the years ended December 31, 2003 and 2002: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Year ended</font></b> <b><font size=1 face="serif"><br>
December</font></b> <b><font size=1 face="serif"><br>
31, 2003</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percentage<br>
    </font></b> <b><font size=1 face="serif">of net sales<br>
    </font></b> <b><font size=1 face="serif">and services</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Year ended</font></b> <b><font size=1 face="serif"><br>
December</font></b> <b><font size=1 face="serif"><br>
31, 2002</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percentage</font></b> <b><font size=1 face="serif"><br>
of net sales</font></b> <b><font size=1 face="serif"><br>
and services</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percent</font></b> <b><font size=1 face="serif"><br>
change</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="100%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">,
    except percentages)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Net sales and services</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">4,000.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">100%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2,994.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">100%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">34</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Cost of sales and services</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(3,196.4</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">80%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(2,247.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">75%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">42</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <B><FONT size=2 face="serif">Gross profit</FONT></B> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">803.9</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">20%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">747.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">25%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Selling, general and administrative expenses</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(458.9</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">11%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(382.3</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">13%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">20</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Other operating income, net</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">6.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&#150;</FONT> </TD>
    <TD width=4% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <B><FONT size=2 face="serif">Operating income before financial items</FONT></B> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">351.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">9%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">365.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(4</FONT></TD>
    <TD width=4% align=left><FONT size=2 face="serif">%)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Financial expense, net</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(57.2</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">28.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&#150;</FONT> </TD>
    <TD width=4% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Non-operating income (expense), net</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1.0</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(44.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&#150;</FONT> </TD>
    <TD width=4% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Income and social contribution taxes</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(44.9</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(71.4</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(37</FONT></TD>
    <TD width=4% align=left><FONT size=2 face="serif">%)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Minority Interest/equity in earnings of affiliates</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(4.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(56.2</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(93</FONT></TD>
    <TD width=4% align=left><FONT size=2 face="serif">%)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">246.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">6%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">222.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">11</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align=right valign="bottom"><HR noshade size=1></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=1></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=1></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=1></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=1></TD>
    <TD align="left" valign="bottom"><HR align="left" width="100%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <B><FONT size=2 face="serif">EBITDA(1)</FONT></B> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">498.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">487.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align=right valign="bottom"><HR noshade size=2></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=2 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=2></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=2 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=2></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=2 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=2></TD>
    <TD align="left" valign="bottom"><HR align="left" width="55%" size=2 noshade></TD>
    <TD align=right valign="bottom"><HR noshade size=2></TD>
    <TD align="left" valign="bottom"><HR align="left" width="100%" size=2 noshade></TD>
  </TR>
</TABLE>
<BR>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><hr align="left" width="15%" size=1 noshade></td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(1) </font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">See footnote
              2 under &#147;Summary
        financial  information&#148; for a more complete discussion of EBITDA
        and its reconciliation to information in our financial statements.</font></td>
  </tr>
</table>

<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Net sales and services</FONT></I><FONT size=2 face="serif">.
    Net sales and services increased by 34%, to R$ 4,000.3 million in 2003 from R$ 2,994.5 million in
    2002.</FONT></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the change in net sales and services in
    each of our segments: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><b><font size=1 face="serif">Year ended December 31,</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">2003</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">2002</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percent <br>
    change</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><hr align="left" width="95%" size=1 noshade></TD>
    <TD colspan="2" align=center><hr align="left" width="95%" size=1 noshade></TD>
    <TD colspan="2" align=center><hr align="left" width="100%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">,
          except percentages)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=64% align=left> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">2,622.7</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1,942.7</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">35</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=64% align=left> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1,237.8</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">956.1</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">29</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=64% align=left> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">177.1</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">131.5</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">35</FONT> </TD>
    <TD width=5% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">33 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s net sales and services were
    R$ 2,622.7 million in 2003, an increase of 35% compared to R$ 1,942.7 million in 2002. The falling
    disposable incomes in Brazil, mainly a consequence of the weak economic activity which characterized
    the first semester of 2003, together with the increase of 42% in Petrobras&#146; refinery LPG prices
    to distributors, which contributed to the retail prices increase during 2003, contributed to an overall
    5.7% volume decline in the LPG distribution market. Ultragaz reported a year over year increase of
    5% in sales volume to 1,362.1 thousand tons from 1,302.7 thousand tons, principally due to the acquisition
    of Shell G&aacute;s in August 2003. </FONT><FONT size=2 face="serif">Excluding the sales volume from
    Shell G&aacute;s, Ultragaz&#146;s 2003
    sales volume decreased 4.3% compared to 2002.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s net sales and services were
    R$ 1,237.8 million in 2003, an increase of 29% compared to R$ 956.1 million in 2002. Oxiteno&#146;s
    sales volume in 2003 was 474,200 tons, a growth of 9% compared with 433,500 tons in 2002, mainly
    a result of (i) its greater penetration in the agrochemical sector, (ii) the acquisition of new clients,
    including through import substitution, in several of Oxiteno&#146;s sectors, and (iii) the increase
    of exports. The growth in sales volume was accompanied by (i) a price improvement, in U.S. dollars,
    in Oxiteno&#146;s principal products on the international market, and (ii) a better sales mix, due
    to an improvement in the domestic market demand in the second half of 2003. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s net sales and services
    increased to R$ 177.1 million in 2003, a growth of 35% over 2002, when net sales and services were
    R$ 131.5 million. This increase in net sales and services reflected investments in expanding services,
    mainly related to new clients in the transportation sector and to the 20,000 cubic meters of additional
    capacity at the Aratu terminal in the storage sector. These resulted in a 26% increase in total kilometers
    covered by the truck fleet and an 8% increase in product volumes held in storage. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Cost of sales and services</FONT></I><FONT size=2 face="serif">.
    Cost of sales and services increased by 42% to R$ 3,196.4 million in 2003 from R$ 2,247.1 million
    in 2002.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s cost of sales and services
    increased 42% to R$ 2,256.3 million in 2003 from R$ 1,585.1 million in 2002, largely the result of
    increased sales volume and increased LPG refinery prices charged by Petrobras to distributors.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s cost of sales and services
    rose by 40% to R$ 863.6 million in 2003 from R$ 614.8 million in 2002. This increase was due to higher
    sales volumes as well as an increase in ethylene prices, the latter directly impacted by stronger
    naphtha prices on the international market. In 2003, the increase in the cost of ethylene accounted
    for 49% of Oxiteno&#146;s increase in the cost of sales and services. In addition, Oxiteno increased
    its sales volume of specialty chemicals, which have a higher unit cost, and higher margins, by 11%
    from 2002 to 2003.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s cost of sales and services
    increased 38% to R$ 113.9 million in 2003 from R$ 82.8 million in 2002. This increase reflected the
    increased cost of nitrogen, used for cleaning storage tanks, and increased product transportation
    costs, in turn due to higher third-party freights, in addition to the increased costs of fuel, tires
    and spare parts for maintenance.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Gross profit</FONT></I><FONT size=2 face="serif">.
    Our gross profit increased by 8% to R$ 803.9 million in 2003 from R$ 747.4 million in 2002. Ultragaz&#146;s
    gross profit in 2003 was R$ 366.3 million, 2% higher than the gross profit of R$ 357.6 million reported
    in 2002. Oxiteno&#146;s gross profit was R$ 374.2 million in 2003, a 10% growth compared with R$
    341.3 million reported in 2002. Ultracargo&#146;s gross profit was R$ 63.2 million in 2003, corresponding
    to an increase of 30% compared with R$ 48.6 million in 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Selling, general and administrative expenses</FONT></I><FONT size=2 face="serif">.
    Selling, general and administrative expenses grew 20% to R$458.9 million in 2003 from R$382.3 million
    in 2002.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s selling
          general and administrative expenses increased by 17% to R$ 254.1 million
          in 2003 from R$ 217.1 million in 2002. This increase was the result
          of (i) a 24% increase in depreciation and amortization to R$ 95.0 million
          in 2003 from R$ 76.6 million in 2002, mainly due to the investment
          of R$ 114.4 million in fixed and deferred assets in 2003; (ii) the
          acquisition of Shell G&aacute;s and; (iii) an increase in payroll expenses
          due to collective labor agreements during the year.</FONT></P>
<P align="center"> <FONT size=2 face="serif">34 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s selling, general and administrative
    expenses increased by 20% to R$ 171.2 million in 2003 from R$ 142.4 million in 2002, principally
    the result of an increase in selling and commercial expenses to R$ 76.9 million in 2003 from R$ 53.6
    million in 2002, due to increases in sales volume and cost of freight. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s selling, general and administrative
    expenses rose 25% to R$ 39.4 million in 2003 from R$ 31.5 million in 2002. The increase was a function
    of higher general and administrative expenses, principally as a result of wage increases for 2003
    per the terms of collective labor agreements and higher headcount, related to increased client base,
    notably in the transportation sector. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Operating income before financial items</FONT></I><FONT size=2 face="serif">.
    Operating income before financial items decreased by 4% to R$ 351.6 million in 2003 from R$ 365.5
    million in 2002. This was mainly a consequence of the increase of depreciation and amortization expenses
    at Ultragaz. Ultragaz&#146;s operating income before financial items in 2003 was R$ 113.2 million,
    a decrease of 21% compared to R$ 143.2 million in 2002. Oxiteno&#146;s operating income before financial
    items was R$ 207.0 million in 2003, an increase of 4% compared to R$ 199.9 million in 2002. </FONT><FONT size=2 face="serif">Ultracargo&#146;s
    operating income before financial items was R$ 24.7 million in 2003, an increase of 40% compared
    with R$ 17.6 million in 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Financial income (expense), net</FONT></I><FONT size=2 face="serif">.
    We recorded a net financial expense of R$ 57.2 million in 2003, compared with a net financial income
    of R$ 28.5 million in 2002. This change was caused principally by (i) a reduction in financial investments,
    principally due to the lower levels of cash available for investment following the payment of R$
    170.6 million for the acquisition of Shell G&aacute;s in August 2003 and the acquisition of minority
    shareholdings of Oxiteno in December 2002, (ii) a reduction in the prevailing interest rates on financial
    investments (benchmarked to the CDI &#150; Interbank Deposit Rate) and (iii) the effect of the appreciation
    of the</FONT><I><FONT size=2 face="serif"> real</FONT></I><FONT size=2 face="serif"> on our net foreign
    exchange exposure.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31,
          2003, we had net debt of R$ 78.1 million. We had a net foreign exchange
          rate exposure of R$ 52.2 million, comprised of U.S. dollar financial
          investments of R$ 21.1 million and R$ 31.1 million currency exposure
          related to our investment in Canamex.
    See footnote 3 under &#147Summary financial information&#148; for a more
    complete discussion of net cash  (debt) and its reconciliation to information
    in our financial statements.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Non-operating income (expense)</FONT></I><FONT size=2 face="serif">.
    We posted a net non-operating income of R$ 1.0 million in 2003 versus a net non-operating expense
    of R$ 44.1 million in 2002, the latter due to the provision of R$ 40.5 million for our investment
    in Nordeste Qu&iacute;mica S.A., a holding company with stakes in the chemical and petrochemical
    industry in Brazil.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Equity in earnings
               of affiliates</FONT></I><FONT size=2 face="serif">.
    Our affiliates generated a loss of R$ 0.5 million in 2003 compared to a loss
          of R$ 1.7 million in 2002. The result of 2002 is mainly a consequence
          of a loss of R$ 1.0 million in our affiliate F&aacute;brica Carioca
          de Catalisadores S.A. &#150; FCC, in which
    we held a 20% ownership interest. This interest was sold in November 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Minority interest</FONT></I><FONT size=2 face="serif">.
    Minority interest fell 93% to R$ 3.6 million in 2003 from R$ 54.5 million in 2002, largely as a result
    of the corporate restructuring in 2002, pursuant to which Ultragaz and Oxiteno became wholly owned
    subsidiaries. In accordance with Brazilian GAAP, we included 100% of Ultragaz&#146;s and Oxiteno&#146;s
    results in our operating results as from July 1, 2002, practically eliminating the impact of minority
    interest item in our results in 2003. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Net income</FONT></I><FONT size=2 face="serif">.
    As a result of the foregoing, net income grew 11% to R$ 246.4 million in 2003 from R$ 222.3 million
    in 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">EBITDA. </FONT></I><FONT size=2 face="serif">Our
    EBITDA increased by 2% to R$ 498.5 million in 2003 from R$ 487.3 million in 2002. Ultragaz&#146;s
    EBITDA fell 5% to R$ 208.2 million in 2003 from R$ 219.8 million in 2002. Oxiteno&#146;s EBITDA increased
    by 5% to R$ 243.2 million in 2003 from R$ 232.7 million in 2002. Ultracargo&#146;s EBITDA rose 37%
    to R$ 40.0 million in 2003 from R$ 29.2 million in 2002. See footnote 3 under &#147;Summary financial
    and other information&#148; for a more complete discussion of EBITDA and its reconciliation to information
    in our financial statements. </FONT></P>
<P align="center"> <FONT size=2 face="serif">35 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> <B><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2002 compared to the year ended December
        31, 2001. </FONT></I></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows a summary of our
    results of operations for the years ended December 31, 2002 and 2001: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Year ended</font></b> <b><font size=1 face="serif"><br>
    December</font></b> <b><font size=1 face="serif"><br>
    31, 2002</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percentage<br>
      </font></b> <b><font size=1 face="serif">of net sales<br>
    </font></b> <b><font size=1 face="serif">and services</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Year ended</font></b> <b><font size=1 face="serif"><br>
    December</font></b> <b><font size=1 face="serif"><br>
    31, 2001</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percentage</font></b> <b><font size=1 face="serif"><br>
    of net sales</font></b> <b><font size=1 face="serif"><br>
    and services</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percent</font></b> <b><font size=1 face="serif"><br>
    change</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="55%" size=1 noshade></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align="left"><HR align="left" width="100%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="10" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">,
          except percentages)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Net sales and services</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2,994.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">100</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2,284.7</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">100</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">31</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Cost of sales and services</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(2,247.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">75</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1,698.3</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">74</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">32</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <B><FONT size=2 face="serif">Gross profit</FONT></B> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">747.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">25</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">586.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">26</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">27</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Selling, general and administrative expenses</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(382.3</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">13</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(317.7</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">14</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">20</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Other operating income, net</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">10.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(96</FONT></TD>
    <TD width=4% align=left><FONT size=2 face="serif">%)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <B><FONT size=2 face="serif">Operating income before financial items</FONT></B> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">365.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">278.9</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">31</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Financial income (expense), net</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">28.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(31.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&#150;</FONT> </TD>
    <TD width=4% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Non-operating income (expense), net</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(44.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(17.0</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">159</FONT></TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Income and social contribution taxes</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(71.4</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(27.5</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">160</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Minority interest/Equity in earnings of affiliates</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(56.2</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(71.1</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">3</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(21</FONT></TD>
    <TD width=4% align=left><FONT size=2 face="serif">%)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">222.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">132.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">6</FONT> </TD>
    <TD width=2% align="left"><FONT size=2 face="serif">%</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">68</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD width="50%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="6%" align="right"> <HR noshade size=1> </TD>
    <TD width="4%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <B><FONT size=2 face="serif">EBITDA(1)</FONT></B> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">487.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">372.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">31</FONT> </TD>
    <TD width=4% align=left><FONT size=2 face="serif">%</FONT></TD>
  </TR>
  <TR>
    <TD width="50%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="6%" align="right"> <HR noshade size=1> </TD>
    <TD width="4%" align="left">&nbsp;</TD>
  </TR>
  <TR>
       <TD align="left"></TD>
       <TD align="right">&nbsp;</TD>
       <TD align="left"></TD>
       <TD align="right"></TD>
       <TD align="left"></TD>
       <TD align="right">&nbsp;</TD>
       <TD align="left"></TD>
       <TD align="right"></TD>
       <TD align="left"></TD>
       <TD align="right">&nbsp;</TD>
       <TD align="left">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
       <td colspan="2" align="left" valign="top"><hr noshade size=1>          </td>
       <td width="91%" align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(1) </font></td>
    <td colspan="2" align="left" valign="top"><font size=2 face="serif">See footnote 2 under &#147;Summary
        financial and other information&#148; for a more complete discussion of EBITDA and its reconciliation
    to information in our financial statements.</font></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Net sales and services</FONT></I><FONT size=2 face="serif">.
Our net sales increased by 31%, to R$ 2,994.5 million in 2002 from R$ 2,284.7 million in 2001.</FONT></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table illustrates the change in net sales and services in
    each of our segments: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><b><font size=1 face="serif">Year ended December 31,</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">2002</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">2001</font></b></TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Percent <br>
    change</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=center><hr align="left" width="95%" size=1 noshade></TD>
    <TD colspan="2" align=center><hr align="left" width="95%" size=1 noshade></TD>
    <TD colspan="2" align=center><hr align="left" width="100%" size=1 noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="6" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">,
          except percentages)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=64% align=left> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1,942.7</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1,381.1</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">41%</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=64% align=left> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">956.1</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">832.1</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">15%</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=64% align=left> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">131.5</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">105.4</FONT> </TD>
    <TD width=5% align="left">&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">25%</FONT> </TD>
    <TD width=5% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s net sales and services increased
    by 41%, to R$ 1,942.7 million in 2002 from R$ 1,381.1 million in 2001, reflecting an increase in
    LPG sales prices during the year. In January 2002, LPG refinery prices charged by Petrobras to distributors
    began to be set by reference to international LPG prices, which resulted in domestic prices becoming
    sensitive to the effects of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">depreciation
    against foreign currencies. The depreciation of the </FONT><I><FONT size=2 face="serif">real</FONT></I><FONT size=2 face="serif"> and
    the increases in LPG prices worldwide resulting from the war with Iraq led to an increase of approximately
    123% in LPG refinery prices charged by Petrobras to distributors and resulted in a 5% decrease in
    domestic consumption. At Ultragaz, the resulting increase in sales prices was partially offset by
    a reduction in volume sales by 3% to 1.30 million tons in 2002 from 1.34 million tons in 2001. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s net sales and services increased
    by 15%, to R$ 956.1 million in 2002 from R$ 832.1 million in 2001. The depreciation of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">made
    Oxiteno&#146;s products more competitive in the international and the domestic markets, which contributed
    to this increase. During 2002, Oxiteno&#146;s sales volume decreased by 3%, largely due to ethylene
    supply restrictions from Braskem, following a long maintenance stoppage during the first half of
    2002. In this scenario, Oxiteno sold a higher margin product mix, increasing its sales in Brazil.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s net sales and services
    increased by 25%, to R$ 131.5 million in 2002 from R$ 105.4 million in 2001, mainly reflecting </FONT><FONT size=2 face="serif">greater
    sales volumes in the transportation segment due to expansion of its customer base. </FONT></P>
<P align="center"> <FONT size=2 face="serif">36 </FONT></P>
<br>
<br>
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<br>

<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Cost of sales and services</FONT></I><FONT size=2 face="serif">.
    Our cost of sales and services increased by 32%, to R$ 2,247.1 million in 2002 from R$ 1,698.3 million
    in 2001.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s cost of sales and services
    increased by 43%, to R$1,585.1 million in 2002 from R$1,105.2 million in 2001, principally due to
    increases on the refinery prices charged by Petrobras to distributors following the deregulation
    of domestic LPG prices in January 2002. Since then, Petrobras has adopted the international price
    plus the cost of importing the product as a benchmark.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s cost of sales and services
    increased by 9%, to R$ 614.8 million in 2002 from R$ 563.8 million in 2001. This increase was largely
    due to increased ethylene prices, which are very sensitive to foreign exchange rate devaluation as
    well as higher international naphtha prices. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s cost of sales and services
    increased by 31%, to R$ 82.8 million in 2002 from R$ 63.0 million in 2001. This increase </FONT><FONT size=2 face="serif">reflected
    the higher prices of nitrogen, the main raw material in the storage segment, and the increase in
    diesel fuel.</FONT><FONT size=2 face="serif"> </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Gross profit</FONT></I><FONT size=2 face="serif">.
    Our gross profit increased by 27%, to R$ 747.4 million in 2002 from R$ 586.4 million in 2001. Both
    Ultragaz and Oxiteno contributed to this increase. At Ultragaz, gross profit increased by 30%, to
    R$ 357.6 million in 2002 from R$ 275.9 million in 2001. At Oxiteno, gross profit increased by 27%,
    to R$ 341.3 million in 2002 from R$ 268.4 million in 2001.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Selling, general and administrative expenses</FONT></I><FONT size=2 face="serif">.
    Our selling, general and administrative expenses increased by 20% to R$ 382.3 million in 2002 from
    R$ 317.7 million in 2001.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At Ultragaz, depreciation and amortization
    expenses increased by 24%, to R$ 76.6 million in 2002 from R$ 61.9 million in 2001, due to an increase
    in fixed and deferred assets in line with the investments amounting to R$ 130.6 million in 2002.
    Selling expenses increased by 16% to R$ 76.6 million in 2002 from R$ 66.1 million in 2001, due to
    sales promotions and marketing campaigns and the creation of provisions for doubtful accounts in
    the amount of R$ 8.3 million in December 2002. General and administrative expenses increased by 31%,
    to R$ 64.5 million in 2002 from R$ 49.4 million in 2001, due to wage increases in 2002 per the terms
    of collective labor agreements and consultancy fees arising from the implementation of integrated
    systems. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At Oxiteno, selling, general and administrative
    expenses increased by 15%, to R$ 142.4 million in 2002 from R$ 123.7 million in 2001, due to increased
    general and administrative due to primarily of higher expenses associated with our profit sharing
    program, collective wage agreements and expenses related to consultancy and legal services provided
    in connection with the corporate restructuring which took place in 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"><I>Operating income before financial items</I>. Our
    operating income before financial items increased by 31% to R$ 365.5 million in 2002 from R$ 278.9
    million in 2001. This was mainly a consequence of (i) the improvement in Oxiteno&#146;s competitiveness
    in the domestic market due to the depreciation of the <I>real; </I>and (ii) the increase in LPG prices, as a result
    of the 123% increase in LPG refinery prices charged by Petrobras to distributors during 2002. Ultragaz&#146;s
    operating income before financial items in 2002 was R$ 143.2 million, R$ 42.1 million higher compared
    to 2001. At Oxiteno, operating income before financial items was R$ 199.9 million in 2002, R$ 53.3
    million higher than in 2001. At Ultracargo, operating income before financial items was R$ 17.6 million
    in 2002, R$ 9.8 million lower compared to 2001.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"><I>Financial income (expense), net.</I> We
    recorded net financial income of R$ 28.5 million in 2002 compared with a net financial expense of
    R$ 31.1 million in 2001, principally due to our policy of hedging foreign exchange liabilities. Our
    consolidated cash position at December 31, 2002 was R$ 637.9 million, of which R$ 546.3 million was
    in U.S. dollar-indexed financial investments. Our total debt at December 31, 2002 was R$ 583.4 million,
    of which R$ 377.8 million was denominated in foreign currency. Notwithstanding the disbursement of
    R$ 208.0 million to Oxiteno&#146;s dissenting shareholders who decided to sell their shares during
    the corporate restructuring, our net cash position at December 31, 2002 was R$ 54.5 million. See
footnote 3 under &#147;Summary financial information&#148; for a more complete discussion of net cash (debt)
and its reconciliation to information in our financial statements.</FONT><I><FONT size=2 face="serif"> </FONT></I></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Non-operating income (expense)</FONT></I><FONT size=2 face="serif">.
    Our net non-operating expenses increased by 159% to R$ 44.1 million in 2002 from R$ 17.0 million
    in 2001 due to the provisioning of R$ 40.5 million for our investment in Nordeste </FONT></P>
<P align="center"> <FONT size=2 face="serif">37 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> <FONT size=2 face="serif">Qu&iacute;mica S.A. &#150; Norquisa, a company engaged in the chemical
    and petrochemical businesses. We held a 8.7% ownership interest in Norquisa, and following the creation
    of Braskem, we adjusted the value of this investment to reflect our estimate of its market value.
    The R$ 17.0 million of non-operating expense in 2001 referred mainly to net expense on disposal of
    investments, property, plant and equipment. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Equity in earnings of affiliates</FONT></I><FONT size=2 face="serif">.
    This account registered a loss of R$ 1.7 million in 2002 compared to a gain of R$ 1.9 million in
    2001 as a result of a loss of R$ 1.0 million in the 2002 results of operations of our affiliate F&aacute;brica
    Carioca de Catalisadores S.A. &#150; FCC, in which we held a 20% ownership interest, which we sold
    in November 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Minority interest. </FONT></I><FONT size=2 face="serif">Minority
    interest decreased by 25%, to R$ 54.5 million in 2002 from R$ 73.0 million in 2001. With the conclusion
    of the corporate restructuring in 2002, Oxiteno and Ultragaz become our wholly-owned subsidiaries.
    In accordance with the merger terms and conditions, we included 100% of Ultragaz&#146;s and Oxiteno&#146;s
    results in our results of operations beginning July 1, 2002, practically eliminating our minority
    interest.</FONT></P>
<P> <I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income</FONT></I><FONT size=2 face="serif">. Our net income increased
    by 68%, to R$222.3 million in 2002 from R$132.2 million in 2001.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">EBITDA</FONT></I><FONT size=2 face="serif">.
    Our EBITDA increased by 31%, to R$ 487.3 million in 2002 from R$ 372.5 million in 2001. Ultragaz&#146;s
    EBITDA increased by 35%, to R$219.8 million in 2002 from R$ 163.0 million in 2001. Oxiteno&#146;s
    EBITDA increased by 32%, to R$ 232.7 million in 2002 from R$ 176.8 million in 2001. See footnote
    3 under &#147;Summary financial and other information&#148; for a more complete discussion of EBITDA
    and its reconciliation to information in our financial statements. </FONT></P>
<P> <B><FONT size=2 face="serif">LIQUIDITY AND CAPITAL RESOURCES </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our principal sources of liquidity are cash
    generated from operations and financing. We believe that these sources will continue to be sufficient
    to satisfy our current funding requirements, which include, but are not limited to, working capital,
    capital expenditures, amortization of debt and payment of dividends. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">From time to time, we examine the opportunities
    for acquisitions and investments. We consider different types of investments, either direct or through
    subsidiaries, joint ventures, or affiliated companies. We finance such investments using cash generated
    from our operations, through funding raised in the capital markets, through capital increases or
    through a combination of these methods. </FONT></P>
<P> <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Sources and uses of funds </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net cash flow from operations was R$ 396.4
    million and R$ 171.2 million for the nine-month period ended September 30, 2004 and 2003, respectively,
    and R$ 311.4 million and R$ 468.8 million for 2003 and 2002, respectively. Compared to the same period
    in 2003, our cash flow from operations increased R$ 225.2 million for the nine months ended September
    30, 2004, mainly reflecting increases in our operating income. Our cash flow from operations decreased
    R$ 157.4 million in 2003 compared to 2002, mainly reflecting the decrease in our financial results
    due to the increase in net debt and the effect of the appreciation of the </FONT><I><FONT size=2 face="serif">real </FONT></I><FONT size=2 face="serif">in
    our U.S. dollar denominated investments. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net cash flow from financing amounted to
    R$ (181.2) million and R$ 46.7 million in the nine months ended September 30, 2004 and 2003, respectively,
    and R$ 10.8 million and R$ (59.7) million in the years ended December 31, 2003 and 2002, respectively.
    The negative cash flow from financing for the nine months ended September 30, 2004 is largely due
    to (i) a R$ 51.8 million increase in dividends paid, and (ii) the partial repayment of export prepayments
    financing used to finance acquisitions in 2003. The increase in cash flow from financing in 2003,
    compared to 2002 was mainly due to the increase in export prepayments financing used to finance acquisitions. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Investing activities consumed net cash of
    R$ 214.4 million and R$ 290.9 million in the nine-month period ended September 30, 2004 and 2003,
    respectively. Acquisitions of property, plant and equipment consumed R$ 166.2 million and R$ 110.2
    million in the nine-month period ended September 30, 2004 and 2003 respectively, and R$ 171.2 million
    and R$ 168.8 million in 2003 and 2002, respectively. For the nine months ended September 30, 2004,
    investing activities were mainly composed of fixed asset modernization, expansion of production capacity
    for </FONT></P>
<P align="center"> <FONT size=2 face="serif">38 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P> <FONT size=2 face="serif">specialty chemicals, construction of the Santos Intermodal Terminal and
    expansion of our transport fleet. Investing activities consumed net cash of R$ 391.3 million and
    R$ 427.2 million in 2003 and 2002, respectively. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We made several acquisitions during the period
    presented in this prospectus which are reflected in our results from operations and financial condition.
    The acquisition of ownership interests, including the acquisitions of Nacional Investimentos S.A.&#146;s
    interest in Ultragaz and the operating assets of Rhodia Especialidades Mexico in 2004 used cash of
    R$ 18.4 million. The acquisition of Shell G&aacute;s and Canamex in 2003 consumed cash of R$ 203.6
    million. The acquisition of Oxiteno&#146;s minority interests in 2002 consumed cash of R$ 212.6 million.
    None of these acquisitions is &#147;significant&#148; as defined in Rule 11-01(b) of Regulation S-X
    of the Securities Act of 1933, as amended. For more information on our investments and capital expenditures,
    see &#147;&#151;Investments.&#148; </FONT></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe we have sufficient working capital for our present requirements.</FONT></P>
<P> <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Debt </FONT></B></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2004, our consolidated short and long-term debt was
    as follows: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left><b><font size=1 face="serif">Debt</font></b></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">Currency</font></b></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">Interest Rate</font></b></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">Principal amount of<br>
    </font></b> <b><font size=1 face="serif">outstanding and accrued<br>
    </font></b> <b><font size=1 face="serif">interest through<br>
    </font></b> <b><font size=1 face="serif">September 30, 2004</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <B><FONT size=2 face="serif">Foreign currency-denominated loans:</FONT></B> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">Eurobonds</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">U.S.$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">3.5%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">164.5</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">Export prepayment</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">U.S.$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">4.2% to 6.8%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">162.9</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">Advances on Foreign Exchange Contracts</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">U.S.$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">1.7% to 2.3%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">0.1</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">BNDES&#151;National Bank for Economic and Social</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">UMBNDES</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">8.8% to 10.7%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Development</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">23.8</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">FINEP&#150;Financing of Inventories and Property
        Plant &amp;</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">MX$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">TIIE</FONT><SUP><FONT size=2 face="serif">3 </FONT></SUP><FONT size=2 face="serif">+
        2%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Equipment</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">9.3</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">Foreign Financing</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">U.S.$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">LIBOR + 2.0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">34.3</FONT> </TD>
  </TR>
  <TR>
    <TD width="49%" align="left">&nbsp; </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <B><I><FONT size=2 face="serif">Real</FONT></I></B><B><FONT size=2 face="serif">-denominated
          loans:</FONT></B> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">BNDES-National Bank for Economic and Social</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Development</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">R$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">TJLP</FONT><SUP><FONT size=2 face="serif">4 </FONT></SUP><FONT size=2 face="serif">+
        3.0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">to 3.8%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">135.6</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">BNDES-National Bank for Economic and Social</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">IGPM</FONT><SUP><FONT size=2 face="serif">5 </FONT></SUP><FONT size=2 face="serif">+
        6.5%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Development</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">R$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">15.0</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">FINEP&#151;Research and Projects Financing</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">TJLP</FONT><SUP><FONT size=2 face="serif">4 </FONT></SUP><FONT size=2 face="serif">-
        2.0%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">R$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">19.6</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">FINAME&#151;Financing for Machines and Equipment</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">R$</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">TJLP</FONT><SUP><FONT size=2 face="serif">4 </FONT></SUP><FONT size=2 face="serif">+
        1.8% to</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">4.8%</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">26.0</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <B><FONT size=2 face="serif">Total loans:</FONT></B> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">591.1</FONT> </TD>
  </TR>
  <TR>
    <TD width="49%" align="left"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <FONT size=2 face="serif">Unrealized losses on swaps transactions</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">64.4</FONT> </TD>
  </TR>
  <TR>
    <TD width="49%" align="left"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=49% align=left> <B><FONT size=2 face="serif">Total</FONT></B> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=15% align=center> <FONT size=2 face="serif">655.5</FONT> </TD>
  </TR>
  <TR>
    <TD width="49%" align="left"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="15%" align="center"> <HR noshade size=2> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=8 cellpadding=0>
  <TR valign="top">
    <TD colspan="2" align=left><HR align="left" width="20%" size=1 noshade></TD>
  </TR>
  <TR valign="top">
    <TD width=5% align=left> <FONT size=2 face="serif">(1)</FONT> </TD>
    <TD width=95% align=left> <FONT size=2 face="serif">Net of linked operations.</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=5% align=left> <FONT size=2 face="serif">(2)</FONT> </TD>
    <TD width=95% align=left> <FONT size=2 face="serif">UMBNDES is based on the average currency basket
        of the BNDES. The currency basket is a composition of all</FONT> <font size=2 face="serif">BNDES
        foreign currency debts.</font></TD>
  </TR>
  <TR valign="top">
    <TD width=5% align=left> <FONT size=2 face="serif">(3)</FONT> </TD>
    <TD width=95% align=left> <FONT size=2 face="serif">MX$ is the Mexican currency and TIIE is the Mexican
        interbank interest rate.</FONT> </TD>
  </TR>
  <TR valign="top">
    <TD width=5% align=left> <FONT size=2 face="serif">(4)</FONT> </TD>
    <TD width=95% align=left> <FONT size=2 face="serif">TJLP (Long Term Interest Rate) is a nominal rate
        of interest established quarterly. In 2004, TJLP was fixed at</FONT> <font size=2 face="serif">9.81%
        p.a. for the nine months ended September 30, 2004.</font></TD>
  </TR>
  <TR valign="top">
    <TD width=5% align=left> <FONT size=2 face="serif">(5)</FONT> </TD>
    <TD width=95% align=left> <FONT size=2 face="serif">IGPM is the General Market Price Index in Brazil.</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">39 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated debt as of September 30, 2004 had the following maturity
    schedule: </FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=83% align=left><b><font size=1 face="serif">Maturity</font></b></TD>
    <TD width=2% align="left">&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">Amount</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left><HR noshade size=1></TD>
    <TD width=2% align="left">&nbsp;</TD>
    <TD colspan="2" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left>&nbsp;</TD>
    <TD width=2% align="left">&nbsp;</TD>
    <TD colspan="2" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left> <FONT size=2 face="serif">October 1, 2004 to September 30, 2005</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">372.4</FONT> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left> <FONT size=2 face="serif">October 1, 2005 to September 30, 2006</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">135.3</FONT> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left> <FONT size=2 face="serif">October 1, 2006 to September 30, 2007</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">59.0</FONT> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left> <FONT size=2 face="serif">October 1, 2007 to September 30, 2008</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">32.3</FONT> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left> <FONT size=2 face="serif">October 1, 2008 to September 30, 2009</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">56.5</FONT> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="83%" align="left"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="9%" align="right"> <HR noshade size=1> </TD>
    <TD width="6%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=83% align=left> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="serif">655.5</FONT> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="83%" align="left"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="9%" align="right"> <HR noshade size=2> </TD>
    <TD width="6%" align="left">&nbsp;</TD>
  </TR>
</TABLE>

<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of September 30, 2004, R$ 30.0 million
    of our consolidated debt was secured by property, plant and equipment, R$ 15.0 million was secured
    by shares of affiliated companies and R$ 15.0 million was secured by guarantees provided by minority
    shareholders. As of September 30, 2004, we guaranteed a portion of our subsidiaries&#146; indebtedness
    in the amount of R$ 686.8 million. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In 1997, our indirect subsidiary Companhia
    Ultragaz issued U.S.$ 60 million in a 9% U.S. dollar-denominated Eurobond due in 2005 with a put/call
    option exercisable in 2002. We and our subsidiary Ultragaz jointly, severally and unconditionally
    guaranteed this Eurobond and are thus subject to covenants which restrict, among other things, our
    ability to incur indebtedness, grant liens, make dividend payments and other distributions and conduct
    sale-leaseback transactions, mergers and asset sales. None of these covenants has restricted our
    ability to conduct our ordinary course of business as of the date of this prospectus. This Eurobond
    was purchased in June 2002 by our indirect subsidiary, LPG International Inc., with funds obtained
    from a syndicated loan with maturity in August 2004. In January 2004, taking advantage of surplus
    international liquidity, this syndicated loan was refinanced through a new Eurobond issued by LPG
    International Inc. with an annual interest rate of 3.5% and maturity in June 2005. The new Eurobond
    benefits from a first priority pledge over the original Eurobond granted by LPG </FONT><FONT size=2 face="serif">International
    Inc. </FONT></P>
<P> <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Investments </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below shows our investments in
    shareholding stakes for the nine-month periods ended September 30, 2004 and 2003 and the years ended
    December 31, 2003, 2002 and 2001. For more details on these acquisitions see &#147;Business &#151; Investments.&#148; </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=center><b><font size=1 face="serif">Nine months ended<br>
    </font></b> <b><font size=1 face="serif">September 30,</font></b> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><b><font size=1 face="serif">Year ended<br>
    </font></b> <b><font size=1 face="serif">December 31,</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><b><font size=1 face="serif">Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></TD>
    <TD align=center><b><font size=1 face="serif">2004</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">2003</font></b><b><sup><font size=1 face="serif">1</font></sup></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">2003</font></b><b><sup><font size=1 face="serif">2</font></sup></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">2002</font></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="7" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=62% align=left> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">171.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">171.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=62% align=left> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">32.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">212.6</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=62% align=left> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#151;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=62% align=left> <FONT size=2 face="serif">Others</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">6.8</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1.8</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
  </TR>
  <TR>
    <TD width="62%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=62% align=left> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">174.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">205.7</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">213.0</FONT> </TD>
  </TR>
  <TR>
    <TD width="62%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=2> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=2> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=2> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=2> </TD>
  </TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">The difference between principal equity investments
        (excluding the share repurchase program) of R$ 172.6 million above and &#147;Business combinations,
        net of cash acquired,&#148; of R$ 105.2 million, shown in the consolidated statement of cash
        flow in our unaudited interim consolidated financial statements, is substantially comprised of
        cash acquired and settlement of debt of Shell G&aacute;s (included in &#147;Cash flows from financing
    activities &#150; Loans from affiliated companies&#148;).</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">The difference between principal
        equity investments (excluding share repurchase program) of R$ 203.6 million above and &#147;Business
        combinations, net of cash acquired,&#148; of R$ 134.6 million, shown in the consolidated statement
        of cash flow in our consolidated financial statements, is substantially comprised of cash acquired
        and settlement of debt of Shell G&aacute;s (included in &#147;Cash flow from financing activities &#150; Loans
    from affiliated companies&#148;) </font></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="serif">40 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(3)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Share repurchase program included
    in our consolidated statement of cash flows under &#147;Cash flows from financing activities &#150; Other.&#148; </font></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp; <B><FONT size=2 face="serif">Investments in permanent assets and deferred charges </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth our investments
    in permanent assets and deferred charges for the nine-month periods ended September 30, 2004 and
    2003 and the years ended December 31, 2003 and 2002. </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width="39%" align=left>&nbsp;</TD>
    <TD colspan="3" align=center><b><font size=1 face="serif">Nine months ended<br>
    </font></b> <b><font size=1 face="serif">September 30,</font></b> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center nowrap><b><font size=1 face="serif">Year ended    </font></b> <b><font size=1 face="serif">December 31,</font></b> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="39%" align=left>&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="4" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width="39%" align=center><b></b></TD>
    <TD align=center><b><font size=1 face="serif">2004</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">2003</font></b><b><sup></sup></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">2003(1)</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><b><font size=1 face="serif">2002</font></b></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="39%" align=left>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width="39%" align=left>&nbsp;</TD>
    <TD colspan="7" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">67.0</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">73.7</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">114.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">130.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">64.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">42.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">58.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">55.8</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">65.7</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">22.0</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">41.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">36.2</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Others(2)</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="39%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD colspan="2"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Total capital expenditures</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">197.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">138.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">214.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">222.8</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Disposals</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">(4.2</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">(3.9</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">(7.4</FONT></TD>
    <TD width=2% align="left"><FONT size=2 face="serif">)</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">(4.5</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="39%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD colspan="2"> <HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=39% align=left> <FONT size=2 face="serif">Total capital expenditures, net of disposals</FONT> </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">193.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">134.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=13% align=right> <FONT size=2 face="serif">206.9</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">218.3</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="39%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD> <HR noshade size=1> </TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">Net of R$ 7.9 million of exchanged assets. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Includes expenditures related
        to maintenance of our headquarters which is performed by our wholly-owned subsidiary Imaven Im&oacute;veis
    e Agropecu&aacute;ria Ltda.</font></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At Ultragaz, our investment strategy has
    been to expand the small bulk delivery distribution and to expand our geographic coverage. During
    the nine months ended September 30, 2004, investments focused on expanding the small bulk market
    segment (UltraSystem), on fleet renewal and on the replacement of cylinders. In 2003 and 2002, in
    addition to the items previously listed, Ultragaz also invested in the installation of the integrated
ERP system and in the building of new filling plants.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At Oxiteno, during the nine months ended
    September 30, 2004, capital expenditures were largely focused on the modernization of industrial
    plants, the development of new products and increasing installed production capacity of specialty
    chemicals. In addition, in 2003 and 2002 we made significant investments in the installation of the
    ERP system and on quality and environmental control systems.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At Ultracargo, during previous years we have
    invested in expanding our storage facilities and truck fleet. For the nine months ended September
    30, 2004 and the year ended December 31, 2003, Ultracargo&#146;s capital expenditures focused on
    the construction of the Santos and Tatu&iacute; Intermodal Terminals, the Liquid Fuels Terminal in
    Montes Claros, and fleet expansion. In 2002, Ultracargo upgraded and expanded its operating capacity
    and renewed its lease of the Aratu site with Docas do Estado da Bahia &#150; CODEBA for 20 years. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultrapar&#146;s capital expenditures in 2005
    are expected to be R$ 222 million. Of this amount, investments in Ultragaz will amount to approximately
    R$ 83 million, a 7% reduction as compared to 2004, as part of its strategy of focusing on productivity
    and efficiency. At Oxiteno, investments are expected to amount to approximately R$ 104 million in
    2005, higher than in recent years mainly due to investments in expanding our production capacity
    of specialty chemicals. In 2005, Ultracargo will maintain its strategy of investing in storage facilities
    and truck fleet. Ultracargo expects to invest approximately R$ 35 million in 2005. </FONT></P>
<P> <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Tabular disclosure of contractual obligations </FONT></B></P>
<P> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes our contractual obligations, as of September
    30, 2004:</FONT></P>
<BR>
<P align="center"> <FONT size=2 face="serif">41 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan="10" align="center"> <B><FONT size=1 face="serif">Payment due by period</FONT></B> </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD colspan="10" align="left">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="serif">Contractual Obligations</FONT></B> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align=center> <B><FONT size=1 face="serif">Total</FONT></B> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align=center> <B><FONT size=1 face="serif">Up to 1 year</FONT></B> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align=center> <B><FONT size=1 face="serif">Between<br>
    1 and 3 years</FONT></B> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align=center> <B><FONT size=1 face="serif">Between<br>
    3 and 5 years</FONT></B> </TD>
    <TD align="left">&nbsp; </TD>
    <TD align=center> <B><FONT size=1 face="serif">More than<br>
    5 years</FONT></B> </TD>
  </TR>
  <TR>
    <TD align="left">
      <HR noshade size=1>
    </TD>
    <TD align="left"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="left"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="left"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="left"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="left"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> </TD>
    <TD colspan="10" align="center">      <B><FONT size=1 face="serif">(in millions of <em>reais</em>)</FONT></B>   </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Long term debt</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">283.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#150;</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">194.3</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">88.8</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">&#150;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Purchase obligations(1)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,362.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">165.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">330.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">330.2</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">536.6</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Operating leases(2)</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">90.4</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">4.5</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">9.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">9.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">67.7</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left> <FONT size=2 face="serif">Total contractual obligations</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,735.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">169.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">533.6</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">428.1</FONT> </TD>
    <TD width=2% align="left">&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">604.3</FONT> </TD>
  </TR>
  <TR>
    <TD width="50%" align="left"> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
    <TD width="2%" align="left"> </TD>
    <TD width="8%" align="right"> <HR noshade size=1> </TD>
  </TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">The purchase obligation relates to a long-term
        contract, with Braskem under which we are committed to purchase at least 138,000 tons of ethylene
        annually through 2012. In the event that this commitment is not met, we are obliged to pay a
        fine of a maximum of 40% of the annual ethylene volume, multiplied by the price of the ethylene.
        This contract does not establish the price of ethylene and for this reason the amount in </font><i><font size=2
face="serif">reais</font></i><font size=2 face="serif"> is based on the purchase price as at September
    30, 2004. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Our subsidiary company Terminal
        Qu&iacute;mico de Aratu S.A. - Ind&uacute;stria e Com&eacute;rcio has contracts with CODEBA -
        Companhia Docas do Estado da Bahia, and Complexo Industrial Portu&aacute;rio Governador Eraldo
        Gueiros, related to the latter&#146;s harbor facilities in Aratu and Suape, respectively. These
        contracts establish a minimum movement of products of 1,000,000 tons per year in Aratu effective
        through 2022 and 250,000 tons per year in Suape effective through 2027. If the annual movement
        is less than the minimum contractual movement, the subsidiary is liable to pay the difference
        between the effective movement and the minimum contractual movement based on the port tariff
        rates on the date established for payment. As of September 30, 2004, these rates were R$ 3.67
        for Aratu and R$ 3.44 for Suape. The Company has been in compliance with the minimum movement
    of products since the inception of the contracts.</font></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp; <B><FONT size=2 face="serif">U.S. GAAP reconciliation </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our net income under Brazilian GAAP for the
    nine-month periods ended September 30, 2004 and 2003 was R$ 304.7 million and R$ 187.4 million, respectively,
    and R$ 246.4 million and R$ 222.3 million for the years ended December 31, 2003 and 2002, respectively.
    Under U.S. GAAP, we had net income of R$ 305.2 million and R$ 222.5 million for the nine-month periods
    ended September 30, 2004 and 2003, respectively, and R$ 288.3 million and R$ 143.9 million, respectively,
    for the years ended December 31, 2003 and 2002. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our shareholders&#146; equity under Brazilian
    GAAP as of September 30, 2004 was R$ 1,562.5 million and as of December 31, 2003 and 2002 was R$
    1,356.7 million and R$ 1,191.1 million, respectively. Under U.S. GAAP, we had shareholders&#146; equity
    of R$ 1,506.4 million as of September 30, 2004 and R$ 1,294.8 million and R$ 1,076.5 million, respectively,
    as of December 31, 2003 and 2002.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The principal differences between Brazilian
    GAAP and U.S. GAAP that affect our net income and shareholders&#146; equity relate to the treatment
    of the following items: </FONT></P>
<UL>
  <LI> <FONT size=2 face="serif">capitalized interest;<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">fixed assets revaluation reversal;<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">reversal of deferred charges;<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">restatement of property, plant and equipment to adjust for the effects
      of inflation between January 1, 1996</FONT> <FONT size=2 face="serif">and December 31, 1997, and
      its respective depreciation, not required by Brazilian GAAP;<br>
      <br>
      </FONT></LI>
  <LI> <FONT size=2 face="serif">differences in equity accounting;<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">differences in goodwill accounting;<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">securities available for sale;<br>
    <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">purchase value adjustments relating to business combinations (including
      the 2002 corporate restructuring);<br>
      <br>
  </FONT></LI>
  <LI> <FONT size=2 face="serif">marking-to-market of financial instruments; and</FONT></LI>
</UL>
<P align="center"> <FONT size=2 face="serif">42 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<UL>
  <LI> <FONT size=2 face="serif">deferred tax effects on the foregoing adjustments.</FONT></LI>
</UL>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The main difference of Brazilian GAAP that
    impacted net income under U.S. GAAP, negatively in 2002 and positively in 2003, refers to the marking-to-market
    of financial instruments. See Note 24 to our consolidated financial statements for a description
    of the differences above as they relate to us and a reconciliation to U.S. GAAP of net income and
    total shareholders&#146; equity. </FONT></P>
<P> <B><FONT size=2 face="serif">OFF BALANCE SHEET ARRANGEMENTS </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our subsidiaries have provided guarantees
    to financial institutions related to amounts owed to those institutions by certain of their customers
    (vendor financing). The guarantees have a term of up to 210 days and are equal to the terms of the
    related financing arrangements. There exists no recourse provision that would enable us or our subsidiaries
    to recover any amount paid to the financial institutions under these guarantees. In the event that
    the financial institutions exercise these guarantees, we are entitled to recover the amount paid
    directly from our customers under the vendor contracts. At September 30, 2004, the maximum potential
    payment under these guarantees totaled R$ 38.1 million, which represented a R$ 20.9 million increase
    over September 30, 2003. This increase was mainly due to increased sales to clients that operate
    with financing arrangements of 210 days. The use of vendor financing was the best alternative to
    make financing available to these clients. If we stop using this financing instrument, our competitiveness
    with these clients may be affected. At September 30, 2004, we had not recorded any liability related
    to these guarantees under Brazilian GAAP. </FONT></P>
<P> <B><FONT size=2 face="serif">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are exposed to various market risks, primarily
    related to variable interest rates and foreign exchange rates. Market risk is the potential loss
    arising from adverse changes in market rates and prices, such as foreign currency exchange rates
    and interest rates. We do not enter into derivative financial instruments for speculative purposes.
    Our market risks are mitigated by our high level of financial investments. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">See Notes 4, 18 and 24(j) to our consolidated
    financial statements for a discussion of the accounting policies for derivative instruments and information
    with respect to those financial instruments. </FONT></P>
<P> <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Interest rate risk </FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Substantially all of our debt obligations
    in reais are subject to variable rates of interest based on either the TJLP or the IGP-M inflation
    index. Our foreign currency borrowings, however, are substantially subject to fixed rates of interest.
    As of September 30, 2004, we did not have any derivative contracts outstanding which could limit
    exposure to variations in the TJLP or the IGP-M, primarily because such instruments are not available
    in the Brazilian market at reasonable prices. Nevertheless, our exposure to interest rate risk is
    partially limited by our Brazilian currency variable interest investments, which generally earn the
    overnight interest rates paid on interbank certificates of deposit. In addition to the exposure with
    respect to existing borrowings, we would be exposed to interest rate volatility with respect to any
    future debt issuance. </FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below provides information as of
    September 30, 2004 about our debt obligations in foreign currency and in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2
face="serif"> that are subject to variable rates of interest. The table summarizes information on instruments
    and transactions that are sensitive to foreign currency exchange rates and interest rates: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <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 colspan="11" align=center><b><font size=1 face="serif">Principal by year of maturity</font></b> </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 colspan="11" align=right><hr noshade size=1></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD><b><font size=1 face="serif">Debt</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">Average<br>
    </font></b> <b><font size=1 face="serif">interest<br>
    </font></b> <b><font size=1 face="serif">rate</font></b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap><b><font size=1 face="serif">Fair value</font></b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap><b><font size=1 face="serif">Outstanding</font></b> <b><font size=1 face="serif"><br>
debt R$</font></b> </TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2005</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2006</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2007</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2008</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2009</font></b></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>&nbsp;</TD>
    <TD align=right><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&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 colspan="11" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=19% align=left> <FONT size=2 face="serif">U.S. dollar borrowings</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">5.2%</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">376.2</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">361.8</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">0.8</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">262.8</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">44.8</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">9.6</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">9.5</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">34.3</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=19% align=left nowrap> <FONT size=2 face="serif">Borrowings indexed to the</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=19% align=left> <font size="2">&nbsp; &nbsp;<FONT face="serif">UMBNDES</FONT></font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">8.1%</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">23.5</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">23.8</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">2.1</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">6.3</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">7.4</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">5.0</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">2.0</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1.0</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=19% align=left nowrap> <FONT size=2 face="serif">Borrowings indexed to the</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=19% align=left> <font size="2">&nbsp; &nbsp;<FONT face="serif">TIIE + MX$</FONT></font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">2.0%</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">9.3</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">9.3</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2">&nbsp;</font> </TD>
    <TD width=2%><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">9.2</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">43 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD 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 colspan="11" align=center><b><font size=1 face="serif">Principal by year of maturity</font></b> </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 colspan="11" align=right><HR noshade size=1></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD><b><font size=1 face="serif">Debt</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">Average<br>
      </font></b> <b><font size=1 face="serif">interest<br>
    </font></b> <b><font size=1 face="serif">rate</font></b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap><b><font size=1 face="serif">Fair value</font></b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap><b><font size=1 face="serif">Outstanding</font></b> <b><font size=1 face="serif"><br>
    debt R$</font></b> </TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT size=1 face="serif">2004</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2005</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2006</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2007</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2008</font></b></TD>
    <TD>&nbsp;</TD>
    <TD><b><font size=1 face="serif">2009</font></b></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>&nbsp;</TD>
    <TD align=right><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&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 colspan="11" align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b> </TD>
  </TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Borrowings indexed to the</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left>
          <font size="2">&nbsp; &nbsp;<FONT face="serif">TJLP</FONT></font>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2.5%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">178.7</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">181.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">16.5</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">54.1</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">54.0</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">32.1</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">16.8</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">7.7</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Borrowings indexed to the</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left>
          <font size="2">&nbsp; &nbsp;<FONT face="serif">IGP-M</FONT></font>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">6.5%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">15.0</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">15.0</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR>
        <TD width="19%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD width="19%" align="left"><font size="2">&nbsp;</font>

        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left>
<FONT size=2 face="serif">Subtotal</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">602.7</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">591.1</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">19.7</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">327.4</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">110.4</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">50.9</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">30.5</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">52.2</FONT>
        </TD>
</TR>
<TR>
        <TD width="19%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width="7%" align="right">
<HR noshade size=2>
        </TD>
</TR>
<TR>
        <TD width="19%" align="left"><font size="2">&nbsp;</font>

        </TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
        <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
        <TD width="7%" align="right"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=2 face="serif">Unrealized losses on swaps</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left>
          <font size="2">&nbsp; &nbsp;<FONT face="serif">transactions</FONT></font>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">53.7</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">64.4</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">(0.7</FONT></TD>
        <TD width=2% align="left"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">55.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">8.0</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">647.6</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">655.5</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">19.0</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">382.6</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">118.4</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">52.1</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">31.2</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">52.2</FONT>
        </TD>
</TR>
<TR>
        <TD width="19%" align="left">
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
        <TD align="left"><font size="2">&nbsp;</font> </TD>
        <TD align="right">
          <HR noshade size=2>
        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Foreign exchange risk </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A substantial portion of our debt obligations is denominated in U.S. dollars. In addition, a significant portion of our raw materials, are denominated in, or indexed to U.S. dollar. Most of our
revenues are denominated in reais, although sales prices of products of the chemicals segment are linked to international market prices established in U.S. dollars. As a result, we are exposed to currency exchange risks that may adversely affect our
business, financial condition and results of operations, as well as our ability to meet our debt service obligations.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We manage the foreign exchange risks associated with the scheduled payments related to our debt obligations by investing in U.S. dollar-denominated assets and in foreign currency/interest swap
contracts, under which we pay variable interest in reais based on the interbank certificate of deposit rate, or CDI, and receive fixed interest in U.S. currency. </FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below summarizes our U.S. dollar net swap position at September 30, 2004: </FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><b><font size=1 face="serif">Maturity</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><b><font size=1 face="serif">Swap</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><b><font size=1 face="serif">2004</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><b><font size=1 face="serif">2005</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><b><font size=1 face="serif">2006</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><b><font size=1 face="serif">2007 and</font></b> <b><font size=1 face="serif"><br>
thereafter</font></b> </TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
          <FONT size=2 face="serif">Notional amount of swaps (in millions of </FONT><font size="2"><I><FONT face="serif">reais</FONT></I>)<SUP><FONT face="serif">1</FONT></SUP>
          </font></TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">15.8</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">236.4</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">35.4</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">12.4</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Average receiving rate</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">U.S.$ + 3.0%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">U.S.$ + 7.1%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">U.S.$ + 6.3%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">U.S.$ + 6.2%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
          <FONT size=2 face="serif">Average payment rate </FONT><font size="2"><SUP><FONT face="serif">2</FONT></SUP>
          </font></TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">100% CDI &#150; 1.7%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">100% CDI &#150; 0.8%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">100% CDI &#150; 1.9%</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
  </TD>
        <TD width=14% align=center>
<FONT size=2 face="serif">100% CDI &#150; 1%</FONT>
        </TD>
</TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><hr align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">Notional amount converted according to the
        commercial selling rate reported by </font><i><font size=2 face="serif">Banco Central do Brasil</font></i><font size=2 face="serif"> (Ptax)
    at September 30, 2004</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">CDI &#150; Interbank Certificate
    of Deposit Rate</font></td>
  </tr>
</table>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We also manage the foreign exchange risks related to our U.S. dollar denominated and Mexican currency denominated assets through foreign currency hedge contracts, as follows:</FONT><FONT size=2
face="serif"> </FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><b><font size=1 face="serif">Maturity</font></b> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><b><font size=1 face="serif">Swap</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">2005</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">2006</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">2007 thereafter</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="serif">Notional amount of swaps (in millions of </FONT><I><FONT size=2 face="serif">reais) </FONT></I><SUP><FONT size=2 face="serif">1</FONT></SUP>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">30.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="serif">Average receiving rate</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT size=2 face="serif">Average payment rate </FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">MX$ + 5.8%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=16% align=right>
<FONT size=2 face="serif">&#151;</FONT>
        </TD>
</TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">Notional amount converted according to the
    commercial selling rate reported by Banco Central do Brasil (Ptax) at September 30, 2004.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">MX$ is the Mexican currency.</font></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=1 face="serif">Non-deliverable forward (NDF)</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=49% align=center>
<B><FONT size=1 face="serif">Maturity 2004</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="49%" align="left">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="49%" align="center">
<HR noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Notional amount of NDF (in millions of </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif">) </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=49% align=center>
<FONT size=2 face="serif">51.5</FONT>
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">44 </FONT></P>

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




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=49% align=left>
<B><FONT size=1 face="serif">Non-deliverable forward (NDF)</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=49% align=center>
<B><FONT size=1 face="serif">Maturity 2004</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="49%" align="left">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="49%" align="center">
<HR noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Average receiving rate</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=49% align=center>
<FONT size=2 face="serif">R$</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=49% align=left>
<FONT size=2 face="serif">Average payment rate</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=49% align=center>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
</TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Notional
        amount converted according to the commercial selling rate reported by
        Banco Central do Brasil (Ptax) at September 30, 2004.</font></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT size=2 face="serif">  </FONT></P>
<P align="center">
<FONT size=2 face="serif">45 </FONT></P>

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




<P>
<B><FONT size=3 face="serif">Business </FONT></B></P>
<P>
<B><FONT size=2 face="serif">OUR BUSINESS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are one of Brazil&#146;s leading corporate groups. We are engaged in the distribution of LPG, the production of chemicals, and the provision of integrated logistics services. Our
wholly-owned subsidiary, Ultragaz, is the largest LPG distributor in Brazil with a national market share of 24%. In the chemicals business, our wholly-owned subsidiary, Oxiteno, is the sole producer of ethylene oxide and its principal derivatives in
the Mercosur area (comprising Brazil, Argentina, Paraguay and Uruguay) and a major producer of specialty chemicals. Through our wholly-owned subsidiary, Ultracargo, we are a leading provider of integrated road transport, storage and handling
services for chemicals and fuels. </FONT></P>
<P>
<FONT size=2 face="serif">The table below sets forth certain financial information for us and our principal businesses</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">: </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan=3 align=center><b><font size=1 face="serif">Nine months ended<br>
  </font></b> <b><font size=1 face="serif">September 30,</font></b> </TD>
  <TD align=center></TD>
  <TD colspan="5" align="center"><b><font size=1 face="serif">Year ended December 31,</font></b></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan=3 align=center><hr noshade size=1></TD>
  <TD align=center></TD>
  <TD colspan="5" align="center"><hr noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center><b><font size=1 face="serif">2004</font></b></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
  <TD align=center></TD>
  <TD align="center"><b><font size=1 face="serif">2003</font></b></TD>
  <TD align=center></TD>
  <TD align="center"><b><font size=1 face="serif">2002</font></b></TD>
  <TD align=center></TD>
  <TD align="center"><b><font size=1 face="serif">2001</font></b></TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan=10 align=center><b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b> </TD>
  </TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Net sales and services</FONT>
        </TD>
        <TD width=10% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align="right">&nbsp;
  </TD>
        <TD width=2% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">3,564.1</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">2,930.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">4,000.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">2,994.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">2,284.7</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">2,241.9</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">1,903.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">2,622.7</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">1,942.7</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">1,381.1</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">1,210.0</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">923.9</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">1,237.8</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">956.1</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">832.1</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">144.7</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">131.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">177.1</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">131.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">105.4</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">EBITDA(2)</FONT>
        </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">550.8</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">384.6</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">498.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">487.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">372.5</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">205.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">166.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">208.2</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">219.8</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">163.0</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">309.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">182.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">243.2</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">232.7</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">176.8</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">31.4</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">30.9</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">40.0</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">29.2</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">28.1</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Net Income</FONT>
        </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">304.7</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">187.4</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">246.4</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">222.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">132.2</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="serif">Net cash (debt)(3)</FONT>
        </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ultrapar</FONT>
        </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">(25.0)</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right>&nbsp;  </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">(78.1)</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">54.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=10% align=right> <FONT size=2 face="serif">241.3</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">Segment information for our businesses are
    presented on an unconsolidated basis. See &#147;Presentation of information&#148; for more information.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">See footnote
              2 under &#147;Summary
        financial  information&#148; for a more complete discussion of EBITDA and its reconciliation
    to information in our financial statements.</font></td>
  </tr>
  <tr>
       <td align="left" valign="top">&nbsp;</td>
       <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
       <td align="left" valign="top"><font size="2" face="serif">(3)</font></td>
       <td align="left" valign="top"><font size="2" face="serif">See footnote
                 3 under &#147Summary financial information&#148; for
                 a more complete discussion of net cash (debt) and its reconciliation
          to information in our financial statements.</font></td>
  </tr>
</table>
<P><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">46 </FONT></P>

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




<P>
<B><FONT size=2 face="serif">HISTORY AND DEVELOPMENT OF THE COMPANY </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A., or Ultrapar, is a sociedade an&ocirc;nima incorporated under the laws of the Federative Republic of Brazil. We were incorporated on December 20, 1953,
with our origins going back to 1937, when Ernesto Igel founded Companhia Ultragaz S.A and brought LPG to be used as cooking gas in Brazil using cylinders acquired from Companhia Zeppelin. The gas stove began to replace the traditional wood stove
and, to a lesser degree, kerosene and coal gas, which dominated the Brazilian kitchens at the time.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In 1966, Transultra Armazenamento e Transporte Especializado Ltda, or Transultra was formed to satisfy the demand for high quality transportation services and focused in both the transportation
and storage of chemicals, petrochemicals and LPG. In 1978, Terminal Qu&iacute;mico de Aratu &#150; Tequimar, or Tequimar was founded for the specific purpose of operating the storage business. Transultra and Tequimar are operating subsidiaries of
Ultracargo. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We were also one of the pioneers in developing the Brazilian petrochemicals industry with the creation of Oxiteno in 1970, located in the Mau&aacute; petrochemical complex in S&atilde;o Paulo.
In 1986, Oxiteno established its own research and development center in order to respond to specific customer needs.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Today, we have a significant market presence in the business areas in which we operate. We are the leader in LPG distribution in Brazil through Ultragaz with a 24% market share, according to
data prepared by Sindig&aacute;s, the Brazilian Association of LPG distributors. We deliver LPG to an estimated 7.5 million households using our own vehicle fleet and also approximately 4,400 independent retailers. We are the only producer of
ethylene oxide and its principal derivatives in the Mercosur region, with an extensive business in the domestic and international markets. Our petrochemical operations supply more than 30 market segments, particularly agricultural chemicals, food,
cosmetics, leather, detergents, packaging for beverages, thread and polyester filaments, brake fluids, petroleum, paints and varnishes. Through Ultracargo, we are a leading provider of integrated logistics of chemical products and fuels in Brazil.
We offer integrated multimodal transportation, loading and unloading services and the management of third party fleets. Our high storage capacity together with the strategic location of our assets, facilitates product movement along an integrated
multimodal logistics system. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Corporate Restructuring </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 20, 2002, we completed a corporate restructuring process which we began on October 15, 2002. The effects of the corporate restructuring were: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">merger of Gip&oacute;ia Ltda, a company which held a 23% direct stake in Ultragaz
and was owned by Ultra S.A.,</FONT> <FONT size=2 face="serif">into Ultrapar, increasing Ultrapar&#146;s
ownership in Ultragaz to 100% from  77% of total share capital.</FONT> <FONT size=2 face="serif">Ultrapar
issued approximately 7.8 billion common shares in connection with this merger.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Ultrapar&#146;s &#147;incorporation&#148; of shares issued by Oxiteno, increasing Ultrapar&#146;s ownership in Oxiteno to</FONT> <FONT size=2 face="serif">100% from 48% of total share capital. The holders of approximately
12 million of Oxiteno&#146;s shares elected</FONT> <FONT size=2 face="serif">to exchange their shares for shares in Ultrapar, triggering the issue of approximately 5.4 billion common</FONT> <FONT size=2 face="serif">shares and 3.4 billion preferred
shares by Ultrapar. We paid R$ 208.1 million representing approximately</FONT> <FONT size=2 face="serif">13 million shares to Oxiteno&#146;s minority shareholders who exercised their statutory withdrawal rights.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the effects of the corporate restructuring in our share capital: </FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">Total capital<br>
  </font></b> <b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b></TD>
  <TD align=center></TD>
  <TD align="center"><b><font size=1 face="serif">Common shares</font></b></TD>
  <TD align=center></TD>
  <TD align="center"><b><font size=1 face="serif">Preferred shares</font></b></TD>
  <TD align=center></TD>
  <TD align="center"><b><font size=1 face="serif">Total shares</font></b></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><b><font size=2 face="serif">As of December 31, 2001</font></b></TD>
  <TD align=right> <B><FONT size=2 face="serif">433.9</FONT></B> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align=right> <B><FONT size=2 face="serif">37,984,012,500</FONT></B> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align=right> <B><FONT size=2 face="serif">15,015,987,500</FONT></B> </TD>
  <TD align="right">&nbsp; </TD>
  <TD align=right> <B><FONT size=2 face="serif">53,000,000,000</FONT></B> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=left></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=left></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=left></TD>
  <TD align="right">&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=44% align=left>
<FONT size=2 face="serif">Shares issued for:</FONT>
        </TD>
        <TD width=12% align="right">&nbsp;
  </TD>
        <TD width=2% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=44% align=left>
<FONT size=2 face="serif">Merger of Gip&oacute;ia</FONT>
        </TD>
        <TD width=12% align=right> <FONT size=2 face="serif">38.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <FONT size=2 face="serif">7,850,603,880</FONT> </TD>
        <TD width=2% align="left">&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">7,850,603,880</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="44%" align="left">&nbsp;

        </TD>
        <TD width="12%" align="right">&nbsp;</TD>
        <TD width="2%" align="left">&nbsp;</TD>
        <TD width="12%" align="right">&nbsp;</TD>
        <TD width="2%" align="left">&nbsp;</TD>
        <TD width="12%" align="right">&nbsp;</TD>
        <TD width="2%" align="left">&nbsp;</TD>
        <TD width="12%" align="right">&nbsp;</TD>
        <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=44% align=left>
<FONT size=2 face="serif">Incorporation of Oxiteno&#146;s shares</FONT>
        </TD>
        <TD width=12% align=right> <FONT size=2 face="serif">191.6</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <FONT size=2 face="serif">5,430,005,398</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <FONT size=2 face="serif">3,410,659,550</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <FONT size=2 face="serif">8,840,664,948</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">47 </FONT></P>

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




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="center"><b><font size=1 face="serif">Total capital<br>
    </font></b> <b><font size=1 face="serif">(in millions of </font></b><b><i><font size=1 face="serif">reais</font></i></b><b><font size=1 face="serif">)</font></b></TD>
    <TD align=center></TD>
    <TD align="center"><b><font size=1 face="serif">Common shares</font></b></TD>
    <TD align=center></TD>
    <TD align="center"><b><font size=1 face="serif">Preferred shares</font></b></TD>
    <TD align=center></TD>
    <TD align="center"><b><font size=1 face="serif">Total shares</font></b></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=44% align=left>&nbsp;</TD>
  <TD align="left">
    <hr noshade size=2>
  </TD>
  <TD align="right"> </TD>
  <TD align="left">
    <HR noshade size=2>
  </TD>
  <TD align="right"> </TD>
  <TD align="left">
    <HR noshade size=2>
  </TD>
  <TD align="right"> </TD>
  <TD align="left">
    <HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=44% align=left>
<B><FONT size=2 face="serif">As of December 31, 2002</FONT></B>
        </TD>
        <TD width=12% align=right> <B><FONT size=2 face="serif">664.0</FONT></B> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <B><FONT size=2 face="serif">51,264,621,778</FONT></B> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <B><FONT size=2 face="serif">18,426,647,050</FONT></B> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=12% align=right> <B><FONT size=2 face="serif">69,691,268,828</FONT></B> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD width="44%" align="left">
        </TD>
        <TD align="left">
          <hr noshade size=2>
        </TD>
        <TD align="right"> </TD>
        <TD align="left">
          <HR noshade size=2>
        </TD>
        <TD align="right"> </TD>
        <TD align="left">
          <HR noshade size=2>
        </TD>
        <TD align="right"> </TD>
        <TD align="left">
          <HR noshade size=2>
        </TD>
        <TD width="2%" align="left">&nbsp;</TD>
</TR>
</TABLE>

<P>
<B><FONT size=2 face="serif">ORGANIZATIONAL STRUCTURE </FONT></B></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart shows our current organizational structure</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif"> for our principal subsidiaries: </FONT></P>
<div align="center"><img src="graph1.jpg" width="794" height="541">
</div>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">Percentages represent approximate ownership
    of voting share capital and total capital (voting capital/total capital) </font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Minority participations in Uting&aacute;s
        are mainly held by Liquig&aacute;s Distribuidora S.A. and SHV Gas (31% and 7% of voting capital,
    respectively).</font></td>
  </tr>
</table>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conduct LPG distribution through our wholly-owned
    subsidiary, Ultragaz. Ultragaz operates through its four primary subsidiaries, Companhia Ultragaz
    S.A., Bahiana, SP G&aacute;s and
Uting&aacute;s. The first three companies operate in the filling and distribution of LPG cylinders. Bahiana operates primarily in the northeast region of Brazil, and Companhia Ultragaz and SP Gas serve the rest of Brazil. Uting&aacute;s is an LPG
storage company, with facilities in the states of S&atilde;o Paulo and Paran&aacute;. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conduct petrochemical and chemical activities through our wholly-owned subsidiary, Oxiteno. Oxiteno operates in the petrochemical and chemical sector directly and through its subsidiaries,
Oxiteno Nordeste S.A. and Canamex. Oxiteno operates two plants located in the state of S&atilde;o Paulo, and Oxiteno Nordeste operates one plant in Cama&ccedil;ari, in the state of Bahia, and a second plant in Triunfo, in the state of Rio Grande do
Sul. We acquired Canamex, which has two plants in Mexico, in December 2003. </FONT></P>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We conduct chemical products and fuel logistics through our wholly-owned subsidiary, Ultracargo, which operates through its subsidiaries Transultra and Tequimar. Transultra provides
transportation services throughout Brazil, as well as in Argentina and Chile. Tequimar maintains storage facilities at four port terminals located near two of the main petrochemical complexes in Brazil: Cama&ccedil;ari and S&atilde;o Paulo.
</FONT></P>
<P>
<B><FONT size=2 face="serif">INVESTMENTS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have made substantial investments in our operations in the last five years. At Ultragaz, we have invested heavily in LPG small bulk delivery distribution (UltraSystem), restructuring our
distribution logistics. We have also invested in the construction of filling plants over the past five years, expanding our operations geographically to achieve an almost nationwide coverage. Oxiteno has invested in increasing installed production
capacity, in the modernization of its industrial plants and in the development of new products. Ultracargo has invested in storage facilities and in the truck fleet in response to strong demand for a better logistics infrastructure in Brazil,
deregulation of the oil and oil products industry and the strong growth in the international trade of vegetable oils and alcohol. We have invested in information technology at all our businesses for integrating processes, improving the quality of
information, increasing the response time in decision making and improving our services.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have also made several
acquisitions to maintain our growth and to consolidate our position in the markets
where we operate. In 2002, we acquired minority shareholders&#146; interests
in Oxiteno for R$ 212.6 million. In 2003, we acquired the Brazilian LPG distribution
operations of Royal Dutch/Shell N.V. The operations of Shell G&aacute;s have
been fully integrated in our LPG distribution business. In addition, we entered
the  petrochemical production market in Mexico through the acquisition of Canamex,
a specialty chemicals company, in December 2003, and the acquisition of the operating
assets of Rhodia Especialidades Mexico for U.S.$2.7 million in June 2004. This
 acquisition was motivated by our desire to establish a presence in the Mexican
petrochemical market as a platform for production and distribution to supply
the United States market, and to diversify geographically Oxiteno&#146;s production
 facilities. </FONT></P>
<P>
<B><FONT size=2 face="serif">DISTRIBUTION OF LIQUEFIED PETROLEUM GAS </FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Industry and regulatory overview </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">LPG is a fuel derived from the oil and natural gas refining process. In Brazil, approximately 85% of local demand in 2004 was produced in local refineries and the remaining 15% was imported.
LPG has the following primary uses in Brazil: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Bottled LPG is used primarily by residential consumers for cooking; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Bulk LPG is used primarily for cooking and water heating in shopping malls, hotels, residential buildings,</FONT> <FONT size=2 face="serif">restaurants, laundries and hospitals.</FONT></LI>
</UL>
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<FONT size=2 face="serif">49 </FONT></P>

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     <br>



</div>
<p align="left"> <font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
       following chart shows the process of LPG distribution: </font></p>
<div align="left"><img src="graph2.jpg">
</div>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Historically, bottled LPG has represented more than 70% of the LPG distributed in Brazil, and is primarily used for cooking. The use of LPG for domestic heating in Brazil is immaterial compared
with its use in other developed and emerging countries, primarily because of Brazil&#146;s generally warm climate. Consequently, consumer seasonality throughout the year is significantly smaller. In addition, because LPG is not used to a significant
extent for domestic heating in Brazil, overall consumption of LPG per capita is lower in Brazil compared to countries where domestic heating is a major element of LPG demand, making low distribution cost a major competitive differential in the
market for Brazilian LPG. </FONT></P>
<P align="center">
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Prior to 1990, extensive governmental regulation of the LPG industry essentially limited the use of LPG to domestic cooking. Since 1990, regulations have permitted the use of LPG for certain
commercial and industrial uses, and the use of LPG has increased accordingly.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The primary international suppliers of LPG are major oil companies and independent producers of both natural gas liquids and oil. However, due to Petrobras&#146;s monopoly over the production
and importation of petroleum and petroleum products until the end of 2001, Petrobras is currently the sole de facto supplier of LPG in Brazil.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Currently, the LPG distribution industry in Brazil consists of 14 LPG distribution companies or groups of companies, and is regulated by the National Oil Agency, or ANP, which reports to the
Ministry of Mines and Energy. The LPG distribution industry includes purchasing LPG from Petrobras, filling LPG cylinders and bulk delivery trucks at filling stations, selling LPG to end users, controlling product quality and providing technical
assistance to LPG consumers. See &#147;&#151;The role of the ANP.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">LPG produced by Petrobras, which represented approximately 85% of total LPG sold in Brazil in 2004, is transported in pipelines and by trucks from Petrobras&#146;s production and storage
facilities to filling stations maintained by LPG distributors. The balance is imported by Petrobras into Brazil and stored in large storage facilities maintained by Petrobras. The imported LPG is then transported from the storage facilities by
pipeline and truck to the LPG distributors&#146; filling stations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">LPG can be delivered to end users either in cylinders or in bulk. The cylinders are filled in the LPG distributors&#146; filling stations. Distribution of bottled LPG is conducted through the
use of cylinders via two principal channels: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">home delivery of LPG cylinders; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the sale of LPG cylinders in retail stores and at filling stations.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In both cases, the cylinders are either delivered by the LPG distributors themselves or by independent dealers.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Bulk delivery is the principal delivery method to large volume consumers, such as residential buildings, hospitals, small and medium-sized businesses and industries. In the case of bulk
delivery, LPG is pumped directly into tanker trucks at filling stations, transported to customers and pumped into a bulk storage tank located at the customer&#146;s premises. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">The role of the Brazilian government</FONT></I></B><B><FONT size=2 face="serif">.</FONT></B><FONT size=2 face="serif"> The Brazilian government historically regulated the sale and
distribution of LPG in Brazil. The period from 1960 to 1990 was characterized by heavy governmental regulation, including price controls, regulation of the areas in which each LPG distributor could operate, regulation of the services offered by
distributors and governmental quotas for the LPG sold by distributors, thus restricting the growth of larger LPG distributors. In 1990, the government started a deregulation process with the purpose of establishing a largely unregulated LPG market.
This process included easing the requirements for the entry into the market of new distribution companies, reducing certain administrative burdens and removing restrictions on the areas in which distributors could conduct their business and on sales
quotas. There are currently no restrictions on foreign ownership of LPG companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Since May 2001, distributors have been allowed
to freely establish retail prices, which were previously set by the government. Until the end of 2001,
the LPG refinery price, which is charged by  Petrobras to all LPG distributors, was determined by the
government and was the same for all LPG distributors in all regions of Brazil. Historically, refinery
prices have been subsidized by the government. In January 2002, the government abolished  subsidies to
refinery prices and created a new tax system, the CIDE, which equalized the tax charges on the local
market with the imported product in order to open up the market for LPG. Consequently, from January
2002, Petrobras started to freely  price LPG in the domestic market, adopting the international price
plus surcharges as its benchmark. However, the Petrobras price of LPG is still subject to government
intervention when the government deems appropriate, such as occurred between  August and October of 2002.
Prices of LPG in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif"> have
been unchanged since May 2003. In 2004, Petrobras&#146;s average refinery price was approximately U.S.$
319.36 per ton  compared with the average international price of U.S.$ 389.97 per ton. </FONT></P>
<P align="center">
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">The role of Petrobras</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Petrobras, Brazil&#146;s national oil and oil products company, has had a legal
monopoly in the exploration, production, refining, importing and transporting of crude oil and oil products in Brazil and Brazil&#146;s continental waters since its establishment in 1953. This monopoly was confirmed in Brazil&#146;s federal
constitution enacted in 1988. As a result, Petrobras was historically the sole supplier in Brazil of oil and oil-related products, including naphtha and LPG. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In November 1995, Petrobras&#146;s monopoly was removed from the federal constitution by a constitutional amendment approved by the Brazilian Congress. According to this amendment, other state
and private companies would be able to compete with Petrobras in virtually all fields in which Petrobras operated. This amendment was implemented through Law No. 9,478, dated August 6, 1997, which effectively allowed Petrobras&#146;s monopoly to
continue for a maximum period of three years. Law No. 9,478 prescribed that the termination of Petrobras&#146;s monopoly would be accompanied by the deregulation of prices for oil, gas and oil products, and created a new regulatory agency, the ANP,
to oversee oil-related activities. However, in practice, Petrobras still remains the sole LPG supplier in Brazil, even though there are no legal restrictions to the operation of other suppliers.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On June 25, 2004, Petrobras entered the LPG distribution market in Brazil through the acquisition of Agip do Brasil S.A. which had a market share of 21.8% for the year 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">The role of the ANP</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The ANP is responsible for the control, supervision and implementation of the
government&#146;s oil and gas policies. The ANP regulates all aspects of the production, distribution and sale of oil and oil products in Brazil, product quality standards, and minimum storage capacities required to be maintained by distributors.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to operate in Brazil, an LPG distributor must be licensed with the ANP and must comply with certain minimum operating requirements, including: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">maintenance of sufficient LPG storage capacity;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">maintenance of an adequate quantity of LPG cylinders;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">use of cylinders stamped with the distributor&#146;s own brand name;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">possession of its own filling plant;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">appropriate maintenance of LPG filling units;</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">distribution of LPG exclusively in areas where it can provide technical assistance to the consumer either</FONT> <FONT size=2 face="serif">directly or indirectly through an authorized dealer; and</FONT><BR><BR></LI>
<LI>
<FONT size=2 face="serif">full compliance with the Unified Suppliers Registration System &#150; Sistema &Uacute;nico de Cadastramento</FONT> <FONT size=2 face="serif">Unificado de Fornecedores &#150; SICAF.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">LPG distributors are required to provide the ANP with monthly reports showing their previous month&#146;s sales and the volume of LPG ordered from Petrobras for the next four months. The ANP
limits the volume of LPG that may be ordered by each distributor based on the number of cylinders and infra-structure owned by the distributor. Based on the information provided by the distributors, Petrobras supplies the volume of LPG ordered,
provided its production and imports of LPG are sufficient to meet the demand. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">LPG distribution to the end consumer may be carried out directly by the LPG distribution companies or by independent dealers. Each LPG distributor must provide the ANP with information
regarding its contracted independent dealers on a monthly basis. The construction of LPG filling plants and storage facilities is subject to the prior approval of the ANP, and filling plants and storage facilities may only begin operations after ANP
inspection. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">The self-regulatory code</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">In August 1996, most of the Brazilian LPG distributors, representing more than
90% of the market, cylinder manufacturers, LPG transportation companies and certain LPG retail stores, under the supervision of the Brazilian government, entered into a statement of intent regarding the establishment of a program </FONT></P>
<P align="center"><FONT size=2 face="serif">52 </FONT></P>
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<P>
<FONT size=2 face="serif">for &#147;requalifying&#148; LPG cylinders (a process under which they undergo safety and quality checks) and other safety procedures, known as the &#147;Self-Regulatory Code&#148; or </FONT><I><FONT size=2
face="serif">C&oacute;digo de Auto-Regulamenta&ccedil;&atilde;o</FONT></I><FONT size=2 face="serif">. See &#147;&#151; Cylinder swapping centers and requalification of cylinders.&#148; Before the Self-Regulatory Code came into effect, certain LPG
distributors, not including Ultragaz, would fill cylinders stamped with another distributor&#146;s brand. This practice resulted in a low level of investment in new cylinders, giving rise to concerns regarding the safety of older cylinders. The
Self-Regulatory Code provides, among other things, that: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">each LPG distributor may only fill and sell cylinders that are stamped with its own trademark;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">each LPG distributor is responsible for the quality and safety control of its cylinders; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">each LPG distributor must maintain a sufficient number of cylinders to service its sales volume.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the Ministry of Mines and Energy Normative Ruling No. 334 of November 1, 1996, or Ruling 334, any party that defaults on its obligations under the Self-Regulatory Code will be subject to
the legal penalties, ranging from payment of a fine and suspension of supply of LPG to such party to suspension of such party&#146;s LPG distribution operations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ruling 334 sets forth the following timetable for the implementation of the measures adopted under the Self-Regulatory Code: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the construction of at least 15 cylinder swapping centers, starting in November 1996 (See &#147;&#151; Cylinder</FONT> <FONT size=2 face="serif">swapping centers and requalification of cylinders&#148;);<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the filling of third party cylinders to have ceased by October 1997;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">by November 1, 2006, the requalification of 68.8 million cylinders manufactured up to 1991; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">by November 1, 2011, the requalification of 12.8 million cylinders manufactured between 1992 and 1996.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz itself is required to requalify 13.8 million cylinders by November 2006 and an additional 1.3 million cylinders by November 2011. Ultragaz has already requalified more than two-thirds
of its cylinders. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Environmental, health and safety standards</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif"> LPG distributors are subject to Brazilian federal, state and
local laws and regulations relating to the protection of the environment, public health and safety. The National Council of the Environment, or </FONT><I><FONT size=2 face="serif">Conselho Nacional do Meio Ambiente</FONT></I><FONT size=2
face="serif"> - CONAMA, and the Ministry of Labor, or Minist&eacute;rio do Trabalho, are the primary environmental regulators of Ultragaz at the federal level. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian federal and state environmental laws and regulations require LPG distributors to obtain operating permits from the state environmental agencies and from the fire department. In order
to obtain such permits, distributors must satisfy regulatory authorities that the operation, maintenance and reclaiming of facilities are in compliance with regulations and are not prejudicial to the environment. In addition, regulations establish
standard procedures for transporting, delivering and storing LPG and for testing and requalification of LPG cylinders. Civil, administrative and criminal sanctions, including fines and the revocation of licenses, may apply to violations of
environmental regulations. Under applicable law, distributors are strictly liable for environmental damages.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Distributors are also subject to federal, state and local laws and regulations that prescribe occupational health and safety standards. In accordance with such laws and regulations, it is
mandatory for distributors to prepare reports on their occupational health and safety records on an annual basis to the local office of the Ministry of Labor in each of the states in which they operate. In addition, they are also subject to all
federal, state and local governmental regulation and supervision generally applicable to companies doing business in Brazil, including labor laws, social security laws, and public health and consumer protection laws.</FONT></P>
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<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Ultragaz </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We distribute LPG through Ultragaz. Founded in 1937, we were the first LPG distributor in Brazil. At that time, Brazilians used wood stoves and, to a lesser extent, alcohol, kerosene and coal
stoves. At present Ultragaz is the leading company by sales volume in the Brazilian LPG market. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz operates in the distribution of both bottled and bulk LPG, nation-wide, including the most highly populated states in Brazil, such as S&atilde;o Paulo, Rio de Janeiro and Bahia and
sells bottled LPG through its own retail stores and through independent dealers as well as its own truck fleet, which operates on a door-to-door basis. Bulk LPG is serviced through its own truck fleet.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In August 2003, Ultragaz acquired Shell G&aacute;s, Royal Dutch/Shell N.V.&#146;s LPG operations in Brazil for a total price of R$ 170.6 million. Shell G&aacute;s had about 4.5% market share in
Brazilian LPG distribution, selling approximately 287,400 tons of LPG in 2002. With this acquisition, Ultragaz has become the Brazilian market leader in LPG with a 24% share of the Brazilian market at the date of the acquisition and has also
improved its economies of scale for distribution and reduced its logistics cost.</FONT></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragaz has four operating subsidiaries:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Companhia Ultragaz S.A., or Cia. Ultragaz, the company that pioneered our LPG operations;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Bahiana Distribuidora de Gas Ltda., or Bahiana, which is a wholly owned subsidiary of Ultragaz.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Shell G&aacute;s, acquired in August 2003 and subsequently renamed SP G&aacute;s Distribuidora de G&aacute;s Ltda.; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A., or Uting&aacute;s, which was incorporated in 1967 when Ultragaz and other LPG</FONT> <FONT size=2 face="serif">distributors joined to construct LPG storage facilities based in the states of
S&atilde;o Paulo and Paran&aacute;. Ultragaz</FONT> <FONT size=2 face="serif">currently controls 56% of the storage operations. See &#147;&#151; Storage of LPG.&#148;</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Markets and marketing.</FONT></I></B><FONT size=2 face="serif"> When Ultragaz began its operations, it served only the southeast region of Brazil. Currently, Ultragaz is present in all of
Brazil&#146;s significant population centers, with the exception of the Amazon region. Ultragaz provides this service through 16 filling plants in its principal operating areas.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Distribution of bottled LPG includes direct home delivery and retail stores, both carried out by Ultragaz or its dealership network using 13 kg ANP (National Oil Agency) approved cylinders. In
the case of Ultragaz, the cylinders are painted blue, which we believe is an important element in recognizing the &#147;Ultragaz&#148; brand. Ultragaz&#146;s operating margins for bottled LPG vary from region to region and reflect market share and
distribution channel in the region.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Until recently, Ultragaz&#146;s sales strategy for bottled LPG delivery was to increase market share through geographical expansion as well as protecting and incrementing market participation
in regions where it already operated. With the acquisition of Shell G&aacute;s, Ultragaz became the Brazilian market leader in LPG, intensifying its strategy of investing in the brand and protecting market share. The LPG bottled market in Brazil is
a mature one and Ultragaz believes that growth in demand will be a function of increasing number of households consuming the product and the level of household income. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Distribution of bulk LPG is largely carried out through 190 kg storage tanks installed on its clients&#146; premises. Since 1994, Ultragaz has been investing in small/medium size bulk delivery
facilities and in bob-tail trucks, known as UltraSystem, which deliver LPG in bulk to commercial clients. Ultragaz&#146;s clients in the commercial sector include shopping centers, hotels, residential buildings, restaurants, laundries and hospitals.
Ultragaz&#146;s trucks supply client&#146;s stationary tanks using a system that is quick, safe and cost effective.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s industrial clients are made up mostly of companies in the food, metallurgical, steel and ceramics industries that have large fixed tanks at their plants and consume monthly
volumes in excess of 5 tons of LPG. These clients represent a very small portion of Ultragaz&#146;s sales volume since, in the case of large volume consumers, Ultragaz is competing with other highly competitive energy sources such as natural gas.
</FONT></P>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz supplies its bulk delivery clients on the basis of supply contracts with terms ranging from two to five years. This type of contract limits fluctuations in sales given that the
installation of the tanks is carried out by Ultragaz, and any change in supplier would imply the client reimbursing Ultragaz&#146;s investments. The contract also requires that any tank supplied by Ultragaz may only be filled with LPG delivered by
the company. When the bulk delivery contract expires, it can be renegotiated or the tank removed. Since the installation of the tank represents a significant investment for Ultragaz, it seeks to achieve a return on its investment within the term of
the contract.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s strategy for bulk LPG distribution is to continue its process of product and service innovation and in increasing the profile of its trade-mark. Ultragaz also has a team to
identify needs of each bulk LPG client and develop practical solutions for using LPG as an energy source. </FONT></P>
<P>
<FONT size=2 face="serif">The table below shows Ultragaz&#146;s sales of LPG to clients of bottled and bulk LPG: </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap><b><font size=1 face="serif">Nine months<br>
  </font></b> <b><font size=1 face="serif">ended<br>
  </font></b> <b><font size=1 face="serif">September 30,</font></b></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" nowrap><b><font size=1 face="serif">Year ended<br>
  </font></b> <b><font size=1 face="serif">December 31,</font></b></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 align=left><b><font size=1 face="serif">Client category</font></b></TD>
  <TD>&nbsp;</TD>
  <TD><b><font size=1 face="serif">2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD><b><font size=1 face="serif">2003</font></b></TD>
  <TD>&nbsp;</TD>
  <TD><b><font size=1 face="serif">2002</font></b></TD>
  <TD>&nbsp;</TD>
  <TD><b><font size=1 face="serif">2001</font></b></TD>
</TR>
<TR align="center" valign="bottom">
  <TD><HR noshade size=1>    <b></b></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><b><font size=1 face="serif">(in thousands of tons)</font></b></TD>
  </TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Bottled LPG cylinder</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>

        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Residential delivery by Ultragaz</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">128.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">114.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">78.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">86.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Ultragaz retail stores</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">5.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">4.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">5.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Independent dealers(1)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">660.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">770.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">715.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">733.7</FONT>
        </TD>
</TR>
<TR>
        <TD width="48%" align="left">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Total bottled LPG</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">794.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">890.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">798.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">825.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Total bulk LPG</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">374.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">472.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">504.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">519.1</FONT>
        </TD>
</TR>
<TR>
        <TD width="48%" align="left">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<B><FONT size=2 face="serif">Total tons delivered</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">1,168.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">1,362.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">1,302.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">1,344.9</FONT>
        </TD>
</TR>
<TR>
        <TD width="48%" align="left">
        </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=2>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=2>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=2>    </TD>
        <TD width="2%" align="left">
        </TD>
        <TD width="11%" align="right">
<HR noshade size=2>    </TD>
</TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="13%" size=1 noshade></td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Includes residential deliveries
    and distribution through retailers&#146; stores.</font></td>
  </tr>
</table>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Distribution infrastructure.</FONT></I></B><FONT size=2 face="serif"> Ultragaz&#146;s distribution strategy includes having its own distribution infrastructure, since it believes
proximity to customers is a significant factor in successful distribution and sales strategies. The services associated with Ultragaz&#146;s home deliveries strongly influence the ranking of the &#147;Ultragaz&#148; brand name in the bottled market.
Ultragaz seeks to expand its home delivery services by having its delivery personnel provide safety recommendations to household customers and by scheduling deliveries on the same week-day in each covered area. For both bottled and bulk LPG,
deliveries are made by employees wearing Ultragaz uniforms and driving vehicles with Ultragaz&#146;s
logo. Ultragaz, in partnership with consumer goods companies, distributes samples of soap and shampoo,
among other things, to encourage customer loyalty and add value to its services.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz delivers bottled LPG using a distribution network, which includes 90 company-owned retail stores, and approximately 4,400 independent dealers. Ultragaz has a fleet of 762 vehicles for
delivering gas cylinders to homes and commercial establishments.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Bottled sales capacity derives from the number of cylinders owned by Ultragaz and the number of cylinders owned by its independent dealers. Ultragaz estimates that as of December 31, 2004,
there were 20 million 13 kg Ultragaz cylinders in the market. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Independent dealers</FONT></I></B><B><FONT size=2 face="serif">.</FONT></B><FONT size=2 face="serif"> Ultragaz&#146;s independent distribution network ranges from large dealers, which
carry out extensive home delivery, to single retail stores, which sell small quantities of LPG cylinders. Until the enactment of ANP Rule 297 on November 18, 2003, independent dealers needed only to be registered with ANP for the sale of LPG
cylinders. No licenses were required except for those required by the fire department and the municipal authorities. Rule 297 established that the independent dealers must be registered with ANP and comply with a list of pre-requisites contained in
such rule, as well as those required by law for the storage of cylinders up to 90 kg. Also, each municipality sets forth its own safety regulations applicable to stores that sell LPG, including a minimum distance from certain locations, such as
schools. For the nine months ended September 30, 2004, approximately 83% of Ultragaz&#146;s bottled LPG sales were made through independent dealers. </FONT></P>
<P align="center">
<FONT size=2 face="serif">55 </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The agreements entered into between Ultragaz and independent dealers require the use of the Ultragaz brand and the display of the Ultragaz logo in the delivery vehicles and in the uniforms worn
by delivery personnel. Proprietary rights in the trademark and logo are retained by Ultragaz, duly registered with the National Institute of Industrial Property (INPI &#150; </FONT><I><FONT size=2 face="serif">Instituto Nacional de Propriedade
Industrial</FONT></I><FONT size=2 face="serif">). All contracted dealers are Ultragaz&#146;s exclusive representatives. Under the terms of the respective contracts, each dealer agrees not to deliver non-Ultragaz LPG cylinders. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In order to strengthen the relationship with its network of independent dealers, Ultragaz has created project SOMAR (Marketing Solutions Applied to Independent Dealers), as part of which it
recommends changes to dealers&#146; operating procedures, helps to improve the efficiency of their operations and encourages their adoption of best practices. Ultragaz believes that improving the efficiency of independent dealers is a key factor to
improve the profitability of the distribution chain of LPG. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Distribution channels to bulk consumers</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Large bulk distribution, classified by Ultragaz as consumption of
more than five tons per month and comprised almost exclusively of industrial users, is made by tanker trucks that deliver the LPG directly to the storage tanks located at the customers&#146; premises. Small bulk distribution, classified by Ultragaz
as consumption of between 0.5 and five tons per month and comprised of commercial users and smaller industrial users, is made primarily by bob-tail trucks, to enable delivery to be made to commercial users whose tanks are not readily accessible by
traditional bulk delivery equipment. Ultragaz uses the UltraSystem trade name in connection with its small bulk distribution through bob-tail trucks. Ultragaz makes bulk sales directly to customers using its own fleet and transportation provided by
Ultracargo and by third parties. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Payment terms</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Ultragaz&#146;s sales through its retail stores and through home delivery are made on a
cash basis. Ultragaz&#146;s sales to independent dealers and to industrial and commercial users have payment terms of 10 to 30 days.</FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Cylinder swapping centers and requalification of cylinders </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Cylinder swapping centers. </FONT></I></B><FONT size=2 face="serif">Pursuant to the Self-Regulatory Code, the LPG distributors have established sixteen operating swapping centers to
facilitate the return of third-party cylinders to the appropriate distributor. Under the Self-Regulatory Code, while LPG distributors may pick up any empty LPG cylinders tendered by customers in exchange for full LPG cylinders, whether or not such
empty cylinders were put in circulation by that distributor, after October 1997, LPG distributors were not permitted to refill third-party cylinders. Accordingly, LPG distributors may deliver third-party cylinders to a swapping center where such
cylinders may be exchanged for cylinders placed in circulation by such LPG distributor. The swapping centers currently charge a fee of R$ 0.16 per exchanged LPG cylinder. In areas where only one LPG distributor has a sizable market share, it is
customary to use the facilities of that distributor as an unofficial swapping center for which that distributor may charge an additional fee. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Prior to the establishment of the swapping centers, Ultragaz incurred significant costs associated with the return of its cylinders, as it did not follow the widespread industry practice of
filling third-party cylinders. As the swapping centers costs are shared amongst LPG distributors, Ultragaz&#146;s costs from the return of cylinders were significantly reduced when the swapping centers were created, but have since then increased due
to Ultragaz&#146;s geographic expansion.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Requalification of cylinders</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The useful life of a cylinder varies depending on a number of factors, the
most important of which are the extent to which the cylinder has been exposed to corrosion from the atmosphere and whether the cylinder has been damaged. The Self-Regulatory Code provides that all cylinders must be requalified after their first 15
years&#146; use, and every 10 years thereafter. Each cylinder is visually inspected for damage and corrosion to determine if it can be requalified or if it should be discarded as scrap metal. In the case of cylinders which pass the quality and
safety checks, several procedures are followed before the cylinders are stamped with the year of requalification and the next year in which they are due for requalification. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Supply of LPG </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Currently, Ultragaz and all other LPG distributors in Brazil purchase LPG exclusively from Petrobras without a formal LPG supply contract. The procedures for ordering and purchasing LPG from
Petrobras are generally </FONT></P>
<P align="center">
<FONT size=2 face="serif">56 </FONT></P>

<br>
<br>
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<P>
<FONT size=2 face="serif">common to all LPG distributors, including Ultragaz. There have been no significant interruptions in the supply of LPG by Petrobras to the distributors with the exception of an interruption in 1995 due to a 15-day strike by
Petrobras employees.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">It is possible that LPG distributors, including Ultragaz, could diversify their supply sources as a result of the end of Petrobras&#146;s constitutional monopoly, the equalization of the tax on
domestic and imported LPG and the matching of Petrobras&#146;s prices with prevailing prices in the international market. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Storage of LPG </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s storage capacity is approximately 18,300 tons. Based on its 2004 average LPG sales, Ultragaz can store approximately three and a half days&#146; supply of LPG. Petrobras
maintains approximately three and a half days&#146; supply of LPG at its refineries and other facilities. Accordingly, any interruption in the production of LPG can result in shortages, such as the one that occurred during the Petrobras strike in
1995.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz stores its LPG in large tanks at each of its filling plants located throughout the regions in which it operates. Primary filling plants receive LPG directly from Petrobras by pipeline;
secondary filling plants are supplied by truck; and satellite plants primarily hold LPG which is used to fill bob-tail trucks for small bulk distribution to customers that are not located near a primary or secondary filling plant in order to
optimize the LPG distribution process. See &#147;Business &#151; Property, plants and equipment &#151; Ultragaz.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Future storage requirements</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Due to the historical Petrobras monopoly in the production and importation of
LPG, LPG distributors have historically not made substantial investment in storage capacity. Nevertheless, Ultragaz believes that an LPG distributor that decides to diversify its supply of LPG through importation will have to increase its storage
capacity because the importation of LPG would only be economically viable if carried out on a large scale. Ultragaz&#146;s management believes that Ultragaz has several alternatives to address storage capacity including joint ventures, joint
investments with other LPG distributors and possible contracts with Petrobras for using existing storage facilities. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Competition </FONT></B></P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragaz&#146;s main competitors are: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">SHV Gas, formed by the merger of Minasg&aacute;s S.A. and Supergasbr&aacute;s S.A. and controlled by SHV Energy, a</FONT> <FONT size=2 face="serif">major multinational LPG distributor, which operates through its two
separate brands, &#147;Minasg&aacute;s&#148; and</FONT> <FONT size=2 face="serif">&#147;Supergasbr&aacute;s&#148;;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Liquig&aacute;s, formerly controlled by ENI Group and acquired by Petrobras in June 2004, which has been</FONT> <FONT size=2 face="serif">operating in the Brazilian LPG distribution sector for more than 40 years;
and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Butano, a domestic Brazilian LPG distributor which has been present in the market for more than 45 years.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the market share of Ultragaz and its competitors: </FONT></P>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><b><font size=1 face="serif">Market share for the year</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><b><font size=1 face="serif">LPG Distributor</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">2004</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">2003</font></b></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">2002</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Ultragaz(1)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">24.1%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">21.8%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">19.6%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">SHV Gas(2)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">20.5%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17.1%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">16.8%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Liquig&aacute;s</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">21.8%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">21.7%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">21.2%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Butano</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">18.7%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">19.0%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">19.4%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Others</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">14.9%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">20.5%</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">23.0%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">100.0%</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">100.0%</FONT></B>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">100.0%</FONT></B>
        </TD>
</TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><HR align="left" width="25%" size=1 noshade></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="serif">(1)</font></td>
    <td align="left" valign="top"><font size=2 face="serif">Includes sales volume of Shell G&aacute;s
    since its acquisition in August 2003.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">(2)</font></td>
    <td width="95%" align="left" valign="top"><font size=2 face="serif">Proportional to SHV equity stakes
        in the operating companies. As of July 2004, SHV Gas owned 100% of its operating subsidiaries
    in Brazil.</font></td>
  </tr>
</table>
<P>
<FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">57 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>




<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Prior to 1990, the government specified the areas in which LPG distributors were permitted to operate and each LPG distributor was allocated a limit in its LPG sales for each Brazilian
geographic region in which it operated. These limits impacted the growth of larger LPG distributors and limited competition among LPG distributors. These restrictions were removed as part of the deregulation process, resulting in a substantial
increase in competition among domestic LPG distributors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The bottled market for LPG is a mature market with relatively low consumption growth and thus competition is largely based upon attempts by LPG distributors to increase market share at the
expense of their competitors. LPG distributors in the bottled market compete primarily on brand awareness and reliability of delivery and the service provided to customers. Ultragaz believes that it is competitive in these aspects. Since per capita
consumption is small, low distribution costs is the critical factor in dictating profitability. Therefore, LPG distributors largely compete on the basis of efficiencies in distribution and delivery as all LPG distributors currently purchase all of
their LPG requirements from Petrobras, and as Petrobras&#146;s refinery price charged to the distributors is the same to all LPG distributors. Ultragaz&#146;s principal markets, including the cities of S&atilde;o Paulo, Salvador and Curitiba,
contain heavy concentrations of residential consumers and therefore distribution to this market can be carried out with great economies of scale resulting in lower distribution costs to Ultragaz. Additionally, Ultragaz enjoys low bulk LPG
distribution costs through UltraSystem. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to competing with other LPG distributors, Ultragaz competes with companies that offer alternative energy sources to LPG, mainly natural gas, and other sources such as wood, diesel,
fuel oil and electricity.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Natural gas is currently the principal source of energy against which we compete. Natural gas is currently less expensive than LPG for industrial consumers who purchase large volumes, but more
expensive for residential consumers. In addition, supply of natural gas requires significant investments in pipelines. While fuel oil is less expensive than LPG, LPG has performance and environmental advantages over fuel oil in industrial use.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">From January 2002, the LPG refinery price charged by Petrobras to its distributors was set at international market levels. This change has meant that domestic prices are now affected by the
fluctuations in prices on the overseas market as well as foreign exchange rate variation. The </FONT><I><FONT size=2 face="serif">real&#146;s</FONT></I><FONT size=2 face="serif"> depreciation against the U.S. dollar increased the ex-refinery price
of LPG by approximately 123% in 2002, resulting in a 5% decline in consumption in the Brazilian market in the same year. This increase in LPG prices during 2002 continued to impact sales volume in 2003, which together with the average loss in
disposable incomes in Brazil, translated into a 6% decline. Ultragaz posted a 5% growth in sales volumes during 2003, principally due to the acquisition of the LPG distribution business of Shell in Brazil in August 2003. Ignoring the additional
volume from the acquisition of Shell G&aacute;s, Ultragaz posted an approximately 4% decline in sales volume. For the nine months ended September 30, 2004, growth in the Brazilian economy, improvement in personal incomes among the population and the
enhanced stability of the LPG price charged by Petrobras contributed to the increase of the LPG sales in the Brazilian market, which reported a 3% increase in relation to the same period in 2003. For this period, Ultragaz&#146;s sales volume
increased 19% compared to the same period in 2003, due to the acquisition of Shell G&aacute;s in August 2003 and growth in the LPG market.</FONT></P>
<P align="center">
<FONT size=2 face="serif">58 </FONT></P>

<br>
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<br>




<P>
<FONT size=2 face="serif">The following graph shows LPG sales volume for the Brazilian market and Ultragaz for the periods indicated: </FONT></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="center">
    <td width="50%"><B><FONT size=2 face="serif">Sales Volume - LPG Market <br>
      (in thousands of tons)</FONT></B>

    <B></B></td>
    <td width="50%"><B><FONT size=2 face="serif">Sales Volume - Ultragaz <br>
      (in thousands of tons)</FONT></B>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="50%"><img src="graph3.jpg" width="375" height="177"></td>
    <td width="50%"><img src="graph4.jpg" width="377" height="178"></td>
  </tr>
</table>

<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Tax exemption status</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to legislation which provides tax relief for industries located in the northeast region of Brazil, Ultragaz benefits from an income tax exemption on operating income with respect to
the filling plant at Suape, expiring in 2007, a 75% tax reduction at the Mataripe and Cauc&aacute;ia filling plants, expiring in 2013 and 2012, respectively, and a 25% reduction at the filling plants in Ilh&eacute;us and Aracaju, valid through 2008.
Tax exemptions amounted to R$ 4.4 million, R$ 3.7 million and R$ 5.4 million for the nine months ended September 30, 2004 and for the years ended December 31, 2003 and 2002 respectively. We cannot guarantee that there will be no amendments to the
current tax legislation. For further information see Note 21 to our consolidated financial statements and our unaudited consolidated financial statements. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Quality </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz was the first Brazilian company to accept
responsibility for the safety of its cylinders and campaign for the self-regulation of the gas distribution
sector. We are still the only  Brazilian LPG distributor with ISO </FONT><FONT size=2 face="serif">(International
Standards Organization) certification for excellence in quality management. All our filling plants are
ISO 9001 certified. </FONT></P>
<P>
<B><FONT size=2 face="serif">PETROCHEMICALS AND CHEMICALS </FONT></B></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Overview of the sector and applicable regulations </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The petrochemical industry transforms crude oil or natural gas into widely used consumer and industrial goods. The Brazilian petrochemical industry is generally divided in three sectors,
depending on the stage of transformation of the petrochemical raw material. The companies that operate in these different stages are known as first, second and third generation companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">First generation companies</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Brazil&#146;s first generation companies, which are referred to as
&#147;crackers,&#148; break down or &#147;crack&#148; naphtha (a by-product of the oil refining process), their principal feedstock, into basic petrochemicals. In Brazil, the crackers supply their naphtha requirements from Petrobras and through
imports. Currently, Petrobras is the only Brazilian producer of naphtha. The basic petrochemicals produced by the crackers include olefins, primarily ethylene, propylene and butadiene and aromatics, such as benzene, toluene and xylenes. Braskem S.A,
Companhia Petroqu&iacute;mica do Sul, known as Copesul, and Petroqu&iacute;mica Uni&atilde;o, known as PQU &#151; Brazil&#146;s three crackers &#151; sell these basic petrochemicals to second generation companies. The basic petrochemicals, which are
in the form of either gases or liquids, are transported to the second generation companies through pipelines for further processing. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Second generation companies</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Second generation companies process the basic petrochemicals produced by the
crackers to obtain intermediate petrochemicals, such as: </FONT></P>
<P align="center">
<FONT size=2 face="serif">59 </FONT></P>

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




<UL>
<LI>
<FONT size=2 face="serif">polyethylene, ethylene oxide, polystyrene and polyvinyl chloride, or PVC, each produced from ethylene;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">polypropylene, oxo-alcohols and acrylonitrile, each produced from propylene;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">caprolactam, produced from benzene;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">purified terephtalic acid, or PTA, produced from p-xylene; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">styrene butadiene rubber, or SBR, and polybutadiene, each produced from butadiene.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are approximately 50 second generation companies operating in Brazil, including Oxiteno. The intermediate petrochemicals are produced in solid form (as plastic pellets or powders) and in
liquid form and are transported through roads, railroads or by ship to third generation companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Third generation companies</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Third generation companies, known as transformers, purchase the intermediate
petrochemicals from the second generation companies and transform them into final products, including: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">polyester - a byproduct of PTA and ethylene glycol (ethylene glycols are byproducts of ethylene oxide);<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">plastics produced from polyethylene, polypropylene and PVC;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">acrylic fibers produced from acrylonitrile;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">nylon produced from caprolactam; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">elastomers produced from butadiene.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Third generation companies produce a variety of consumer and industrial goods, including containers and packaging materials, such as bags, film and bottles, textiles, detergents and paints as
well as automobile parts, toys and consumer electronic goods. There are over 6,000 third generation companies operating in Brazil. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Petrochemical complexes</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The production of first and second generation petrochemicals in Brazil centers
around three complexes: the northeast complex, the S&atilde;o Paulo petrochemical complex, and the southern petrochemical complex. Each complex has a single first generation producer or cracker, and several second generation companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The northeast complex, located in the municipality of Cama&ccedil;ari in the state of Bahia, began operations in 1978. It consists of approximately 19 second generation companies, including
Oxiteno, situated around Braskem. Braskem currently has an ethylene production capacity of 1.3 million tons per annum. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The S&atilde;o Paulo complex, at Capuava in the state of S&atilde;o Paulo, was created in 1972 and is the oldest petrochemical complex in Brazil. Its cracker, PQU, supplies first generation
petrochemicals to 25 second generation companies including Oxiteno. PQU has an ethylene production capacity of 500,000 tons per annum. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The southern complex, located in the municipality of Triunfo in the state of Rio Grande do Sul, is based around the raw materials cracker, Copesul, and includes seven second generation
companies. Copesul has an ethylene production capacity of 1.1 million tons per annum. Oxiteno does not purchase ethylene from Copesul. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Role of Petrobras</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Naphtha is the raw material used in Brazil for the production of basic petrochemicals
such as ethylene and propylene. Petrobras is still the only producer and the most important naphtha supplier in Brazil, even though its legal monopoly ended in August 2000. See &#147;&#151; Distribution of liquefied petroleum gas &#151; Industry and
regulatory overview&#148; for a discussion of the termination of the Petrobras monopoly.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Naphtha prices have been freely negotiated since August 9, 2000. In July 2000, the naphtha price was 9% above the Amsterdam, Rotterdam and Antwerp Region price, known as the ARA price, which is
the international reference price. In 2004, the domestic naphtha price was approximately U.S.$ 8.5/ton lower or 2% lower than the international reference price. </FONT></P>
<P align="center">
<FONT size=2 face="serif">60 </FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Environmental, health and safety standards</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Petrochemical companies are subject to Brazilian federal,
state and local laws and regulations governing the protection of the environment. At the federal level the main regulators are CONAMA and the Ministry of Labor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In accordance with environmental laws and regulations, petrochemical companies are required to obtain licenses for their manufacturing facilities from competent environmental authorities, which
may also regulate its operations by prescribing specific environmental standards in its operating licenses. Petrochemical companies must satisfy regulatory authorities that the operation, maintenance, and reclaiming of facilities comply with
regulations and do not cause damage to the environment. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Environmental regulations apply particularly to the discharge, handling and disposal of gaseous, liquid and solid products and by-products from manufacturing activities. Rules issued by CONAMA
and by state authorities also prescribe preventive measures relating to environmental pollution and waste treatment requirements. In addition, the transportation, storage and supply of products are subject to specific standards designed to prevent
spills, leakages and other accidents. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Historically, environmental regulations have imposed increasingly strict standards, higher fines, and greater exposure to liability and increased operating costs and capital expenditures. In
addition, civil, administrative and criminal sanctions, including fines and the revocation of licenses may apply to violations of environmental regulations. Under applicable law, Oxiteno is strictly liable for environmental damages.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Petrochemical companies are also subject to federal, state and local laws and regulations that establish occupational health and safety standards. In accordance with such laws and regulations,
these companies are also required to report on their occupational, health and safety records on a yearly basis to the local office of the Ministry of Labor in each of the states in which they operate. They are also subject to all federal, state and
local government regulation and supervision generally applicable to companies doing business in Brazil, including labor laws, social security laws, public health, consumer protection, securities laws and antitrust laws. </FONT></P>
<P>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Oxiteno </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We operate in the chemical sector through the second generation company, Oxiteno, a wholly owned subsidiary of Ultrapar. Oxiteno is the only Brazilian producer of ethylene oxide, ethylene
glycols, ethanolamines, glycol ethers and methyl-ether-acetates, and also a major producer of specialty chemicals. With the exception of a small factory in Venezuela, Oxiteno is the only ethylene oxide producer in South America. Its products are
used in a broad range of industrial sectors, such as polyester, packaging, paints, varnishes and cosmetics. During the nine months ended September 30, 2004, Oxiteno sold approximately 391,000 tons of chemical and petrochemical products.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s strategic focus is to provide a broad coverage of the ethylene oxide and derivates market, maintaining a leading position in these markets that strengthens barriers to entry.
Oxiteno&#146;s strategy is to increase its specialty chemical production capacity and its geographic reach. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Products and markets.</FONT></I></B><FONT size=2 face="serif"> Oxiteno&#146;s products can be divided into two principal groups: (i) commodity chemicals, which are generally higher-volume
products, with standard features, and (ii) specialty chemicals, which tend to be lower-volume products sold on the basis of chemical composition and suitability to meet a particular end-use requirement. Oxiteno&#146;s principal commodity chemicals
are ethylene oxide, ethylene glycol and methyl-ethyl-ketone, or MEK. Oxiteno&#146;s principal specialty chemicals include a wide variety of products that are used as surfactants, softeners, dispersants, emulsifiers and hydraulic fluids. </FONT></P>
<P align="center">
<FONT size=2 face="serif">61 </FONT></P>

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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following chart outlines the principal
raw materials used by Oxiteno and their intermediate and final products. </FONT></P>

<DIV align="center"><IMG src="pages62-92_f1x1x1.jpg" border=0> <BR>

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

&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Commodity products</FONT></B>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following are Oxiteno&#146;s principal commodity products and their principal uses and markets. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Ethylene oxide</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Ethylene oxide is a colorless and highly flammable gas at room temperature and atmospheric
pressure. Ethylene oxide is produced in a continuous production process by gaseous phase catalytic partial oxidation of ethylene by oxygen at high temperature and pressure. In 2004, Oxiteno used approximately 96% of its ethylene oxide production in
the production of derivatives and sold the remaining 4% to other petrochemical companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Ethylene glycols</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The principal ethylene glycol produced by Oxiteno is mono-ethylene glycol, known as MEG.
Oxiteno also produces di- and tri-ethylene glycol. Mono-ethylene glycol is a clear, non flammable, non volatile liquid at room temperature and atmospheric pressure. Ethylene glycols are produced in a continuous process from an ethylene oxide
solution and principally sold to chemical companies for the manufacture of polyester fibers and polyethylene terephthalate, known as PET, with the remainder sold for use in the production of antifreeze, brake fluids, solvent and other chemicals.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Methyl-ethyl-ketone</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Methyl-ethyl-ketone, or MEK, a clear, volatile, flammable liquid at room temperature
and atmospheric pressure, is Oxiteno&#146;s principal commodity chemical not produced from ethylene oxide. MEK is used as a fast evaporation solvent for thinners, paints, lacquers and adhesives and also as an active solvent for several resins such
as cellulosics, acrylics, polyesters, polyuretanics, PVC, neoprene and maleic. </FONT></P>
<B><FONT size=2 face="serif">Specialty chemicals</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth Oxiteno&#146;s principal specialty chemical products and their principal uses and markets. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=center>
<B><FONT size=1 face="serif">Major markets</FONT></B>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=center>
<B><FONT size=1 face="serif">Specialty chemicals</FONT></B>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=center>
<B><FONT size=1 face="serif">Uses</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="20%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="40%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="30%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="top">
        <TD width=20% align=left>
<FONT size=2 face="serif">Detergents</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Alkylbenzene sulfonic acids, alkylsulfates,</FONT>
<FONT size=2 face="serif">alkyl ether sulfates, ethoxylated alkylphenols,</FONT>
<FONT size=2 face="serif">ethoxylated fatty alcohols,</FONT>
<FONT size=2 face="serif">polyethyleneglycols, alkanolamides, betaines,</FONT>
<FONT size=2 face="serif">sulphosuccinates, block copolymers EO/PO</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Dispersants, solubilizing agents,</FONT>
<FONT size=2 face="serif">emulsifiers, foam stabilizers,</FONT>
<FONT size=2 face="serif">adjuvants, moisteners, detergent</FONT>
<FONT size=2 face="serif">bases</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=20% align=left>
<FONT size=2 face="serif">Agricultural chemicals</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Ethoxylated fatty amines, ethoxylated</FONT>
<FONT size=2 face="serif">alkylphenols, alkyl ether sulfates, blends,</FONT>
<FONT size=2 face="serif">naphthalene sulfonate, ethoxylated vegetable</FONT>
<FONT size=2 face="serif">oil, copolymers EO/PO</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Emulsifiers, moisteners, dispersants,</FONT>
<FONT size=2 face="serif">humectants</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=20% align=left>
<FONT size=2 face="serif">Cosmetics</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Alkyl sulfates, alkyl ether sulfates, betaines,</FONT>
<FONT size=2 face="serif">ethoxylated fatty alcohols,</FONT>
<FONT size=2 face="serif">polyethyleneglycols, alkanolamides,</FONT>
<FONT size=2 face="serif">ethoxylated sorbitan esters, sorbitan fatty esters</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Emollients, densifiers, emulsifiers,</FONT>
<FONT size=2 face="serif">foam stabilizers, adjuvants,</FONT>
<FONT size=2 face="serif">moisteners, detergent</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=20% align=left>
<FONT size=2 face="serif">Foods</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Sorbitan fatty esters, ethoxylated sorbitan</FONT>
<FONT size=2 face="serif">esters</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Emulsifiers, stabilizers, dispersants</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=20% align=left>
<FONT size=2 face="serif">Textiles</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Ethoxylated alkylphenols, ethoxylated fatty</FONT>
<FONT size=2 face="serif">alcohols, ethoxylated vegetable oils,</FONT>
<FONT size=2 face="serif">ethoxylated fatty amines</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Antistatic agents, lubricants,</FONT>
<FONT size=2 face="serif">softeners, emulsifiers, antifoamers,</FONT>
<FONT size=2 face="serif">mercerizing additives, humectants,</FONT>
<FONT size=2 face="serif">low foam detergents</FONT>
        </TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=20% align=left>
<FONT size=2 face="serif">Leather</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Ethoxylated alkylphenols, polyethyleneglycols,</FONT>
<FONT size=2 face="serif">naphthalenes, sulfonates</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Depilatory agents, degreasers,</FONT>
<FONT size=2 face="serif">dispersants, softeners, synthetic</FONT>
<FONT size=2 face="serif">tannins</FONT>
        </TD>
</TR>
</TABLE>

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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=20% align=center> <B><FONT size=1 face="serif">Major markets</FONT></B> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=40% align=center> <B><FONT size=1 face="serif">Specialty chemicals</FONT></B> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=30% align=center> <B><FONT size=1 face="serif">Uses</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="20%">
      <HR noshade size=1>
    </TD>
    <TD width="5%"> </TD>
    <TD width="40%">
      <HR noshade size=1>
    </TD>
    <TD width="5%"> </TD>
    <TD width="30%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="top">
    <TD width=20% align=left> <FONT size=2 face="serif">Oil field chemicals</FONT></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=40% align=left> <FONT size=2 face="serif">Block copolymers EO/PO, condensed naphthalenes,
    sulphonates, sorbitan fatty esters</FONT></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=30% align=left> <FONT size=2 face="serif">Dispersants, surfactants, emulsion</FONT> <FONT size=2 face="serif">preventers</FONT></TD>
  </TR>
</TABLE>

<P><B><FONT size=2 face="serif">Domestic sales</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian petrochemicals industry seeks to prioritize demand from the domestic market, where there is greater value added, although sales are also made to the overseas market. While Oxiteno
sells the larger part of its commodities and specialty chemicals in Brazil, production capacity exceeds domestic market demand, with Oxiteno exporting surplus production to more than 48 countries in Asia, Latin America, Europe and North America.
Oxiteno maintains production capacity above local demand for strategic reasons. For the nine months ended September 30, 2004 and for the years ended December 31, 2003 and 2002, 34%, 34% and 30% of Oxiteno&#146;s net sales and services, respectively,
were from exports.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the Brazilian market, the polyester market constitutes the single most important market for Oxiteno&#146;s products representing approximately 24% of its sales in 2004. Mono-ethylene glycol,
or MEG, produced by Oxiteno is sold to chemical companies that manufacture polyester fiber, which is used to make a variety of fabrics, and is also sold to producers of polyethylene terephthalate, or PET, which is a polymer used to make packaging,
such as soft drink bottles. The remainder of Oxiteno&#146;s domestic sales are made to roughly ten different industry segments, from chemical industries to cosmetics and leather/paper. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Many of Oxiteno&#146;s product prices in the Brazilian market are set by reference to international contract prices in U.S. dollars, as they are commodity chemicals, although the prices are
denominated in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif">. Sales are made on a negotiated basis rather than pursuant to long-term written contracts. In the case of specialty chemicals which meet the requirements
of particular customer needs and which are not subject to ready substitution by imports, Oxiteno&#146;s pricing is more flexible and takes into account the value added to its customers by the particular specialty chemical. </FONT></P>
<B><FONT size=2 face="serif">Export sales</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s export sales are made principally to customers in the Far East and in the Mercosur region. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno exports a wide variety of chemical products including glycols, MEK, ethoxylated alkylphenols, glycol ether acetates, glycol ethers, ethanolamines, ethoxylated fatty amines and other
ethoxylated products.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">With the acquisition in December 2003 of Canamex, a Mexican specialty chemicals company, Oxiteno expects to establish a growing presence in the Mexican market for specialty chemicals and create
a distribution platform for its product sales to the United States. Canamex has two production units, manufacturing principally ethoxylates, which were operating at 25% production capacity on the acquisition date due to serious financial
difficulties being faced by Canamex. Currently, most of Canamex&#146;s sales are destined to the domestic Mexican market, largely for the food and textile segments. The remaining sales volume is exported, mainly to the United States.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the nine months ended September 30, 2004, Canamex&#146;s sales volume of 10,503 tons was incorporated in Oxiteno&#146;s results. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In most cases, Oxiteno&#146;s sales prices for its commodity chemicals in the domestic and export markets are based on international contract prices rather than international spot prices.
International contract prices are fixed by reference to published data regarding the price at which industry participants have sold the relevant product. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In general, Oxiteno&#146;s operating margins on products sold in the international market are lower than operating margins for similar products sold in the domestic market. Nevertheless,
Oxiteno deems it important to maintain a presence in international markets. Oxiteno intends to shift sales to the domestic market as local demand for its products increases, but will continue to export and will maintain its presence in the
international market. </FONT></P>
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<B><FONT size=2 face="serif">Customers</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s most important customers for its commodity chemicals are chemical companies, surface coating producers and polyester producers. In turn, the customers for specialty chemicals
comprise a variety of industrial and commercial enterprises including brake fluid distributors, agrochemical producers, manufacturers of food additives and manufacturers of detergents and cosmetics. Oxiteno believes that by distributing its products
to a variety of markets it is able to protect itself, to a certain extent, from the effects of a decrease in economic activity in any particular market. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s principal customers in the domestic market include Mossi-Ghisolfi (formerly Rhodia Ster), which principally purchases ethylene glycols, Clariant S.A., which principally purchases
ethylene oxide and ethoxylated products, and Ind&uacute;strias Gessy Lever Ltda (Unilever), which principally purchases surfactants. In 2004, Oxiteno&#146;s ten largest customers in the domestic market accounted for 42% of domestic market revenues.
No single customer accounted for more than 10% of Oxiteno&#146;s domestic market revenues. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the international market, Oxiteno sells both to industrial customers, including Voridian Argentina S.R.L., Unilever de Argentina S.A. and Cognis S.A., as well as trading companies and other
third-party distributors. Oxiteno&#146;s largest customer in the international market is a major European trading company for glycol, which accounted for approximately 23% of international revenues in 2004. In the same period, only three other
customers individually accounted for more than 10% of Oxiteno&#146;s sales in the international market. </FONT></P>
<B><FONT size=2 face="serif">Competition</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno competes largely with imported products. Since 1990, it has had to operate in an increasingly competitive environment due to imports from international and transnational petrochemical
industries. As imported products are mostly commodity chemicals, competition is based principally on price. Importers incur additional costs when selling their products in the Brazilian market, due to import tariffs and additional freight charges.
However, factors such as product quality, timely delivery, reliability of supply and technical service and support are also important competitive factors. As a local producer, Oxiteno believes it has a competitive advantage over imports with regard
to some of these factors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the case of specialty chemicals, Oxiteno competes primarily with other Brazilian producers (which buy ethylene oxide from Oxiteno) and pricing is a less decisive competitive factor than with
true commodity chemicals, while conformity with specifications, product performance and reliability of service are comparatively more important. Access to technology and research and development are important factors with regard to conformity to
specifications and product performance, especially in the development of new products to meet customers&#146; needs. As Oxiteno&#146;s competitors have research and development resources, Oxiteno&#146;s strategy involves ensuring access to
technology through its own research and development activity, licensing and joint ventures, if appropriate opportunities become available. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s principal competitors are Shell Brasil Ltda., Exxon Mobil Qu&iacute;mica Ltda., Dow Brasil S.A., Lyondell Qu&iacute;mica do Brasil Ltda., Cognis Brasil Ltda., Clariant S.A. and
BASF S.A. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Research and development</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno carries on a wide range of research and development activities, principally related to the application of specialty chemicals and improvements in production processes. As of December
31, 2004, 105 employees of Oxiteno were engaged in research and development and engineering activities. Oxiteno&#146;s research and development expenditures in 2004, 2003 and 2002 were R$ 15.3 million, R$ 13.4 million and R$ 10.9 million,
respectively.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Raw materials</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s principal raw material is ethylene. For the nine months ended September 30, 2004, ethylene was responsible for 51% of Oxiteno&#146;s variable costs of production and
approximately 45% of its total cost of sales and services. Among Oxiteno&#146;s other raw materials, the principal include ethyl, butyl and lauryl alcohols, oxygen, acetic acid and rafinate II. </FONT></P>
<P align="center">
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Supply of ethylene constitutes an obstacle to entry for new ethylene oxide producers in the country since the current production capacity of ethylene by Brazilian crackers is committed to
existing second generation companies, including Oxiteno, and significant investments are needed for the construction of a new cracker. Ethylene is difficult and expensive to transport and store because it must be kept at a temperature below -200
degrees Fahrenheit (-100 degrees Celsius) during transportation and storage, therefore importing and exporting of ethylene is generally uneconomical. Accordingly, the naphtha crackers, including Braskem and PQU, are largely dependent for their sales
upon the second generation petrochemical companies, such as Oxiteno, located in the respective petrochemical complexes. However, ethylene oxide derivatives are regularly imported by the major international petrochemical companies and by
international and domestic trading companies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Ethylene supply</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Ethylene is used for the production of ethylene oxide at the Cama&ccedil;ari plant and
the Mau&aacute; plant. Braskem and PQU supply all of Oxiteno&#146;s ethylene requirements for the Cama&ccedil;ari plant and Mau&aacute; plant, respectively, through pipelines, thus minimizing the costs of delivery of ethylene and helping to ensure
the reliability of supply. See &#147;Business &#150; Petrochemicals and chemicals &#150; Overview of the sector and applicable regulations.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno has a long-term contract with Braskem relating to the volume of ethylene to be supplied to, and purchased by Oxiteno. This contract will expire in 2012. Pursuant to its terms, Braskem
is required to supply Oxiteno with up to 197,000 tons of ethylene per year, and Oxiteno is required to purchase at least 138,000 tons per year. The contract does not provide a price for the ethylene, but provides that the price will be negotiated
between the parties from time to time and will be the same for all buyers of ethylene. The price is currently established pursuant to a margin sharing mechanism between Braskem and its customers, including Oxiteno. In the case of PQU, Oxiteno, like
other purchasers from PQU, does not have a long-term contract relating to the volume or price of ethylene supplied. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno does not maintain any significant storage of ethylene and any unexpected interruptions in supply from the crackers would have an immediate impact on Oxiteno&#146;s production. The last
unexpected interruption in the ethylene supply was in 1993, due to a pipeline fire that affected the naphtha delivery from Petrobras to Braskem, which caused a shutdown in the naphtha cracking operations, resulting in a 14-day shutdown in the
Cama&ccedil;ari plant&#146;s operations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">First generation petrochemical companies undergo scheduled maintenance stoppages. Oxiteno anticipates these stoppages by building up inventory and provisioning costs. Oxiteno also uses these
planned stoppages for regular maintenance work on its own plants and eventual substitution of catalyzers or for expansion in installed capacity. During the first half of 2002, there was a planned stoppage at Braskem&#146;s pyrolysis I unit for
expanding installed ethylene capacity. Consequently, in the first quarter 2002, Oxiteno&#146;s ethylene quota was reduced by 32% as compared to the first quarter of 2001. In addition, problems involving the start-up extended the plant stoppage
beyond schedule, restricting the volume of ethylene supplied in the second quarter of 2002 to 22% of the second quarter of 2001 volumes. In the second half of 2002 supplies were normalized. In July 2002, PQU shut down its plant for a scheduled
stoppage, the first time in six years. Braskem&#146;s last scheduled downtime was in January 2004 and there were no problems in the re-start. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Price of ethylene</FONT></I></B><FONT size=2 face="serif">. The price of ethylene supplied by Braskem to Oxiteno for the production of goods to be sold in Brazil is determined by a margin
sharing mechanism established in March 1997, and is the same for all of Braskem&#146;s ethylene customers. Prior to March 1997, the price of ethylene was negotiated between Braskem and its ethylene customers on a monthly basis. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the margin sharing mechanism, the price paid for ethylene depends upon the weighted average market price charged by the ethylene customers in the Brazilian market during the previous
month for a basket of goods derived from ethylene. The weight of each product in the basket depends upon the relative proportion of the total supply of ethylene used in the production of such product as compared with the other products in the
basket. Certain cost elements are then deducted from the weighted average price. The remaining &#147;margin&#148; after the deduction of such cost elements from the average weighted price is shared between Braskem and the ethylene customers based on
the respective investment of Braskem and such customers. The respective investments are calculated based on U.S. benchmarks rather than the actual investments of the parties.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A different margin sharing mechanism is currently in place with respect to products produced from ethylene for the export market. Under this arrangement, the price paid for ethylene depends
upon the gross margin of each export transaction of Braskem&#146;s customers. Subject to certain limits, the resulting margin is divided by 45% for Braskem and by 55% to the exporters. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As naphtha accounts for approximately 68% of total costs of ethylene production, fluctuations in the price of naphtha strongly influence fluctuations in the price of ethylene. Because the main
determinant of the price of naphtha is the price of crude oil, the price of naphtha, and thus ethylene, is subject to fluctuations based on changes in the international oil price. The increases in the price of ethylene could affect Oxiteno&#146;s
competitiveness in the petrochemical market. See &#147;Risk factors - Risks relating to Ultrapar.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The current price for naphtha paid by Brazil&#146;s naphtha crackers is negotiated between those crackers and Petrobras and is currently determined using a formula that leads to a domestic
naphtha price that is approximately U.S.$ 8.5/ton lower or 2% lower than the international reference price. See &#147;-Industry and regulatory overview.&#148;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Other raw materials</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">For the nine months ended September 30, 2004, other raw materials, principally
oxygen, lauryl alcohol, ethanol, C4, butyl alcohol, acetic acid, alcohol, nonene, phenol, primary fatty amine, fuel oil and LAB accounted for approximately 32% of Oxiteno&#146;s variable costs and 29% of its total costs of sales and services.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno generally obtains these other raw materials from a variety of sources, except for phenol, which Oxiteno purchases principally from a single supplier, Rhodia Poliamida Especialidades
Ltda. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Utilities</FONT></I></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Steam, electric power and natural gas are the main utilities required for Oxiteno&#146;s
production. Part of the electricity and steam used by Oxiteno is generated internally and part is purchased from electricity companies and third-party suppliers of steam in the regions where Oxiteno&#146;s plants are located. Natural gas is
purchased from local companies. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Tax exemption status</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to legislation which provides tax relief for industries located in the northeast region of Brazil, Oxiteno benefits from an income tax exemption on operating profits from sales of its
products at the Cama&ccedil;ari plant through 2006. Tax exemptions amounted to R$ 58.4 million, R$ 44.0 million and R$ 36.1 million for the nine months ended September 30, 2004 and the years ended December 31, 2003 and 2002, respectively. Given the
modernization and expansion of our plant, we intend to renew with the tax authorities a reduction of 75% income tax from 2007 to 2013. If this benefit is not obtained, after 2006 the income resulting from the Cama&ccedil;ari plant operation will
continue to benefit from a partial income tax exemption, resulting in an income tax rate of 19% until 2008 and 22% until 2013. After 2013, Oxiteno will be liable for the full tax rate, currently 25%. We cannot guarantee that there will be no
amendments to the current tax legislation. For further information see Note 21 to our consolidated financial statements and to our unaudited interim consolidated financial statements. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Maintenance and quality control</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno carries out a program of preventive maintenance at each of its plants and uses statistical analysis to help predict production problems. The stoppages due to the maintenance program
take place at the same time as the stoppages for the change of the ethylene oxide catalyst. In the case of the ethylene oxide and ethylene glycol units at the Mau&aacute; and Cama&ccedil;ari plants, which have continuous production processes,
maintenance is preferably scheduled for periods when the relevant cracker, which supplies ethylene to the plant, is scheduled to be shut down for maintenance. Each cracker is typically shut down for maintenance for a period of approximately 20 days
every 36 to 48 months. The same happens to the Triunfo plant, which receives butane from Copesul. In the case of the other production units at such plants and the Trememb&eacute; plants, maintenance is performed during scheduled breaks in
production. Oxiteno uses its own employees for specialized maintenance and uses third-party contractors for routine maintenance. In addition, Oxiteno has a team of employees responsible for quality control that operates continuously.</FONT></P>
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<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Health, safety and environmental matters</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno continuously monitors its compliance with federal, state and municipal legislation applicable to its various places of operation. In accordance with applicable law, Oxiteno is strictly
liable for losses and damages of an environmental nature. See &#147;-Industry and regulatory overview.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each of Oxiteno&#146;s plants is licensed by the competent environmental authorities. Licenses granted are valid for a fixed period of time and then must be renewed. The other terms of the
licenses vary according to the applicable legislation and to the periodic inspections performed by environmental authorities.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Waste products from Oxiteno&#146;s
industrial plants are discharged in accordance with legal requirements. </FONT><FONT size=2 face="serif">Effluents
are discharged and treated in Oxiteno&#146;s own treatment centers or by petrochemical
complexes where it has activities. Oxiteno seeks to reprocess solid waste products
in cement furnaces. Where reprocessing is not possible, these products are incinerated
or deposited in landfills owned by Oxiteno. Oxiteno periodically monitors these
discharge areas and to date there are no significant liabilities. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno&#146;s health and safety indicators are comparable to relevant international standards and are a priority in Oxiteno&#146;s activities and in the action plans for the upcoming years.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In March 2002, Oxiteno obtained an SA 8000 certification, which establishes the parameters for a Quality Management System Focused on Social Responsibility. This certification covers various
matters, including health, safety, labor relations and compliance with the current legislation. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to the legal requirements, Oxiteno intends to voluntarily comply with other requirements, such as those related to the Responsible Care Program, issued by ABIQUIM, the Brazilian
Chemical Industries Association, which sets forth international standards for environmental protection and occupational health as well as safety measures to be followed by chemical product producers. </FONT></P>
<P>
<B><FONT size=2 face="serif">LOGISTICS OF CHEMICAL PRODUCTS AND FUELS </FONT></B></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Ultracargo</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo is a leading provider of integrated logistics - road transportation and storage services - for chemical products and fuels in Brazil. Among the solutions Ultracargo offers are road
transportation facilities using its own and third party fleets and storage services through warehousing facilities at port terminals and rail junctions for the handling of chemical products and fuels. Transportation services include integrated
multimodal transportation as well as the receiving and dispatching of customer&#146;s goods. Ultracargo also offers ship loading and unloading services, the operation of pipelines, logistics programming and installation engineering. Ultracargo is
the only company in the Brazilian market to offer integrated transport and bulk liquid and liquefied storage services to the petrochemical industry. Ultracargo&#146;s ten largest clients account for 77% of its revenues, with its three largest
clients, Braskem, Ultragaz and Air Liquide accounting for 21%, 12% and 10%, respectively, of Ultracargo&#146;s revenues.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo operates a fleet of approximately 652 tanker trucks and provides transportation services to the chemical and fuel industries. Ultracargo had a storage capacity of 207,001 cubic
meters in the nine months ended September 30, 2004. Ultracargo accounts for approximately 71% of all tank capacity for liquids at the Aratu Terminal in the State of Bahia, which serves South America&#146;s largest petrochemicals complex and it is
also present at the ports of Suape and Santos. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s history is one of pioneering logistics solutions in the Brazilian market. It was the first company to install autotrack in trucks in 1994, enabling vehicles to be monitored in
real time at any point of Mercosur. It also implemented a radar operated tank measurement system in 1996, increasing the safety of product loading and unloading.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, Ultracargo has introduced web-based systems allowing customers to monitor transportation and storage. This includes services such as e-cargo for producing customized reports and
monitoring operations in real </FONT></P>
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<P>
<FONT size=2 face="serif">time and estoque.net, for consulting inventory positions &#150; accessed through any Internet-enabled computer, which permits clients to effectively participate at all stages of transportation and storage.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Transportation</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s principal market for transportation is the chemical industry, for which transportation is provided by truck between and among port terminals and first, second and third
generation petrochemical companies operating at the various petrochemical complexes. Ultracargo has been establishing long-term relationships with key companies in the chemical industry, and provides its services on a negotiated basis with each
individual customer.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo, through a fleet of tanker trucks, offers transportation services for LPG and chemical products in several major industrial regions in Brazil, as well as transportation services to
Chile and Argentina. In 2004, Ultracargo operated a fleet of approximately 652 trucks and, in the nine months ended September 30, 2004 and in 2003 and 2002, transported approximately 1.9 million, 2.4 million and 2.5 million tons, respectively.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the LPG distribution industry, Ultracargo provides transportation from Petrobras&#146;s facilities to filling stations of the distributors and between the distributors and their final
industrial clients, although in this case, on a reduced scale. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In 1997, Ultracargo began operating in the market for bulk transportation of solid chemical products, an important sector of the transport business in the domestic market in which products are
transported utilizing special silos and semi-trailers. Ultracargo believes that there are good opportunities for growth in this market. For the nine months ended September 30, 2004, Ultracargo transported approximately 261,000 tons of solid chemical
products which accounted for approximately 15% of Ultracargo&#146;s revenues in this period.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Transportation regulation</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo&#146;s principal market for transportation is the chemical industry. Therefore, besides the general Brazilian transports regulation (National Code of Traffic &#150; Law 9,503/1997),
Ultracargo is subject to specific legislation that rules the transportation of hazardous products, mainly Decree 96,044/88 and Portaria 204 of the Ministry of Transportation. According to these regulations vehicles that transport hazardous materials
must have clear indication of what kind of products they are transporting as well as carry symbols identifying that the material is inflammable. The vehicle is also subject to INMETRO &#150; Instituto Nacional de Metrologia,
Normaliza&ccedil;&atilde;o e Qualidade Industrial &#150; inspection every three years in order to attest that it complies with the current legislation. The regulation also provides specific rules regarding parking, travel itinerary, documentation
and emergency procedures. Violations to the legislation are subject to monetary fines and cancellation of the registry for products transportation.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Storage</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultracargo provides storage facilities to Braskem and most of the second-generation petrochemical companies in the Northeastern Petrochemical Complex, including Oxiteno. Transactions between
Ultracargo and Oxiteno are carried out strictly on an arm&#146;s-length basis. At the end of 2003, Ultracargo maintained five storage terminals &#150; in Aratu and Cama&ccedil;ari in the state of Bahia, in Paul&iacute;nia and Santos in the state of
S&atilde;o Paulo, and in Suape in the state of Pernambuco. Ultracargo has been investing in the expansion of storage capacity to meet demand for logistics infrastructure in Brazil. Currently, Ultracargo is investing in a new intermodal terminal in
Santos, and in early 2004 completed construction of an inter-modal terminal in Tatu&iacute; in the state of S&atilde;o Paulo and later in the year inaugurated another in Montes Claros, in the state of Minas Gerais.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The new Montes Claros terminal serves fuel distribution companies with a secondary distribution point. It integrates road and rail systems and has a storage capacity of 4,400 square meters. The
new Tatu&iacute; terminal has a 2,250 square meter solid storage capacity and includes a branch rail link for the simultaneous unloading of four rail cars at a time.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The completion of the Santos Intermodal Terminal, constructed in partnership with Crystalsev and Cargill/ Coinbra, is scheduled for the first half of 2005. Ultracargo&#146;s investment in this
terminal is budgeted at </FONT></P>
<P align="center">
<FONT size=2 face="serif">69</FONT></P>

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

<P>
<FONT size=2 face="serif">approximately R$ 60 million and has an occupied area of approximately 64,000 square meters and a total of 33,500 cubic meters of tankage space for chemical products. Crystalsev and Cargill/Coinbra are to invest in tankage
space for 40,000 cubic meters of alcohol and 38,000 cubic meters of vegetable oils, respectively. This project will be Ultracargo&#146;s second port installation to integrate road, rail and maritime transportation systems, the first being Aratu.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We believe that Ultracargo is the second largest company in Brazil providing chemical product and fuel storage, having approximately 21% of the total domestic tankage capacity for chemical
products. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Tax exemption status</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to legislation which offers tax relief to industries located in the northeast region of Brazil, Ultracargo enjoys a 75% reduction in income tax on the total operating profits from its
Aratu terminal as well as an exemption on operating profits from acetic acids and butadiene product storage activities at the Suape Terminal, valid through 2012 and 2005, respectively. For the nine months ended September 30, 2004 and years ended
December 31, 2003 and 2002, tax breaks totaled R$ 1.4 million, R$ 4.7 million and R$ 2.0 million, respectively. We cannot assure you that there will be no amendments to the current legislation. For further information see Note 21 to our consolidated
financial statements and to our unaudited interim consolidated financial statements. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Quality</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In 2003, Ultracargo was reevaluated by SASSMAQ (Safety, Health, Environment and Quality Evaluation System), a program from ABIQUIM, the Brazilian Chemical Industries Association, as part of the
Responsible Care Program. We were the first Brazilian company in the sector to go through this evaluation process. The purpose of the system is to ensure that service providers in this industry comply with the technical standards required by the
chemical industry, thus reducing the risks in transportation and distribution. In addition, all the units have adapted their Quality Management System to ISO 9001:2000, in a process based on the continual upgrading and the servicing of specific
customer needs.</FONT></P>
<P><B><FONT size=2 face="serif">PROPERTY, PLANTS AND EQUIPMENT</FONT></B></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Ultragaz</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Plants. </FONT></I></B><FONT size=2 face="serif">Ultragaz&#146;s LPG distribution network includes 16 filling plants. Ultragaz also operates LPG storage bases, known as satellite bases
for supplying our trucks. LPG is carried to the filling plants either via gas pipelines from Petrobras&#146; installations, or by tanker truck. When LPG transportation is via gas pipeline the bases are known as primary and when transportation is via
tanker truck, the bases are known as secondary. Ultragaz maintains storage facilities for LPG cylinders and satellite bulk distribution plants at strategic locations in order to maintain supplies closer to its customer bases and thus to reduce
transportation costs. Substantially all of the LPG transported by truck from Petrobras to Ultragaz&#146;s secondary plants is transported by Ultracargo&#146;s fleet of tanker trucks on an arm&#146;s length basis. LPG is stored in the filling plants
in large LPG storage tanks with a capacity of 60 tons per tank. In the case of LPG to be delivered in bulk, the LPG is pumped directly from the storage tanks into the bulk tankers. In the case of LPG to be delivered in cylinders, the LPG is pumped
from the storage tanks into a number of filling heads, which deliver the LPG cylinders. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the total current storage and total filling capacity and monthly actual filling volumes during 2004 for each of Ultragaz&#146;s primary and secondary filling
stations and satellite stations. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=1 face="serif">Location</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center><B><FONT size=1 face="serif">Base</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Type</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Total storage <BR>
capacity</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Filling capacity</FONT></B>
        </TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2"><HR noshade size=1></TD>
        <TD>
        </TD>
        <TD colspan="2"><HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">(tons)</FONT></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">(tons/month)</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width=26% 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=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT size=2 face="serif">Southeast</FONT>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Capuava</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=left>
<FONT size=2 face="serif">Primary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">720</FONT>
        </TD>
        <TD width=6%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
      <P><FONT size=2 face="serif">13,136</FONT></P></TD>
    <TD width=6% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Santos</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Primary</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">960</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <P><FONT size=2 face="serif">3,727</FONT></P></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">S&atilde;o Jos&eacute; dos Campos</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Primary</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">960</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,164</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Rio de Janeiro</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Primary</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">480</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,355</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Barueri</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Secondary</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,500</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,200</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">70</FONT></P>

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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center> <B><FONT size=1 face="serif">Location</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=center><B><FONT size=1 face="serif">Base</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=1 face="serif">Type</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">Total storage <BR>
      capacity</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">Filling capacity</FONT></B> </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan="2"><HR noshade size=1></TD>
    <TD> </TD>
    <TD colspan="2"><HR noshade size=1> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">(tons)</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">(tons/month)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% 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=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Araraquara</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD width=6%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> </TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Mau&aacute;</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">720</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Pouso Alegre</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <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=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> <FONT size=2 face="serif">Southern-Central Area</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Paul&iacute;nia</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Primary</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">1,488</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">11,786</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Arauc&aacute;ria</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Primary</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">240</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">9,677</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Canoas</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">720</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">4,650</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Betim</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">1,080</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">4,600</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Ribeir&atilde;o Preto</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">180</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3,950</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Goi&acirc;nia</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">360</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3,620</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">S&atilde;o Jos&eacute; do Rio Preto</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Ara&ccedil;atuba</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">180</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Bauru</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Cascavel</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">120</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Londrina</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Blumenau</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Chapec&oacute;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Florian&oacute;polis</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Joinville</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Caxias do Sul</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Joa&ccedil;aba</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Dois Vizinhos</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Ponta Grossa</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Sorocaba</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">120</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <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=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> <FONT size=2 face="serif">Northeast</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Mataripe</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Primary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">1,270</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10,550</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Suape</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Primary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">480</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3,844</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Cauc&aacute;ia</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">300</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">4,288</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Aracaj&uacute;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">240</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">4,259</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Ilh&eacute;us</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Secondary</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">360</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3,000</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Macei&oacute;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">692</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Juazeiro</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Jo&atilde;o Pessoa</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=26% align=left> </TD>
    <TD>&nbsp;</TD>
    <TD width=18% align=left> <FONT size=2 face="serif">Piraj&aacute;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=16% align=left> <FONT size=2 face="serif">Satellite</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">60</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <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>&nbsp;</TD>
    <TD align=right></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="serif">TOTAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">14,130</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">97,806</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right><HR noshade size=2></TD>
  </TR>
</TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, Ultragaz maintains headquarters in the city of S&atilde;o Paulo and regional offices in the areas in which it operates. Ultragaz also maintains 90 retail stores. </FONT></P>
<B><FONT size=2 face="serif">OXITENO</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Oxiteno has four plants in Brazil: Cama&ccedil;ari, in the northeast complex, the Mau&aacute; plant in the S&atilde;o Paulo complex, the Triunfo plant in the southern complex and the
Trememb&eacute; plant in the state of S&atilde;o Paulo.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the current ethylene oxide production capacity of Oxiteno&#146;s plants in Brazil:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=82% align=left>
<B><FONT size=1 face="serif">Units</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">Capacity</FONT></B>
        </TD>
  </TR>
<TR>
        <TD width="82%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD colspan="2">        <HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap>
<B><FONT size=1 face="serif">(in tons per year)</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Cama&ccedil;ari</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">260,000</FONT>
        </TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Mau&aacute;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">52,000</FONT>
        </TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Trememb&eacute;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">&mdash;</FONT>
        </TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Triunfo</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">&mdash;</FONT>
        </TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="82%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="2">        <HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=82% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">312,000</FONT>
        </TD>
    <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="82%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="2">        <HR noshade size=2></TD>
  </TR>
</TABLE>

<P align="center">
<FONT size=2 face="serif">71</FONT></P>

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

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ethylene oxide is primarily
an intermediate material used in the production of ethylene oxide derivatives &#150; only
approximately 4% of Oxiteno&#146;s
sales volume in the nine months ended September 30, 2004 were ethylene oxide.
Therefore, the total production capacities of a plant may not be determined by
adding the capacities of ethylene oxide and its derivatives. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Cama&ccedil;ari plant. </FONT></I></B><FONT size=2 face="serif">The Cama&ccedil;ari plant, located in the Northeast Complex, was built by Oxiteno and commenced production in 1978. The
Cama&ccedil;ari plant produces ethylene oxide and ethylene oxide derivatives, such as ethylene glycols, ethanolamines, glycol ethers and ethoxylated derivatives. In July 1997, a major modernization of this plant was completed adding 105 thousand
tons of ethylene oxide capacity. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the production capacity of the Cama&ccedil;ari plant for each of its principal products. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="serif">Units</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">Capacity</FONT></B> </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan="2">
      <HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=1 face="serif">(in metric tons per year)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Ethylene oxide</FONT> </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">260,000</FONT> </TD>
    <TD width="6%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Ethylene glycols</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">285,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Ethanolamines</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">45,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Glycol ethers</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">25,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Ethoxylated derivatives</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">130,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Mau&aacute; plant. </FONT></I></B><FONT size=2 face="serif">The Mau&aacute; plant, located in the S&atilde;o Paulo Complex, was the first plant built by Oxiteno and commenced production
in 1974. The Mau&aacute; plant has process units for ethylene oxide, ethylene glycols, glycol ethers, glycol ether acetates, natural alcohols and ethoxylated derivatives. In addition to the production units, the plant has drumming, storage,
warehouse and maintenance facilities and also houses Oxiteno&#146;s principal research and development laboratory. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the current production capacity of the Mau&aacute; plant for each of its principal products. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="serif">Units</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">Capacity</FONT></B> </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan="2">
      <HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=1 face="serif">(in metric tons per year)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Ethylene Oxide</FONT> </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">52,000</FONT> </TD>
    <TD width="6%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Ethylene Glycols</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">25,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Glycol Ethers</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">40,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Acetates</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">32,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">C4+C5 Alcohols</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Ethoxylated Derivatives</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">25,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Alkylation</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">17,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Esterification</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">4,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Emulsification</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Hydraulic fluids</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">30,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Trememb&eacute; plant. </FONT></I></B><FONT size=2 face="serif">The Trememb&eacute; plant, located at Bairro dos Guedes, Trememb&eacute;, in the state of S&atilde;o Paulo, has three
principal production units, a sulfonation/sulfation unit and two multipurpose units. The Trememb&eacute; plant commenced production in 1970 and was subsequently acquired by us in 1985.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=1 face="serif">Units</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center> <B><FONT size=1 face="serif">Capacity</FONT></B> </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan="2">
      <HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=center nowrap> <B><FONT size=1 face="serif">(in metric tons per year)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Esterification</FONT> </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10,000</FONT> </TD>
    <TD width="6%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Specialties</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">12,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Sulfonation/Sulfation</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">30,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Betaines</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="serif">Hydraulic fluids</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3,000</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>

<P align="center"><FONT size=2 face="serif">72</FONT></P>

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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=82% align=left>
<B><FONT size=1 face="serif">Units</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<B><FONT size=1 face="serif">Capacity</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="82%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="16%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<B><FONT size=1 face="serif">(in metric tons per year)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Naphthalenes Sulfonates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">5,000</FONT>
        </TD>
</TR>
</TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Triunfo plant. </FONT></I></B><FONT size=2 face="serif">The Triunfo plant is located in the Southern Complex. The Triunfo plant was built by Oxiteno and started production in October
1989. The Triunfo plant has two process units, one for the production of secondary butyl alcohol, which is used in the production of MEK, and one for the production of MEK.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table shows the current capacity of the principal units at the Triunfo plant. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=82% align=left>
<B><FONT size=1 face="serif">Units</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<B><FONT size=1 face="serif">Capacity</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="82%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="16%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<B><FONT size=1 face="serif">(in metric tons per year)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Methyl-ethyl-ketone (MEK)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">35,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Sec butyl alcohol</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">40,000</FONT>
        </TD>
</TR>
</TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">With the acquisition of Canamex in December 2003, Oxiteno acquired two specialty chemical plants in Mexico. As of December 31, 2004, the Coatzacolacos plant has a production capacity of 28,800
tons per year of ethoxylates and the Guadalajara plant has a production capacity of 24,000 tons per year of specialty chemicals.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth Oxiteno&#146;s overseas production plants:</FONT> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=82% align=left>
<B><FONT size=1 face="serif">Units</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<B><FONT size=1 face="serif">Capacity</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="82%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="16%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<B><FONT size=1 face="serif">(in metric tons per year)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Ethoxylated derivatives &#150; Coatzacoalcos plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Ethoxylated derivatives &#150; Guadalajara plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">12,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Esterification &#150; Guadalajara plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">12,000</FONT>
        </TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Ultracargo</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the principal products stored at, and the storage capacity of, Ultracargo&#146;s plants at December 31, 2004. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=30% align=left>
<B><FONT size=1 face="serif">Plant</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<B><FONT size=1 face="serif">Capacity (in<BR>
cubic meters)</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=center>
<B><FONT size=1 face="serif">Product Lines</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="30%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="56%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<FONT size=2 face="serif">Aratu (Bahia)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">151,450</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=left>
<FONT size=2 face="serif">Glycols, aromatics, acrylates, acrylonitrile, EDC, TDI,</FONT>
<FONT size=2 face="serif">normal paraffins, linear alkyl benzene (LAB), linear</FONT>
<FONT size=2 face="serif">alkyl sulphonate-LAS, methanol, ethers, alcohols,</FONT>
<FONT size=2 face="serif">caustic soda, vegetal oil, fuels</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<FONT size=2 face="serif">Suape (Pernambuco)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">34,850</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=left>
<FONT size=2 face="serif">Fuels, VAM, acetic acid, styrene, butadiene</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<FONT size=2 face="serif">Santos (S&atilde;o Paulo)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">10,220</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=left>
<FONT size=2 face="serif">Vinyl Chloride Monomer</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<FONT size=2 face="serif">Paul&iacute;nia Granel (S&atilde;o Paulo)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">1,881</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=left>
<FONT size=2 face="serif">PET</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<FONT size=2 face="serif">Paul&iacute;nia Qu&iacute;mico (S&atilde;o Paulo)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">8,600</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=left>
<FONT size=2 face="serif">Phenol, LAB, LAS</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width="30%" valign="top">
        </TD>
        <TD width="2%" valign="top">
        </TD>
        <TD width="10%">
      <HR noshade size=1>
        </TD>
        <TD width="2%" valign="top">
        </TD>
        <TD width="56%" valign="top">
        </TD>
</TR>
<TR valign="top">
        <TD width=30% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">207,001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=56% align=left>

        </TD>
</TR>
<TR>
        <TD width="30%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="56%">
        </TD>
</TR>
</TABLE>
<BR>
<B><FONT size=2 face="serif">INTELLECTUAL PROPERTY</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our trademarks, especially &#147;Ultragaz,&#148; and
our patents, are our main intellectual property. We carefully manage our trademarks
in order to preserve consumer confidence in our  products. We have registered
our main trademarks in Brazil and in the other Mercosur countries. We currently
have the definitive registry of 97 nominative trademarks, besides &#147;marcas
figurativas&#148; and mixed trademarks. Additionally, we have
registered with the Instituto Nacional de Propriedade Intelectual, or INPI, 17
patents, the majority of which relate to Oxiteno. We have 5 patent requests filed
with the INPI which are currently under analysis. We also have registry requests
for  trademarks and patents that are not yet published in the INPI magazine of
intellectual property nor filed with them. Furthermore, we have some registry requests for trademarks
and patents that are being disputed at the INPI level with other interested parties. </FONT></P>
<P align="center">
<FONT size=2 face="serif">73</FONT></P>

<br>
<br>
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<br>

<B><FONT size=2 face="serif">INSURANCE</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We maintain insurance policies covering a number of risks to which we believe we are exposed. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our third party insurance covers each of our companies and comprises two policies: one policy covers minor events and has a limit of R$ 1.0 million and the other covers possible events of a
more serious nature and has a limit of U.S.$ 150.0 million. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We believe that this insurance covers, in all material respects, the risks to which we are exposed and is in line with industry standards in Brazil. </FONT></P>
<B><FONT size=2 face="serif">LEGAL PROCEEDINGS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are party to administrative proceedings and lawsuits that are incidental to the normal course of our business. We believe that our provisions for legal proceedings are sufficient to meet
probable and reasonably estimable losses in the event of unfavorable court decisions and that the ultimate outcome of these matters will not have a material effect on our financial condition or results of operations. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Labor matters</FONT></B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are involved in legal proceedings with former and current employees mainly relating to overtime, health and safety premiums and job reintegration. Although we can not estimate the exact
amount involved in these labor claims, we believe in the event they are decided against us they would not, collective or individually, have a material adverse effect on our financial condition or results of operation. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Petrochemical Industry Labor Union, which represents the employees of our indirect subsidiary Oxiteno Nordeste S.A., filed class action suits against Oxiteno Nordeste in 1990 demanding
compliance with the adjustments established in collective labor agreements or other specific indexes, in lieu of the salary policies effectively practiced. Based on information from our legal advisors that our views will prevail in this matter, our
management does not believe that it is necessary to record a provision with respect to this matter. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Civil claims</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The civil claims against us relate mainly to accidents originated form fires or explosions of LPG cylinders and traffic accidents with Ultragaz and Ultracargo trucks. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are also approximately 100 claims filed by former employees of Ultragaz, regarding bodily harm suits in which the plaintiffs are claiming damages for the loss of economic benefit and for
pain and suffering arising from labor accidents. According to Ultragaz&#146;s estimate, our exposure in any individual suit ranges from R$ 30,000 to R$ 250,000. Such amounts are generally covered by Ultragaz&#146;s third-party insurance policies,
subject to the terms of such policies. For those suits involving death or permanent disabilities, the value of the claim is established by the courts and is based on the average salary and age of the victim.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz is a defendant in legal suits relating to damages caused by an explosion in 1996 in a shopping mall in the city of Osasco. The largest single claim involving Ultragaz is an insurance
subrogation claim for approximately R$ 9 million brought against Ultragaz, the builder of the shopping mall, the management of the shopping mall and the engineer responsible for the building&#146;s project. Between 1996 and 2002, individual suits
were filed by victims of the explosion claiming damages from Ultragaz for the loss of economic benefit and for pain and suffering. Of the 49 individual suits files, 46 have already been decided in our favor. The plaintiffs have appealed to the
courts of the State of S&atilde;o Paulo and are currently awaiting the results. In June 2002, the management of the shopping mall filed a suit against Ultragaz for the reimbursement of medical and legal fees as well as expenses relating to the
reconstruction of the mall. No ruling has yet been given on this suit. Ultragaz believes that it has produced evidence that defective gas pipes in the shopping mall caused the accident and that Ultragaz&#146;s on-site LPG storage facilities
</FONT></P>
<P align="center">
<FONT size=2 face="serif">74</FONT></P>

<br>
<br>
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<br>

<P>
<FONT size=2 face="serif">did not contribute to the explosion. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Tax matters</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We filed suits challenging the constitutionality of several taxes that affect us. Among the main tax matters are individual lawsuits filed by Ultragaz, Oxiteno and some of our subsidiaries
against the Brazilian tax authorities contesting the increase in certain taxes introduced by Law 9,718 of November 28, 1998. Among other things, Law 9,718 introduced a mechanism under which Ultragaz&#146;s contributions of PIS and COFINS on sales
would be withheld by Petrobras, thereby effectively increasing overall taxation for Ultragaz. Our subsidiaries were granted preliminary injunctions which allowed them to continue to pay these contributions according to regulations applicable prior
to Law 9,718. At the same time, we had made provisions to contemplate these tax increases. In November 2002, based on our legal advisors&#146; opinion, we opted to pay these provisioned amounts, except for the provision of the taxaxtion of gross
financial and other income. Amounts which were not paid to tax authorities remain provisioned in the financial statements, and totaled R$ 33.7 million at December 31, 2004. In the event we lose these lawsuits, we would have to pay these provisioned
amounts to the tax authorities, but this would not affect our statement of operations. </FONT></P>
<P>
<FONT size=2 face="serif">The table below summarizes our provisions related to legal proceedings as of December 31, 2004: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">2004</FONT></B>
        </TD>
  </TR>
<TR>
        <TD width="82%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="2">          <HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=82% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">(in millions of </FONT></B><B><I><FONT size=1 face="serif">reais</FONT></I></B><B><FONT size=1 face="serif">)</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Social contribution taxes on net income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=2 face="serif">2.9</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Labor claims</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=2 face="serif">2.0</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">PIS and COFINS on other gains</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=2 face="serif">33.7</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=2 face="serif">9.4</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=2 face="serif">4.0</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="82%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="2">        <HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=right>
<FONT size=2 face="serif">52.0</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="82%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="2">          <HR noshade size=1></TD>
  </TR>
</TABLE>

<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Antitrust matters</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">CADE, the Brazilian antitrust authority, is currently reviewing our acquisition of the LPG distribution operations of Royal Dutch/Shell N.V. &#150; Shell G&aacute;s in Brazil. In November 2003,
an association of LPG resellers, ANERG&Aacute;S, incorporated after the acquisition of Shell G&aacute;s, filed a petition with the Economic Policy Bureau, a division of the Ministry of Justice or SDE, requesting the SDE to order Ultragaz and Shell
G&aacute;s to refrain from going forward with the transaction alleging protection of market conditions for the Shell G&aacute;s franchisees. The SDE denied ANERG&Aacute;S request and sent its opinion to CADE in January 2004. In March 2004, Brazilian
oil and gas regulatory body, &#147;Ag&ecirc;ncia Nacional do Petr&oacute;leo&#148; (ANP), issued a recommendation to SDE approving the transaction without restrictions. CADE has not yet issued its final approval. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are two proceedings at the SDE against all Brazilian LPG distributors, including Ultragaz and SPG&aacute;s. These proceedings aim to verify anti-competitive market practices in certain
regions. According to our legal advisors the possibility of loss in these proceedings is remote. </FONT></P>
<B><FONT size=2 face="serif">RELATED PARTY TRANSACTIONS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None of the members of our board of directors or executives or their family members have any direct participation in any material transaction involving the Company or that is relevant to our
businesses. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We and our subsidiaries and affiliated companies enter into intercompany loans on a regular basis. In certain cases, group companies maintain offsetting credits and debits on matching terms. In
the case of intercompany loans among Ultrapar and some of its subsidiaries and affiliates, loans may be extended on financial terms so as to maximize consolidated profits at the Ultrapar level. See Note 20 to our unaudited interim consolidated
financial statements for a detailed breakdown of intercompany loans as of September 30, 2004. </FONT></P>
<P align="center">
<FONT size=2 face="serif">75</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Transultra provides transportation services to Ultragaz and Oxiteno on arm&#146;s length terms. Similarly, Tequimar leases storage capacity for chemicals to Oxiteno on arm&#146;s length terms.
In 2004, payments from Ultragaz and Oxiteno to Transultra in connection with these services totaled R$ 20.3 million and R$ 9.9 million, respectively. For this same period, payments from Oxiteno to Tequimar in connection with the leased storage
capacity totaled R$ 7.5 million. </FONT></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Uting&aacute;s&#146;s by-laws provide for each of its shareholders to use a proportion of Uting&aacute;s&#146;s total storage capacity equal to such shareholder&#146;s proportionate ownership
of Uting&aacute;s. Accordingly, Ultragaz is entitled to use 4.2 thousand tons of LPG storage capacity at Uting&aacute;s&#146; facilities, reflecting Ultragaz&#146;s 56% ownership in Uting&aacute;s. The amount of payments made by Ultragaz to
Uting&aacute;s in 2004 with respect to the use of storage capacity at Uting&aacute;s&#146; facilities totaled R$ 2.9 million. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our subsidiaries lease office space from Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda, or Imaven, our wholly-owned subsidiary, on an arm&#146;s length basis in the building in S&atilde;o
Paulo in which our head offices are located. The sole activity of Imaven is the ownership of the mentioned building. The total amount of rent payments under these leases is R$ 6.7 million in 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are guarantors of a portion of our subsidiaries&#146; indebtedness in the amount of R$ 533.1 million as of December 31, 2004. </FONT></P>
<P align="center">
<FONT size=2 face="serif">76</FONT></P>

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<B><FONT size=3 face="serif">Management</FONT></B>
<P>
<B><FONT size=2 face="serif">BOARD OF DIRECTORS AND SENIOR MANAGEMENT </FONT></B></P>
<P>
<FONT size=2 face="serif">The following table lists the current members of our Board of Directors and senior management.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD><B><FONT size=1 face="serif">Name</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38%><B><FONT size=1 face="serif">Position</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10%><B><FONT size=1 face="serif">Years with the<BR>
Company</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10%>
<B><FONT size=1 face="serif">Age</FONT></B>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="38%">
<HR noshade size=1>    </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><I><FONT size=2 face="serif">Board of Directors</FONT></I></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Chairman</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">64</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Lucio de Castro Andrade Filho</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Vice Chairman</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">27</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">59</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ana Maria Levy Villela Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">62</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Renato Ochman</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">44</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Nildemar Secches</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">55</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Paulo Vieira Belotti</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">72</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Olavo Egydio Monteiro de Carvalho</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">62</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD WIDTH="38%" align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><I><FONT size=2 face="serif">Executive Officers</FONT></I></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Chief Executive Officer</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">64</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Lucio de Castro Andrade Filho</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Vice-President</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">27</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">59</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left NOWRAP>
<FONT size=2 face="serif">Chief Financial and Investor Relations Officer, Ultrapar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">20</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">50</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Jos&eacute; Carlos Guimar&atilde;es de Almeida</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Chief Operating Officer, Ultragaz</font>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">44</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">69</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Pedro Wongtschowski</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=38% align=left>
<FONT size=2 face="serif">Chief Operating Officer,
        Oxiteno</font></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">27</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center><font size=2 face="serif">58</font>

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

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Summarized below is information regarding the business experience, areas of experience and principal outside business interest of the current members of our Board of Directors and our senior
management. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha. </FONT></I><FONT size=2 face="serif">Mr. Cunha is our chief executive officer and chairman of our board of directors. Mr. Cunha joined Ultrapar in 1967 and was
appointed vice president in 1973 and chief executive officer in 1981. Mr. Cunha has also been a member of the National Monetary Council, BNDESPAR, a subsidiary of BNDES, president of the Brazilian Association of Technical Standards - ABNT, and
President of IBP, the Brazilian Petroleum Institute. Mr. Cunha is the vice-president of ABIQUIM, the Brazilian Chemical Industry Association, a board member of the Superior Council of Economy and of the Consultative Council for Industry of FIESP,
the state of S&atilde;o Paulo Industry Association and ex-President of IEDI &#150; Research Institution for the Industrial Development. He is also a member of the board of directors of Monteiro Aranha. Mr. Cunha is also a member of the board of
IBMEC Business School and of the board of IPT &#150; Technological Research Institution. Mr. Cunha received a degree in industrial mechanical engineering from Catholic University in Rio de Janeiro in 1962. Mr. Cunha also was a Professor of
Engineering at the Catholic University and at the Federal University of Rio de Janeiro from 1963 to 1966. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Ana Maria Levy Villela Igel. </FONT></I><FONT size=2 face="serif">Ms. Villela Igel joined us as a member of the board of directors in October 1998. She is also a member of the board of
directors of Ultra S.A. She has served as a secretary in the finance department at the United Nations and as a counselor for CIEE&#150;Centro de Integra&ccedil;&atilde;o Empresa Escola, an organization which assists students in transitioning to the
professional environment, and as a counselor and member of the executive committee of Alumni Association &#150; Bi-National Cultural Center. She is also involved in several organizations that promote social welfare activities for children and the
elderly throughout Brazil. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Renato Ochman. </FONT></I><FONT size=2 face="serif">Mr. Ochman joined us in April 2001 as a member of the board of directors. Mr. Ochman is a partner in the law firm Ochman Advogados
Associados S/C and General Secretary of the Chamber of Commerce and Industry of Brazil-Israel. Mr. Ochman is a member of the Youth&#146;s Committee of the United Nations &#150; Brazil
and is also a member of the audit committee of the Association for Assistance to Handicapped Infants.
Previously, Mr. Ochman taught commercial law at the Funda&ccedil;&atilde;o Get&uacute;lio Vargas and
acted as legal counsel for the Brazilian</FONT></P>
<P align="center">
<FONT size=2 face="serif">77</FONT></P>

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<P>
<FONT size=2 face="serif"> Association of Supermarkets. Mr. Ochman has obtained a law degree from the
Catholic University of Rio Grande do Sul and a commercial law masters degree and post-graduate degree
from the Catholic University of S&atilde;o Paulo. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Nildemar Secches. </FONT></I><FONT size=2 face="serif">Mr. Secches joined us in April 2002 as a member of the board of directors. Mr. Secches is the chief executive officer of Empresas
Perdig&atilde;o since 1995, chief executive officer of ABEF - Brazilian Association of Chicken Producers and Exporters and vice-president of ABIPECS - Brazilian Association of Pork Producers and Exporters Industries. Mr. Secches is also a member of
the board of WEG S.A. From 1972 to 1990, Mr. Secches worked for Banco Nacional de Desenvolvimento Econ&ocirc;mico e Social - BNDES, serving as an executive officer from 1987 to 1990. From 1990 to 1994, Mr. Secches served as chief executive officer
of Grupo Iochpe-Maxion. Mr. Secches received a degree in mechanical engineering from the University of S&atilde;o Paulo, a master&#146;s degree in finance from Pontif&iacute;cia Universidade Cat&oacute;lica of Rio de Janeiro and a doctoral degree in
economics from the University of Campinas (state of S&atilde;o Paulo). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Paulo Vieira Belotti. </FONT></I><FONT size=2 face="serif">Mr. Belotti joined us in October 1998 as a member of our board of directors. Mr. Belotti has also served as chief executive officer
of several companies including Petrobras Distribuidora S.A., Petrobras Minera&ccedil;&atilde;o S.A., Petrobras Qu&iacute;mica S.A., Petrobras Com&eacute;rcio Internacional S.A., Petrobras Fertilizantes S.A. and Norcell S.A. He has also served as a
member of the board of directors of Nordon Ind&uacute;stria Metal&uacute;rgica S.A. Mr. Belotti received a degree in civil engineering from the National School of Engineering at the University of Brazil, a bachelor&#146;s degree in mathematics from
the University of Guanabara and a degree in nuclear engineering from Oak Ridge School of Technology in Tennessee. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Olavo Egydio Monteiro de Carvalho.</FONT></I><FONT size=2 face="serif"> Mr. Monteiro de Carvalho joined our company in December 2002 as a member of the board of directors. He is chairman of
the board of directors of Monteiro Aranha S.A. and a member on the board of Klabin S.A.. He is also a member of the Brazil-United States Business Council, member of the Brazil-Japan Conceptual Group and member of the board of Ad-Rio - Ag&ecirc;ncia
de Desenvolvimento Econ&ocirc;mico do Estado do Rio de Janeiro (the Rio de Janeiro State Development Agency). He holds a mechanical engineering degree from Technische Hochschule in Munich. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Lucio de Castro Andrade Filho. </FONT></I><FONT size=2 face="serif">Mr. Andrade Filho is the vice chairman of our board of directors and vice president executive officer. He joined Ultrapar
in 1977. Mr. Andrade Filho has held a number of positions with Ultrapar&#146;s subsidiaries in both the LPG as well as logistics, engineering and chemicals segments. Mr. Andrade Filho is also the chief executive officer of GLP - Qualidade
Compartilhada, an LPG industry association and a member of the board of directors of the Brazilian Petroleum Institute (Instituto Brasileiro de Petroleo &#150; IBP). Mr. Andrade Filho received degrees in civil engineering and in administration from
Mackenzie University in S&atilde;o Paulo in 1968 and 1972, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Jos&eacute; Carlos Guimar&atilde;es de Almeida. </FONT></I><FONT size=2 face="serif">Mr. Almeida joined Ultrapar in 1960 and has served as an executive officer since 1985 and as a member of
the board of directors of Ultragaz since 1982. Mr. Almeida is the chief operating officer of Ultrapar&#146;s LPG distribution business. Mr. Almeida was the Chief Executive Officer of Ultralar Aparelhos e Servi&ccedil;os S.A., general superintendent
and member of the consultative council of Ultracred Cr&eacute;dito, Financiamento e Investimentos S.A., treasury officer of Unidade Interamericana de Publicidade, and director general of Vedebrasil II Participa&ccedil;&otilde;es S.A., the holding
company in Brazil of Vendex International. Since 2003, Mr. Almeida has been a member of the Board of Sindig&aacute;s &#150; the National Union of Liquefied Petroleum Gas Distribution Companies. Mr. Almeida received a degree in civil engineering in
1962 from Pontif&iacute;cia Universidade Cat&oacute;lica of Rio de Janeiro and a master&#146;s degree in economic engineering. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Fabio Schvartsman. </FONT></I><FONT size=2 face="serif">Mr. Schvartsman joined Ultrapar in 1985 and has held a number of positions, including planning officer, planning and control officer
and financial superintendent officer. Mr. Schvartsman has served as our executive officer since 1990. Prior to joining us, Mr. Schvartsman worked in the finance area at Duratex S.A. Mr. Schvartsman is our chief financial officer and our investor
relations officer. Mr. Schvartsman received a degree in production engineering from Escola Polit&eacute;cnica da Universidade de S&atilde;o Paulo and a master&#146;s degree in business administration from the Business School of S&atilde;o
Paulo/Get&uacute;lio Vargas Foundation in 1979. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Pedro Wongtschowski. </FONT></I><FONT size=2 face="serif">Mr.
    Wongtschowski has served as executive officer since 1985. Mr. Wongtschowski was employed at our chemical
fertilizer company from 1970 until 1972 and rejoined Ultrapar in 1977. Mr. </FONT></P>
<P align="center">
<FONT size=2 face="serif">78</FONT></P>

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<P><FONT size=2 face="serif">Wongtschowski is also the Chairman of the Board of the Brazilian Association
for Chemical Engineering, Vice-President of the board of directors of ABIQUIM, Brazilian Chemical Industries
Association, and Vice-President of Latin American Petrochemical and Chemical Associations &#150; APLA. Mr. Wongtschowski is the chief operating officer of our chemical and petrochemical businesses. Mr. Wongtschowski received a degree in chemical engineering,
master&#146;s degree in chemical engineering and a doctoral degree in chemical engineering from the Escola Polit&eacute;cnica da Universidade de S&atilde;o Paulo. Mr. Wongtschowski is the author of the book &#147;Ind&uacute;stria Qu&iacute;mica
&#150; Riscos e Oportunidades&#148; (Chemical Industry &#150; Risks and Opportunities), published in 2002 (2nd edition). </FONT></P>
<B><FONT size=2 face="serif">COMPENSATION</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the year ended December 31, 2004, the aggregate compensation of our directors and executive officers was approximately R$ 11.6 million. A portion of such amount is represented by variable
compensation, dependent on business performance as measured by metrics such as Economic Value Added &#150; EVA and EBITDA. Except for the expenses related to Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia Complementar, known as Ultraprev,
which manages our pension plan, we have not set aside or accrued any additional amounts for pension, retirement or similar benefits for our directors and executive officers. See &#147;&#150; Employees.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On April 27, 2001, the General Shareholders&#146; Meeting approved a plan for granting stock options (&#147;The Stock Option Plan&#148;) to members of management and employees in executive
positions in the Company and its subsidiaries. On November 26, 2003, the Extraordinary General Shareholders&#146; Meeting approved certain amendments to the original plan of 2001 (the &#147;Deferred Stock Plan&#148;).
In the Deferred Stock Plan, certain members of management have the voting and
economic rights of preferred shares held as treasury stock and the ownership
of these shares is retained by Ultrapar. The Deferred Stock Plan provides for
the transfer of the ownership of the shares to those eligible members of management
after ten years from the initial concession of the rights subject to uninterrupted
employments of the Deferred Stock Plan participant by the Company during the
period. The Board of Directors determines the number of shares to which each
eligible participant shall have rights. The total number of shares to be used
for the Deferred Stock Plan is subject to the availability in treasury of such
shares. It is incumbent on Ultrapar&#146;s executive
officers to select the members of management eligible for the plan and propose the number of shares in each case for approval by the Board of Directors. As of December 31, 2004, the amount granted to the Company&#146;s executives, including tax
charges, totaled R$ 7.6 million. This amount is amortized over a ten year period, the amortization for 2004 amounts to R$ 567 thousand and is recorded as an operational expense for 2004. </FONT></P>
<P><B><FONT size=2 face="serif">BOARD PRACTICES</FONT></B></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Board of Directors </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Prior to December 20, 2002, our Board of Directors was limited to six members. Pursuant to our amended bylaws, our Board of Directors must consist of a minimum of four and a maximum of seven
members. Our Board of Directors generally meets quarterly or whenever called by its chairman or by any two directors. During 2004, eight board meetings were held. Each meeting of the Board of Directors requires a quorum of a minimum of three
members, including the chairman or the vice-chairman. The Board of Directors is responsible for our general policies, for electing our executive officers and supervising their management, and for deliberating on capital increases up to the
authorized capital, distributions of dividends and interest on shareholders&#146; equity, investments in other companies, our dissolution or incorporation and the appointment of independent auditors. Pursuant to Brazilian law, each member of the
Board of Directors must hold at least one of our common or preferred shares and be elected by the holders of our common shares at the General Shareholders&#146; Meeting.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Members of the Board
of Directors are elected by the common shareholders for a period of one year
and may be reelected. According to Law 10,303/2001, minority shareholders that
together hold common shares representing at least 15% of the voting capital,
are entitled to appoint one Board member. Minority holders of our voting shares
and preferred shareholders that do not represent the minimum percentage required
for the right to elect a member of the Board of Directors in the manner described
above may jointly elect a single member to the Board. Holders of preferred shares
representing 10% or more of our capital stocks have the right to elect one member
of our Board of Directors. In this case
such shareholders should jointly represent a minimum of 10% of the corporate
capital. Until the general shareholders&#146; meeting of 2005, preferred shareholders have the right to elect a Board member from
a short list of three names</FONT></P>
<P align="center">
<FONT size=2 face="serif">79</FONT></P>

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

<P>
<FONT size=2 face="serif"> drawn up by the controlling shareholder. As from the general shareholders&#146; meeting of 2006, the election of this member will be unrestricted. In 2002, we granted our minority shareholders the right to elect a member of our Board of
Directors, a corporate governance change that Brazilian companies are not required to make until 2006. Mr. Nildemar Secches was elected to the Board in April 2002, as the representative of the minority shareholders. Mr. Secches was reelected in 2003
and in the General Shareholders&#146; Meeting held on April 26, 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Minority holders of voting shares and preferred shareholders must prove uninterrupted title to a shareholding interest in our shares for a period of at least three months immediately prior to
the holding of the general shareholders&#146; meeting in order to exercise their rights related to election of directors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Law 10,303/2001 granted members of the Board of Directors elected by minority holders of voting shares and/or preferred shareholder, veto powers over the appointment and dismissal of our
independent auditors, provided such veto is reasonably justified. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Executive Officers</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our executive officers include our chief executive officer and a minimum of three and a maximum of five other members. Each of our current executive officers has been appointed by the Board of
Directors for a one-year term, which began on April 26, 2004 and may remain in office until the appointment of his substitute. Sitting members can be reelected for additional one-year terms. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Fiscal Council</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Brazilian corporate law and our by-laws, we are not required to, and currently do not, maintain a permanent fiscal council. We would, however, be required to establish a fiscal council
upon the request of shareholders who hold 2% of the common shares or 1% of the preferred shares, pursuant CVM Instruction 324 of January 19, 2000. The primary responsibility of the fiscal council, which, if established, would act independently from
our management and external auditors, would be to review our consolidated financial statements and report on them to our shareholders. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Corporate Governance</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are incorporated under the laws of Brazil and we are subject to Brazilian laws related to corporate governance. Under Brazilian law, there are no regulatory requirements with respect to
corporate governance such as (i) the independence of our Board of Directors, (ii) meetings of non-management directors, (iii) the establishment and composition of certain board committees or (iv) the adoption and disclosure of corporate governance
guidelines or codes of business conduct and ethics. As a non-U.S. issuer we are exempt from adopting certain New York Stock Exchange corporate governance requirements and other requirements will only apply to us in the future. However, we aim to
ensure that best practices, recommendations and standards of corporate governance are employed in our functioning and operations. We have adopted corporate governance guidelines, such as the requirement that a majority of the members of the Board of
Directors be independent, and the implementation of a code of ethics for senior officers that we believe is in compliance with applicable U.S. corporate governance requirements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are currently working to comply with all Sarbanes-Oxley and New York Stock Exchange requirements within the required time frame. </FONT></P>
<P><B><FONT size=2 face="serif">EMPLOYEES</FONT></B></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of December 31, 2004, we had 6,724 employees.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth our number
    of employees per line of business at the dates indicated.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><B><FONT size=1 face="serif">Number of Employees </FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <B><FONT size=1 face="serif">2004</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <B><FONT size=1 face="serif">2003</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <B><FONT size=1 face="serif">2002</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="76%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,630</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,560</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,156</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,121</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,078</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">912</FONT> </TD>
  </TR>
</TABLE>
<P ALIGN="CENTER"><FONT size=2 face="serif">80</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0 DWCOPYTYPE="CopyTableRow">
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><B><FONT size=1 face="serif">Number of Employees </FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <B><FONT size=1 face="serif">2004</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <B><FONT size=1 face="serif">2003</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <B><FONT size=1 face="serif">2002</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="76%"> </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="6%">
      <HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">966</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">815</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">743</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Others(1)</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">Ultrapar</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,724</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,465</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,822</FONT> </TD>
  </TR>
</TABLE>

__________________<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="2%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="98%">
<FONT size=2 face="serif">Includes headquarters maintenance personnel hired by our wholly-owned subsidiary, Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>    </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultragaz&#146;s employees are covered by collective agreements with the labor unions representing the employees in the LPG industry. According to Brazilian legislation, Oxiteno&#146;s employees
are represented by labor unions, and are currently covered by collective agreements, which are renewed annually. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All Ultracargo&#146;s employees are covered by a collective agreement, which incorporates clauses of a social, financial, labor union and labor relations nature signed by the companies, labor
unions and employees. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In February 2001, our Board of Directors approved the adoption of a defined contribution pension plan to be sponsored by Ultrapar and each of its subsidiaries. Participating employees have been
contributing to this plan, managed by </FONT><I><FONT size=2 face="serif">Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia Complementar</FONT></I><FONT size=2 face="serif">, known as Ultraprev, since August 2001. Under the terms of the
plan, every year each participating employee chooses his or her basic contribution to the plan. Each sponsoring company provides a matching contribution in an amount equivalent to each basic contribution, up to a limit of 11% of the employee&#146;s
reference salary, according to the rules of the plan. As participating employees retire, they may choose to receive either (i) a monthly sum ranging between 0.5% and 1.0% of their respective contribution in Ultraprev or (ii) a fixed monthly amount
which will exhaust their respective contribution over a period of 5 to 25 years. The sponsoring company does not guarantee the amounts or the duration of the benefits received by each employee that retires. The total number of participating
employees as of December 31, 2004 was 5,560. </FONT></P>
<P align="center">
<FONT size=2 face="serif">81</FONT></P>



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

  <B><FONT size=3 face="serif">Principal and selling shareholders</FONT></B></P>
<P><B><FONT size=2 face="serif">PRINCIPAL SHAREHOLDERS </FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In accordance with our by-laws, there are two classes of capital stock authorized and outstanding, the common shares and the preferred shares, of which only the common shares have voting
rights. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets
forth the principal holders of our common and preferred shares as of February
2, 2005:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><B><FONT size=1 face="serif">Common</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><B><FONT size=1 face="serif">Preferred</FONT></B></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="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Shares</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size="1" face="serif">%</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Shares</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><B><FONT size="1" face="serif">%</FONT></B></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&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 colspan="11" align=center><B><FONT size=1 face="serif">(in thousands, except percentages)</FONT></B></TD>
  </TR>
<TR valign="bottom">
        <TD width=52% align=left>
<B><FONT size=2 face="serif">Shareholders</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

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

        </TD>
    <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ultra S.A. Participa&ccedil;&otilde;es</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">34,193,119</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">67</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,128,968</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">18</font>        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Parth Investments Company </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,311,730</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,396,760</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">5</font>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Monteiro Aranha S.A</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,212,637</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,526,887</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">9</font>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ultra-DI Participa&ccedil;&otilde;es S.A. </FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">490,095</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right><font size="2" face="serif">73,514</font>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Others </FONT><SUP><FONT size=2 face="serif">2</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,057,042</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">419,754,208</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">68</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">51,264,622</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">28,880,337</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD><HR noshade size=1></TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
    <TD><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Board of Directors </FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha </FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">4,447</font>        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Lucio de Castro Andrade Filho </FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ana Maria Levy Villela Igel</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">869,285</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">259,177</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Olavo Egydio Monteiro de Carvalho</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Renato Ochman</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">2</font>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Nildemar Secches</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">2</font>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Paulo Vieira Belotti</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<font size="2" face="serif">2</font>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">Executive officers </FONT></B><B><SUP><FONT size=2 face="serif">3</FONT></SUP></B>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Jos&eacute; Carlos Guimar&atilde;es de Almeida</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Pedro Wongtschowski</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
____________________<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Parth Investments Company and Ultra-DI Participa&ccedil;&otilde;es S.A., which together hold 19.1% of our common shares, are controlled by Daisy Igel.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">This item includes those shares held by members of
our Board of Directors and our executive officers.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(3)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Our Board members and executive officers beneficially own additional shares primarily through their participation in the holding company Ultra S.A. Participa&ccedil;&otilde;es as discussed below.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(4)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">These individuals are also executive officers.</FONT> </TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All common shares have the same voting rights.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On March 22, 2000, our controlling shareholders entered into a shareholders&#146; agreement designed to ensure the equal treatment of all non-controlling shareholders in the event of any change
  in control. Pursuant to the agreement, the provisions of which have been incorporated in our by-laws, any transfer of our control, either directly or indirectly, may only be executed in conjunction with a public tender offer by the acquiring entity
  to purchase the shares of all minority shareholders in the same proportion and under the same price and payment terms as those offered to the controlling shareholders. The agreement provides that there will be no discount or price differentiation
  between the shares in the public tender offer and those being sold by the controlling shareholders. The offer must be made on both the S&atilde;o Paulo Stock Exchange and the New York Stock Exchange. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 31, 2004, approximately 4.98 billion preferred shares were held in the form of ADSs. </FONT></P>
<P align="center">
<FONT size=2 face="serif">82</FONT></P>


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

<P><B><FONT size=2 face="serif">OWNERSHIP AND CAPITAL STRUCTURE OF ULTRA S.A. PARTICIPA&Ccedil;&Otilde;ES </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Ultra S.A. Participa&ccedil;&otilde;es, or Ultra S.A., owns approximately 67% of Ultrapar&#146;s voting shares. Historically, the voting stock of Ultra S.A. was owned primarily by two holding
companies, Igel Participa&ccedil;&otilde;es S.A. and Avar&eacute; Participa&ccedil;&otilde;es
S.A., owned primarily by members of the Igel family and certain members of our
senior management, respectively. Igel Participa&ccedil;&otilde;es S.A. and Avar&eacute; Participa&ccedil;&otilde;es S.A. were dissolved on December 16, 2004, and the shares of Ultra owned by these companies were distributed to their
respective shareholders.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The capital stock of Ultra S.A. as of December 31, 2004 was owned as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><B><FONT size=1 face="serif">Common</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="5" align=center><B><FONT size=1 face="serif">Preferred</FONT></B></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="center">&nbsp;</TD>
    <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Shares</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size="1" face="serif">%</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">Shares</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size="1" face="serif">%</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&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 colspan="11" align=center><B><FONT size=1 face="serif">(in thousands, except percentages)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <B><FONT size=2 face="serif">Shareholders</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=4% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=4% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Fabio Igel</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">5,912,469</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">9</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">1,768,275</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">6</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Rog&eacute;rio Igel</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">6,876,245</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">11</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">2,062,989</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">7</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Joyce Igel de Castro Andrade</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">6,876,246</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">11</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">2,062,989</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">7</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Marcia Igel Joppert</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">6,876,246</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">11</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">2,062,988</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">7</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Christy Participa&ccedil;&otilde;es Ltda</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">6,425,199</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">10</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">7,485,666</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">27</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <B><FONT size=2 face="serif">Directors and officers</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left> </TD>
    <TD>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left> </TD>
    <TD>&nbsp;</TD>
    <TD align=left> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Paulo Guilherme Aguiar de Cunha</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">13,294,109</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">20</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Ana Maria Levy Villela Igel</FONT><SUP></SUP> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">9,764,689</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">15</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">12,395,100</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">45</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Lucio de Castro Andrade Filho</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">3,775,470</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">6</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Fabio Schvartsman</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">1,606,301</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Pedro Wongtschowski</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">1,606,301</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">2</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> <FONT size=2 face="serif">Jos&eacute; Carlos Guimar&atilde;es de Almeida</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">1,887,735</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">3</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">&mdash;</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </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>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=34% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Directors and Officers</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD width=0 align=right> <FONT size=2 face="serif">31,934,605</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">49</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">12,395,100</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">45</FONT> </TD>
    <TD align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </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>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left><HR noshade size=1></TD>
  </TR>
</TABLE>
____________<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Lucio de Castro Andrade Filho and Joyce Igel de Castro Andrade are husband and wife.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
<B><FONT size=2 face="serif">SHAREHOLDERS&#146; AGREEMENT OF ULTRA S.A. PARTICIPA&Ccedil;&Otilde;ES </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On September 22, 2004, the shareholders of Ultra S.A. entered into a new Shareholders&#146; Agreement (the &#147;New Shareholders&#146; Agreement&#148;) replacing a prior Shareholders&#146;
Agreement entered into on May 22, 1997, to ensure the continuation of the controlling shareholder block upon the contemplated dissolution and distribution of Ultra S.A. shares held by its shareholders, Igel Participa&ccedil;&otilde;es S.A. and
Avar&eacute; Participa&ccedil;&otilde;es S.A. </FONT></P>
<P>
<FONT size=2 face="serif">The New Shareholders&#146; Agreement has a term of five years from December 16, 2004 and provides principally </FONT><FONT size=2 face="serif">that:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">all shares of Ultrapar that are held by Ultra will be voted as a block;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the Ultra S.A. shares will be voted in accordance with the instructions of the absolute majority of its</FONT> <FONT size=2 face="serif">common shares except for certain significant matters (including changes to the by-laws
of either company</FONT> <FONT size=2 face="serif">changes to our capital structure, mergers, material acquisitions or sales of assets, and election of Board</FONT> <FONT size=2 face="serif">members) which require the vote of 66% of the common
shares.<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the Chairman of our Board of Directors must convene a meeting of, and provide all requested information</FONT> <FONT size=2 face="serif">and available documents to, all parties to the New Shareholders&#146; Agreement before
or after any meeting of</FONT> <FONT size=2 face="serif">our Board of Directors considering key issues such as our strategic plan and general policies, our</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">83</FONT></P>

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

<UL>
<FONT size=2 face="serif">organizational structure, the election of executive officers, our dividend policy, and any other material</FONT> <FONT size=2 face="serif">decisions as determined by the Board of Directors.</FONT></LI>
<BR>
<BR>
<LI>
<FONT size=2 face="serif">any party purchasing shares of Ultra S.A. must agree to be bound by the terms of the New Shareholders&#146;</FONT> <FONT size=2 face="serif">Agreement; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">any party to the New Shareholders&#146; Agreement may exchange his or her shares in Ultra S.A. into our</FONT> <FONT size=2 face="serif">preferred shares at an exchange ratio necessary to obtain the same percentage of our
capital stock as was</FONT> <FONT size=2 face="serif">held in Ultra S.A., unless the exchange would result in (i) Ultra S.A. no longer having more than the</FONT> <FONT size=2 face="serif">majority of our voting shares or (ii) a violation of the
number of preferred shares as a percentage of total</FONT> <FONT size=2 face="serif">capital stock legally permitted to be issued by us or by Ultra S.A..</FONT></LI>
</UL>
<B><FONT size=2 face="serif">SELLING SHAREHOLDERS</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The selling shareholders identified below received
 or will receive certain of the preferred shares being offered hereby (i) by converting part of their
holding in Ultra S.A. into preferred shares and (ii) from the stock dividend approved by us. The following
table sets forth shareholders who are selling preferred shares in this offering, the number of preferred
shares being sold by them and the number of shares to be beneficially held by them following this offering: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Shares offered</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="6" align=center><B><FONT size=1 face="serif">Shares after offering</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="6" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Preferred</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Common</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">%</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">Preferred</FONT></B></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 colspan="2" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<b><FONT size=2 face="serif">Selling Shareholders</FONT></b>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Fabio Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">424,786,106</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">2,831,907,351</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">22</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Marcia Igel Joppert</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">494,387,315</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">3,527,946,655</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">34,804,713</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Rogerio Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">494,387,315</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">3,295,915,405</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Joyce Igel de Castro Andrade</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">761,223,307</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">3,295,915,774</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Lucio de Castro Andrade Filho</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">208,803,626</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">1,392,039,154</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">2,259</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">735,235,127</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">4,901,582,478</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">4,446,680</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">88,837,012</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">592,246,742</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Jos&eacute; Carlos Guimar&atilde;es de Almeida</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">730,812,692</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">69,601,208</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Pedro Wongtschowski</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">88,837,012</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">592,246,742</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Maria da Concei&ccedil;&atilde;o de Moraes Coutinho</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=12% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">589,579,281</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">1,468,931,541</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">11</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Helio Marcos Coutinho Beltrao</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">366,586,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">913,347,487</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Cristiana Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">366,586,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">913,347,119</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Maria Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">366,586,545</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">913,347,119</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left> <FONT size=2 face="serif">Monteiro Aranha S.A</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size=2 face="serif">1,515,000,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
      <FONT size=2 face="serif">5,212,636,685</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.5</FONT><U></U>
        </TD>
    <TD width=2% align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=12% align=right><FONT size=2 face="serif">1,011,887,115</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=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">7,231,648,428</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">29,921,011,458</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">60.5</FONT>
        </TD>
    <TD width=2% align=left><FONT size=2 face="serif">%</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=12% align=right><FONT size=2 face="serif">1,051,140,881</FONT></TD>
</TR>
<TR>
        <TD width="48%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="12%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%"><HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%"><HR noshade size=1></TD>
</TR>
</TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The business address of each of the Selling Shareholders is Avenida Brigadeiro Luis Ant&ocirc;nio, 1343, 9&deg; andar, S&atilde;o Paulo, SP, Brazil 01317-910. </FONT></P>

<P align="center">
<FONT size=2 face="serif">84</FONT></P>


<br>
<br>
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<br>

<B><FONT size=3 face="serif">Distribution policy and dividends</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The by-laws of any given company may establish the dividend as a percentage of the income or the capital stock, or fixed, or based on any other criteria, since they are properly detailed and
are not subject to the liberality of the managing bodies or the controlling shareholder. The amounts due as dividends may be paid as interest on net equity. If a company&#146;s by-laws are silent, the percentage is deemed to be 50% of the
Distributable Amount (as defined below). In this case, if the relevant shareholders decide to include a provision in this regard in the company&#146;s by-laws, the mandatory dividend may not be lower than 25% of the Distributable Amount.
</FONT><FONT face="serif"> </FONT><FONT size=2 face="serif">Our by-laws provide for a mandatory distribution equal to 50% of the Distributable Amount. In addition, until May 18, 2004, under our by-laws, the amount we distributed in respect of each
preferred share was equal to 110% of the amount we distributed in respect of each of our common shares. On May 18, 2004, we held an Extraordinary General Meeting which approved amendments of our by-laws. The amendments were (i) the registration in
our by-laws of tag along rights for all Company shareholders, at 100% of the offer price which provisions were previously provided for in our 2000 shareholders&#146; agreement; and (ii) to make the dividend right of preferred shareholders equal to
those of common shareholders by abolishing the right of preferred shareholders to receive dividends at least 10% (ten per cent) higher than those received by common shareholders.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian corporate law defines the &#147;net income&#148; as the results of the relevant fiscal year, reduced by accumulated losses of prior fiscal years, provisions for income tax and social
contribution on the net income for such fiscal year, and amounts allocated to employees&#146; and management&#146;s participation on the net income in such fiscal year. The amount available for distribution of dividends, referred to as the
&#147;Distributable Amount,&#148; is the net income, as reduced or increased by the following: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">amounts allocated to the legal reserve;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">amounts allocated to the statutory reserve, if any;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">amounts allocated to the contingency reserve, if required;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">amounts allocated to the unrealized profit reserve;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">amounts allocated to the retained profit reserve;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">reversions of reserves registered in prior years, in accordance with Brazilian GAAP; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">reversions of the amounts allocated to the unrealized profit reserve, when realized and not absorbed by</FONT> <FONT size=2 face="serif">losses.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A company is permitted to allocate to reserves all income from equity gains in subsidiaries that are not distributed to the company in the form of cash dividends. When such gains are
distributed to the company in the form of cash dividends, the company is required to reverse the reserve. See &#147;Risk factors-Risks relating to the preferred shares and ADSs.&#148; In addition to the mandatory distribution, the Board of Directors
may recommend to the shareholders the payment of interim distributions from other funds that are legally available for such purposes. Any payment of an interim dividend may be set off against the amount of the mandatory dividend distribution for
that fiscal year. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to dividends, Brazilian companies may distribute interest attributed to shareholders&#146; equity, which payments may be treated by a company as a deductible expense for income tax
and social contribution purposes. Payments of interest attributed to shareholders&#146; equity may be made at the discretion of our Board of Directors, subject to the approval of the holders of our common shares. Payments of interest attributed to
shareholders&#146; equity, net of withholding tax, may be used to satisfy a company&#146;s mandatory distribution obligation. This interest is calculated in accordance with the daily </FONT><I><FONT size=2 face="serif">pro rata</FONT></I><FONT
size=2 face="serif"> variation of the Brazilian government&#146;s long-term interest rate, (TJLP), as determined by the Brazilian Central Bank from time to time, and cannot exceed the greater of: </FONT></P>
<P align="center">
<FONT size=2 face="serif">85</FONT></P>

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

<UL>
<LI>
<FONT size=2 face="serif">50% of net income (after the deduction of the social contribution on profits and before the provision for</FONT> <FONT size=2 face="serif">corporate income tax and the amounts attributable to shareholders as net interest on
equity) related to the</FONT> <FONT size=2 face="serif">period in respect of which the payment is made; or<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">50% of the sum of retained profits and profit reserves in the beginning of the period with respect to which</FONT> <FONT size=2 face="serif">the payment is made.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Brazilian corporate law, a company may suspend the mandatory distribution either in the form of dividends or payments of interest on shareholders&#146; equity if the general
shareholders&#146; meeting determines based on Board of Directors&#146; proposal that payment of the mandatory distribution for the preceding fiscal year would be inadvisable in light of the company&#146;s financial condition. Our managers must
report to the CVM such suspension within five days of the relevant general shareholders&#146; meeting. Under Brazilian law, mandatory distributions that are suspended and not offset against losses in future years must be paid as soon as the
financial condition of the company permits. </FONT></P>
<B><FONT size=2 face="serif">DIVIDEND POLICY</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We declare and pay dividends and/or interest attributed to shareholders&#146; equity, pursuant to Brazilian corporate law and our by-laws. Our Board of Directors may approve the distribution of
dividends and/or interest attributed to shareholders&#146; equity, calculated based on our annual or semi-annual financial statements or on financial statements relating to shorter periods. The amount of any distributions will depend on a series of
factors, such as our financial condition, prospects, macroeconomic conditions, tariff adjustments, regulatory changes, growth strategies and other issues our Board of Directors and our shareholders may consider relevant. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the first half of 2004 and for 2003, we declared dividends to our shareholders in the amounts of R$ 92 million and R$ 72 million, corresponding to 53% and 29% of our net income for each
period, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the dividends per 1,000 shares paid by us with respect to our capital stock in the past five years. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
  <TD colspan="5"><B><FONT size=1 face="serif">Dividend Payment History </FONT></B></TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<B><FONT size=1 face="serif">Year Declared</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Common<BR>
Shares</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<B><FONT size=1 face="serif">Preferred<BR>
Shares</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR noshade size=1>
        </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>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<B><FONT size=1 face="serif">(in </FONT></B><B><I><FONT size=1 face="serif">reais, </FONT></I></B><B><FONT size=1 face="serif">per thousand shares)</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">0.894</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.983</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">3.486</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.835</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2002</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">1.400</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.540</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">1.007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.108</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">1.330</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.330</FONT>
        </TD>
</TR>
</TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Holders of our preferred shares are entitled to receive dividends declared by us solely from the date of the subscription and/or acquisition of such shares. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment of dividends</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Within the four months following the end of each fiscal year, our shareholders are required to hold an annual shareholders&#146; meeting to decide, among other things, on the allocation of our
net profits with respect to the fiscal year ended immediately prior to the shareholders&#146; meeting and the payment of an annual dividend. Additionally, interim dividends may be declared by our Board of Directors. Under Brazilian corporate law,
dividends are generally required to be paid within 60 days following the date the dividend was declared, unless a shareholders&#146; resolution sets forth another date of payment, which, in either case, must occur prior to the end of the fiscal year
in which such dividend was declared. Unclaimed dividends revert to us three years after the date when we begin to pay such declared dividends. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders who are not residents of Brazil must register with the Central Bank to have dividends, sales proceeds or other amounts with respect to their shares eligible to be remitted in
foreign currency outside of Brazil. </FONT></P>
<P align="center">
<FONT size=2 face="serif">86</FONT></P>

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

<P>
<FONT size=2 face="serif">The preferred shares underlying the ADSs will be held in Brazil by the Custodian, Banco Ita&uacute; S.A., as agent for the Depositary. For purposes of the registration requirement, the Depositary is deemed to be the
stockholder of the preferred shares underlying the ADSs. The Depositary will register such preferred shares with the Central Bank. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Payments of cash dividends and distributions, if any, will be made in Brazilian currency to the Custodian on behalf of the Depositary. The Custodian will then convert such proceeds into U.S.
dollars and will cause such U.S. dollars to be delivered to the Depositary for distribution to holders of ADSs. See &#147;Description of American depositary receipts.&#148; In the event that the Custodian is unable to convert immediately the
Brazilian currency received as dividends into U.S. dollars, the amount of U.S. dollars payable to holders of ADSs may be adversely affected by devaluations of the Brazilian currency that may occur before such dividends are converted and remitted.
See &#147;Exchange rates&#148; and &#147;Risk factors-Risks relating to Brazil.&#148; Dividends in respect of the preferred shares paid to shareholders who are not Brazilian residents, including holders of ADSs, are exempt from Brazilian withholding
tax except for dividends declared based on profits generated prior to December 31, 1995. Distributions of interest on net worth are currently subject to withholding tax at a rate of 15%, or 25% in the case of a shareholder domiciled in a tax haven.
See &#147;Taxation-Brazilian tax consequences.&#148; </FONT></P>
<P align="center">
<FONT size=2 face="serif">87</FONT></P>

<br>
<br>
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<br>

<B><FONT size=3 face="serif">Description of capital stock</FONT></B>
<P>
<I><FONT size=2 face="serif">Set forth below is certain information concerning our preferred shares and common shares, with a brief summary of significant provisions of our by-laws and Brazilian corporate law. This description is qualified by
reference to our by-laws and to Brazilian law. Information on the trading market for the preferred shares is set forth under &#147;Market information,&#148; and information on ownership of our shares is set forth under &#147;Principal and selling
shareholders.&#148; </FONT></I></P>
<B><FONT size=2 face="serif">GENERAL</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are a publicly held corporation (</FONT><I><FONT size=2 face="serif">sociedade por a&ccedil;&otilde;es de capital aberto</FONT></I><FONT size=2 face="serif">) incorporated under the laws of
Brazil and registered with the CVM under No. 01846-5. </FONT></P>
<P>
<B><FONT size=2 face="serif">REGULATION OF FOREIGN INVESTMENT AND EXCHANGE CONTROLS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no restrictions on ownership of our preferred shares by individual or legal entities domiciled outside Brazil. However, the right to convert dividend payments and proceeds from the
sale of our shares into foreign currency and to remit such amounts abroad is subject to restrictions under foreign investment legislation which generally require, among other things, that the relevant investment be registered with the Central Bank
and the CVM. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Foreign investors may register their investment in our shares under Law 4,131 of September 3, 1962 or Resolution 2,689 of January 26, 2000. Registration under Resolution 2,689 affords favorable
tax treatment to non-Brazilian investors who are not residents in a tax haven jurisdiction (i.e. countries that do not impose income tax or where the maximum income tax rate is lower than 20%), as defined by Brazilian tax laws. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Resolution 2,689, non-Brazilian investors may invest in almost all financial assets and engage in almost all transactions available in the Brazilian financial and capital markets,
provided that certain requirements are fulfilled. In accordance with Resolution 2,689, the definition of non-Brazilian investor includes individuals, legal entities, mutual funds and other collective investment entities, domiciled or headquartered
abroad. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Resolution 2,689, a non-Brazilian investor must:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">appoint at least one representative in Brazil, with powers to perform actions relating to its investment;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">appoint an authorized custodian in Brazil for its investment;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">register as a non-Brazilian investor with the CVM; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">register its foreign investment with the Central Bank.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Additionally, the investor operating under the provisions of Resolution 2,689 must be registered with the Brazilian internal revenue service (&#147;Receita Federal&#148;) pursuant to the
latter&#146;s Regulatory Instruction 200. This registration process is undertaken by the investor&#146;s legal representative in Brazil. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Securities and other financial assets held by non-Brazilian investors pursuant to Resolution 2,689 must be registered or maintained in deposit accounts or under the custody of an entity duly
licensed by the Central Bank or the CVM. In addition, securities trading is restricted to transactions carried out in the stock exchanges or through organized over-the-counter markets licensed by the CVM, except for transfers resulting from a
corporate reorganization, or occurring upon the death of an investor by operation of law or will. See &#147;Taxation-Brazilian tax consequences&#148; for more information. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Resolution 1,927 of the National Monetary Council provides for the issuance of depositary receipts in foreign markets in respect of shares of Brazilian issuers. Accordingly, the proceeds from
the sale of ADSs by holders of American depositary receipts outside Brazil are free of Brazilian foreign investment controls and holders of ADSs who are not resident in a tax haven jurisdiction will be entitled to favorable tax treatment.
</FONT></P>
<P align="center">
<FONT size=2 face="serif">88</FONT></P>

<br>
<br>
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<br>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The right to convert dividend payments and proceeds from the sale of our shares into foreign currency and to remit such amounts outside Brazil is subject to restrictions under foreign
investment legislation which generally requires, among other things, that the relevant investment be registered with the Central Bank. Restrictions on the remittance of foreign capital abroad could hinder or prevent the custodian for the preferred
shares represented by ADSs, or holders who have exchanged ADSs for preferred shares, from converting dividends, distributions or the proceeds from any sale of preferred shares, as the case may be, into U.S. dollars and remitting such U.S. dollars
abroad. Delays in, or refusal to, granting the required government approval for conversions of Brazilian currency payments and remittances abroad could adversely affect holders of ADSs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have obtained a certificate of registration in the name of The Bank of New York, the depositary. Pursuant to this certificate, the custodian and the depositary are able to convert dividends
and other distributions with respect to the preferred shares represented by ADSs into foreign currency and to remit the proceeds outside Brazil. If a holder exchanges ADSs for preferred shares, such holder may continue to rely on the
depositary&#146;s certificate of capital registration for only five business days after such exchange. After that, such holder must seek to register its investment directly with the Central Bank. Thereafter, unless the holder has registered its
investment with the Central Bank, such holder may not convert into foreign currency and remit outside Brazil the proceeds from the disposition of, or distributions with respect to, such preferred shares. Such holder generally will be subject to less
favorable Brazilian tax treatment than a holder of ADSs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are two principal foreign exchange markets in Brazil: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the commercial rate exchange market; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the floating rate exchange market.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Most trade and financial foreign-exchange transactions, including transactions relating to the purchase or sale of shares or the payment of dividends or interest with respect to shares, are
carried out on the commercial market. Only financial institutions authorized to buy and sell currency in the commercial market may effect purchases of foreign currencies in that market. In both markets, rates are freely negotiated, but may be
strongly influenced by Central Bank intervention. See &#147;Exchange rates.&#148; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Brazilian law, whenever there is a serious imbalance in Brazil&#146;s balance of payments or reasons to foresee a serious imbalance, the Brazilian government may impose temporary
restriction on the remittance of foreign currency abroad and on the conversion of Brazilian currency into foreign currencies. Such restrictions may hinder or prevent the custodian or holders who have exchanged ADSs for underlying preferred shares
from converting distributions or the proceeds from any sale of such shares, as the case may be, into U.S. dollars and remitting such U.S. dollars abroad. </FONT></P>
<P>&nbsp;<B><FONT size=2 face="serif">CAPITAL STOCK </FONT></B></P>
<P>&nbsp;<B><FONT size=2 face="serif">Our issued capital stock</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of February 2, 2005,
our capital stock was R$ 898,816,635.09, fully subscribed and paid in, comprised
of 80,144,959,152 shares, without par value, of which 51,264,621,778 were common
shares  and 28,880,337,374 were preferred shares. As of December 31, 2004, we
held 6,616,359 common shares and 327,699,760 preferred shares in treasury, which
were acquired at the average price of R$ 28.02 per thousand shares. We hold a
portion of these  shares in treasury to service our Deferred Stock Plan.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our by-laws authorize our Board of Directors to increase our share capital up to the limit of R$ 1.0 billion by issuing either common or preferred shares. Any capital increase that exceeds such
amount requires an amendment to our by-laws, which must be approved by shareholders at a shareholders&#146; meeting. Pursuant to Brazilian corporate law and our by-laws, the number of preferred shares may not exceed two thirds of our issued capital
stock. </FONT></P>
<P align="center">
<FONT size=2 face="serif">89</FONT></P>

<br>
<br>
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<br>

<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">History of capital stock</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On February 2, 2005, our Board of Directors approved the increase of our capital stock, pursuant to a partial capitalization of reserves, and the issuance of 10,453,690,324 new preferred shares
distributed to our shareholders as a result of a stock dividend. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, at an extraordinary shareholders&#146; meeting our shareholders will consider ratification of foregoing resolutions of our Board of Directors to permit shareholders of Ultra S.A.,
our principal and controlling shareholder, to exchange common shares held by them into preferred shares and approved the issuance of additional preferred shares and cancellation of such common shares at a ratio of one common share for one preferred
share. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Preferred shares rights</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In accordance with our by-laws, our preferred shares do not entitle their holders to voting rights in the shareholders&#146; meetings, except for specific events determined by Brazilian
corporate law. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian corporate law provides that non-voting shares, such as preferred shares, may acquire voting rights if the company fails to distribute fixed or minimum dividends in connection with
such shares for three consecutive fiscal years and will retain such voting rights until the distribution of such fixed or minimum dividends.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Because our preferred shares are not entitled to the payment of any fixed or minimum dividend, holders of our preferred shares cannot acquire voting rights as a result of our failure to
distribute dividends. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian corporate law also provides that holders of our preferred shares are entitled to vote as a special class in shareholders&#146; meetings called to decide upon changes to the
preferences or rights attributed to our preferred shares and upon the creation of a new class of preferred shares that has either priority or preference over our existing preferred shares or the increase of an existing class of preferred shares
disproportionately relative to the other classes. The approval of such proposals depends not only on the affirmative vote of shareholders holding the majority of our common shares, but also a prior approval or ratification by shareholders holding
the majority of our preferred shares. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Brazilian corporate law, (i) our shareholders that jointly hold non-voting preferred shares, or shares with restricted voting rights, that represent, at least, 10% of our total
capital stock, and (ii) holders of common shares, that are not controlling shareholders, and who represent, at least, 15% of our total voting stock, will have the right to elect one member of our Board of Directors and its alternate. In case our
non-controlling shareholders do not achieve the aforementioned percentage, they may combine their participation and, if they hold jointly, at least, 10% of our total capital, they may elect a member of our Board of Directors and its alternate. Only
shareholders that prove holding the shares for at least 3 continuous months may exercise such rights. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Upon our liquidation, holders of preferred shares shall have the priority in relation to holders of common shares to their return on capital, without any premium. The holders of our preferred
shares have the right to receive the same amount of dividends per share to which the holders of our common shares are entitled. See &#147;Distribution policy and dividends.&#148; Our preferred shares have tag along rights, which enable their holders
to, upon the sale of a controlling interest in us, receive 100% of the price paid per preferred share of the controlling block. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Preemptive rights</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our shareholders have the preemptive right to subscribe for new shares issued by us in case of any capital increase, in the proportion to their shareholdings. Our shareholders also have the
preemptive right to subscribe for any convertible debentures, rights to acquire our shares and subscription warrants that we may issue. According to Brazilian corporate law, a period of at least 30 days following the publication of notice of the
capital increase is allowed for the exercise of the preemptive right, except if otherwise determined by the by-laws or the shareholders meeting.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Brazilian corporate law, for capital increases that do not change the proportion between the existing classes and types of shares entitle the shareholders to exercise their
preemptive rights solely with respect to</FONT></P>
<P align="center">
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<P>
<FONT size=2 face="serif">shares of equal class and type as the shares each of them already holds. Notwithstanding that, if the company issues shares that cause changes to the existing proportion of classes and types of shares, then the shareholders
may exercise their preemptive rights with respect to shares of equal class and type as the shares they already hold and, only if necessary to maintain its participation on the total capital stock, may subscribe for other classes or types of
shares.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Brazilian corporate law and our by-laws, our Board of Directors is authorized to exclude preemptive rights for the issuance of new shares, convertible debentures and subscription
warrants if the distribution of those shares is effected through stock exchanges or public subscription. In addition, Brazilian corporate law establishes that the grant and exercise of stock options under stock option plans are not subject to
preemptive rights. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Conversion rights</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In accordance with our by-laws, our common shares may be converted into our preferred shares, upon the request of the a, shareholder that requested such conversions, and subsequent to approval
by a general&#146;s shareholders&#146; meeting, and also subject to the limitations established Brazilian corporate law. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, the New
Shareholders Agreement of Ultra S.A. provides that the shareholders of Ultra
S.A. may request the exchange of their common or preferred shares into our preferred
shares, provided that Ultra S.A. continues as the holder of 51% of our common
shares and that the existing limit for the proportion of our capital stock, corresponding
to a ratio of 1/3 of common shares to 2/3 of preferred shares is not exceeded.
See &#147;Principal and selling shareholders &#150; Shareholders agreement of
Ultra S.A. Participa&ccedil;&otilde;es.&#148; </FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Corporate purpose</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As per our by-laws, our corporate purpose is to use own capital in commerce, industry, agriculture and service providers, upon the subscription or acquisition of shares or quotas issued by
companies.</FONT></P>
<P>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Shareholders' meetings</FONT></B></P>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At our shareholder meetings, shareholders are generally empowered to take any action relating to our corporate purpose and to pass such resolutions, as they deem necessary. Shareholders at the
annual shareholders&#146; meeting have the exclusive power to approve our financial statements and to determine the allocation of our net income and the distribution of dividends with respect to the fiscal year ended immediately prior to the
shareholders&#146; meeting. The election of our directors typically takes place at the annual shareholders&#146; meeting, although under Brazilian corporate law it may also occur at a extraordinary shareholders&#146; meeting. Members of our fiscal
council may be elected at any shareholders&#146; meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A special shareholders&#146; meeting may be held at any time or concurrently with the annual shareholders&#146; meeting. The following actions, among others, may be taken only at a
extraordinary shareholders&#146; meeting: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">amendment of our by-laws;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">delisting of the company as a publicly held company with the CVM;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">authorization to issue debentures;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">suspension of the rights of a shareholder who has violated Brazilian corporate law or our by-laws;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">acceptance or rejection of the valuation of in-kind contributions offered by a shareholder in consideration</FONT> <FONT size=2 face="serif">for issuance of shares of our capital stock;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">approval of our transformation into </FONT><I><FONT size=2 face="serif">a sociedade limitada </FONT></I><FONT size=2 face="serif">or any other corporate form;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">approval of our merger with another company (</FONT><I><FONT size=2 face="serif">incorpora&ccedil;&atilde;o </FONT></I><FONT size=2 face="serif">or </FONT><I><FONT size=2 face="serif">fus&atilde;o</FONT></I><FONT size=2
face="serif">) or a spin-off (</FONT><I><FONT size=2 face="serif">cis&atilde;o</FONT></I><FONT size=2 face="serif">);</FONT></LI>
</UL>
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<UL>
<LI>
<FONT size=2 face="serif">approval of our dissolution or liquidation, and the appointment and dismissal of the respective liquidator</FONT> <FONT size=2 face="serif">and review of the reports prepared by him or her and by the fiscal council acting
during liquidation; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">authorization to petition for our bankruptcy or request the compulsory rescheduling of our debts.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Brazilian corporate law, neither a company's bylaws nor actions taken at a shareholders' meeting may deprive a shareholder of some specific rights, such as: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the right to participate in the distribution of profits;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the right to participate equally and ratably in any remaining residual assets in the event of liquidation of the</FONT> <FONT size=2 face="serif">company;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the right to preemptive rights in the event of subscription of shares, convertible debentures or subscription</FONT> <FONT size=2 face="serif">warrants, except in some specific circumstances under the Brazilian law
described in &#147;Preemptive rights&#148;;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the right to withdraw from the company in the cases specified in Brazilian corporate law, described in</FONT> <FONT size=2 face="serif">&#147;Withdrawal rights and redemption&#148;; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">the right to supervise, pursuant to Brazilian corporate law, the management of the Company.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Quorum. </FONT></I></B><FONT size=2 face="serif">Generally, Brazilian corporate law provides that a quorum at a shareholders&#146; meeting consists of shareholders representing at least
25% of a company&#146;s issued and outstanding voting capital on the first call and, if that quorum is not reached, any percentage on the second call. If the shareholders are called to amend our by-laws, a quorum at a shareholders&#146; meeting
consists of shareholders representing at least two-thirds of our issued and outstanding voting capital on the first call and any percentage on the second call. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a general rule, the affirmative vote of shareholders representing at least the majority of our issued and outstanding common shares present in person or represented by proxy at a
shareholders&#146; meeting is required to ratify any proposed action, and abstentions are not taken into account. However, the affirmative vote of shareholders representing one-half of our issued and outstanding voting capital is required to:
</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">modify a preference, privilege or condition of redemption or amortization conferred on one or more classes</FONT> <FONT size=2 face="serif">of preferred shares, or create a new class with grater privileges than the existing
classes of preferred shares;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">reduce the percentage of mandatory dividends;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">change our corporate purpose;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">merge us into or with another company;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">spin off a portion of our assets or liabilities;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">approve our participation in a group of companies;<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">apply for cancellation of any voluntary liquidation; and<BR>
<BR>
</FONT></LI>
<LI>
<FONT size=2 face="serif">approve our dissolution.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Notice of our shareholders&#146; meetings. </FONT></I></B><FONT size=2 face="serif">Notice of our shareholders&#146; meetings must be published at least three times in the </FONT><I><FONT
size=2 face="serif">Di&aacute;rio Oficial da Uni&atilde;o</FONT></I><FONT size=2 face="serif"> or the </FONT><I><FONT size=2 face="serif">Di&aacute;rio Oficial do Estado</FONT></I><FONT size=2 face="serif">, the official newspaper of the state where
our headquarters are located and another newspaper widely published, currently </FONT><I><FONT size=2 face="serif">Valor Econ&ocirc;mico</FONT></I><FONT size=2 face="serif">. The first notice must be published no later than 15 days before the date
of the meeting on the first call, and no later than eight days before the date of the meeting on the second call. However, in certain circumstances, the CVM may require that the first notice be published 30 days in advance of the meeting.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Conditions of admission. </FONT></I></B><FONT size=2 face="serif">Shareholders attending a shareholders&#146; meeting must produce proof of their status as shareholders and proof that
they hold the shares they intend to vote.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A shareholder may be represented at a shareholders&#146; meeting by a proxy appointed less than a year before, which must be a shareholder, a corporation officer, a lawyer or a financial
institution. Investment funds must be represented by their administrator.</FONT></P>
<B><FONT size=2 face="serif">Withdrawal rights and redemption</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Withdrawal rights. </FONT></I></B><FONT size=2 face="serif">Any of our shareholders who dissent from certain actions taken by our shareholders in a shareholders&#146; meeting have the
right to withdraw from our company and to receive the value of their shares.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Brazilian corporate law and our by-laws, the withdrawal rights of our shareholders may be exercised in the following circumstances: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">modification of a preference, privilege or condition of redemption or amortization conferred on one or</FONT> <FONT size=2 face="serif">more classes of preferred shares, or create a new class with greater privileges than
the existing classes of</FONT> <FONT size=2 face="serif">preferred shares;
</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">reduction in the percentage of mandatory dividends;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">change in our corporate purpose;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">merger (</FONT><I><FONT size=2 face="serif">fus&atilde;o </FONT></I><FONT size=2 face="serif">or </FONT><I><FONT size=2 face="serif">incorpora&ccedil;&atilde;o</FONT></I><FONT size=2 face="serif">) with another company if
we are not the surviving entity;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">our participation in a group of companies;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">change in our corporate form;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">merger of all our shares into another Brazilian company, so that we become a wholly-owned subsidiary of</FONT> <FONT size=2 face="serif">such company; and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">acquisition of the shareholding control of another company for a price that exceeds certain limits provided</FONT> <FONT size=2 face="serif">by law.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian corporate law further provides that any resolution regarding our spin-off would only entitle shareholders to withdraw from our company if the spin-off: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">causes a change in the purpose of the company, except if the equity is spun off to a company whose</FONT> <FONT size=2 face="serif">primary activities are consistent with our corporate purpose;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">reduces our mandatory dividends; or</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">causes us to join a group of companies.</FONT></LI><br><br>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In cases where we modify a preference, privilege or condition of redemption or amortization conferred on one or more classes of preferred shares, or create a new class with greater privileges
than the existing classes of preferred shares, the decision will be effective only upon the prior approval or ratification by holders of preferred shares negatively affected by this action at a special meeting of the holders of preferred shares. In
these cases, only such holders of the shares negatively affected by this action are entitled to withdraw. </FONT></P>
<FONT size=2 face="serif">In cases where we:</FONT><UL>
<LI>
<FONT size=2 face="serif">merge with another company in circumstances in which we are not the surviving company; or</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">participate in a group of companies,</FONT></LI>
</UL>
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<FONT size=2 face="serif">our shareholders will not be entitled to withdraw if their respective shares (i) are liquid, defined as being part of traded stock exchange index, and (ii) are widely held, such that the controlling shareholder or companies
it controls hold less than 50% of such class or type of shares relating to the withdrawal right.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our shareholders shall have withdrawal rights in case we implement a merger or spin-off and the resulting company does not obtain its register as a publicly held company or does not cause its
shares to be permitted to trade in the secondary market within 120 days from the shareholders&#146; meeting that approves such transaction. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The right to withdraw expires 30 days after publication of the minutes of the relevant shareholders&#146; meeting. We are entitled to reconsider any action giving rise to withdrawal rights for
10 days after the expiration of those rights if the redemption of shares of dissenting shareholders would jeopardize our financial stability. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In case of exercise of withdrawal rights, our shareholders are entitled to receive book value for the shares, based on the last balance sheet approved by the shareholders. If the resolution
giving rise to the rights is made later than 60 days after the date of the last approved balance sheet, the shareholder may demand that his or her shares be valued according to a new balance sheet dated less than 60 days before the resolution date.
In this case, we must immediately pay 80% of the book value of the shares according to the most recent balance sheet approved by our shareholders, and the balance must be paid within 120 days after the date of the resolution of the relevant
shareholders&#146; meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Redemption. </FONT></I></B><FONT size=2 face="serif"> In accordance with Brazilian corporate law, our shares may be redeemed upon the decision of our shareholders&#146; meeting. If the
shares to be redeemed do not involve the totality of a certain class or type of shares, they must be chose by lottery. </FONT></P>
<B><FONT size=2 face="serif">Board of Directors</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to our by-laws, our Board of Directors consists of a minimum of four and a maximum of seven members. The exact number of directors is defined in a shareholders&#146; meeting by the
majority vote of the holders of our common shares. Brazilian corporate law allows the adoption of a multiple vote process, by request of shareholders representing at least 10% of our voting share capital. Our directors are elected by our
shareholders in our annual shareholders&#146; meeting for a one-year term. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Brazilian corporate law requires that each director own at least one share of our company. There is no mandatory retirement age for directors.</FONT></P>
<B><FONT size=2 face="serif">Transactions in which directors have an interest</FONT></B><BR>
<FONT size=2 face="serif">Brazilian corporate law prohibits a director from:</FONT><UL>
<LI>
<FONT size=2 face="serif">performing any act of generosity using corporate assets to the detriment of the corporation;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">by virtue of his or her position, receiving any type of direct or indirect personal advantage from third</FONT> <FONT size=2 face="serif">parties without authorization in the by-laws or from a shareholders&#146;
meeting;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">taking part in any corporate transaction in which he or she has an interest that conflicts with an interest of</FONT> <FONT size=2 face="serif">the corporation, or in the decisions made by other directors on the matter;
and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">without prior authorization from General Shareholders&#146; Meeting or Board of Directors, lending funds or</FONT> <FONT size=2 face="serif">assets of the corporation, or using the corporation&#146;s assets, services or
credits, at his or her or third parties</FONT> <FONT size=2 face="serif">own benefit, or at a company&#146;s benefit in which he or she has interest.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">The compensation of directors is determined on the annual shareholders&#146; meetings.</FONT></P>
<P>&nbsp;</P>
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<B><FONT size=2 face="serif">Anti-takeover effects of certain provisions of our by-laws </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Some provisions of our by-laws may have the effect of discouraging, delaying or preventing hostile takeovers of our company. Our by-laws provide that any person who purchases control of our
company must carry out a tender offer for the remaining shares, at the same price and payment conditions adjusted between such person and our controlling shareholders. This requirement is intended to protect minority shareholder. See &#147;Principal
shareholders and related party transactions&#148; for more information. </FONT></P>
<P>
<B><FONT size=2 face="serif">Restrictions on certain transactions by controlling shareholders, directors, officers and members of the fiscal council </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our direct or indirect controlling shareholders, directors, executive officers and members of our fiscal council, who are considered insiders under Brazilian securities regulation, must abstain
from trading in our securities, including derivatives based on our securities, as follows, among others: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">before the public disclosure of any material act or fact with respect to our business;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">if we intend to merge with another company, consolidate, spin off part or all of our assets or reorganize;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">during the 15-day period before the disclosure of our quarterly and annual financial statements; or</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">with respect only to our controlling shareholders, directors and executive directors, in the event of</FONT> <FONT size=2 face="serif">acquisition or sale of our shares by us or the acquisition or sale of our shares by any
of our controlled or</FONT> <FONT size=2 face="serif">affiliated companies or any other company under our common control.</FONT></LI><br><br>
</UL>
<B><FONT size=2 face="serif">Purchases by us of shares of our own capital stock</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our by-laws entitle our Board of Directors to approve the acquisition of our own shares. The decision to acquire our shares, or maintain the acquired shares in treasury or cancel them may not,
among other things: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">result in the reduction of our share capital;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">require the use of resources greater than our accumulated profits and the available reserves;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">create, directly or indirectly, any artificial demand, supply or share price condition or use any unfair</FONT> <FONT size=2 face="serif">practice as a result of any action or omission;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">involve non-equitable practices; or</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">be used for the acquisition of shares held by our controlling shareholders.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We may not keep in treasury more than 10% of the float of each class of our shares, including the shares held by subsidiaries and affiliates. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Any acquisition by us of our shares must be made on a stock exchange, except where the shares are registered for negotiation only in the over-the-counter market and cannot be made in a private
transaction. </FONT></P>
<B><FONT size=2 face="serif">Disclosure requirements</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a publicly held corporation, we are subject to the reporting requirements established by Brazilian corporate law and the CVM. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of the issuance of our ADSs, we are required to furnish to the SEC certain information, which we file with the CVM, translated into English. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to the provisions of CVM and SEC, the company has also implemented a disclosure and trading policy regarding the procedures to be followed (i) for announcing material information or
facts relating to Ultrapar and (ii) with respect to the trading of securities issued by the Company while material information is pending disclosure. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Disclosure of information. </FONT></I></B><FONT size=2 face="serif">Brazilian securities regulations require that a publicly held corporation provide the CVM and the relevant stock
exchanges where its shares are traded with periodic information that includes annual information statements, quarterly financial statements, quarterly management reports and reports of the independent auditors. Brazilian securities regulations also
require public companies to file with the CVM shareholders&#146; agreements and notices and minutes of shareholders&#146; meetings. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Disclosure of trading by insiders. </FONT></I></B><FONT size=2 face="serif">Brazilian securities regulation requires our controlling shareholders, management, members of our fiscal
council and any other technical or consultant body to disclose to the CVM and BOVESPA the number and type of securities issued by us, our subsidiaries and our controlling companies that are held by them or by persons closely related to them. The
information regarding the acquisition of such securities (amount, price and date of acquisition) must be provided to us within 10 days of the end of the month in which they were traded. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2 face="serif">Disclosure of material developments. </FONT></I></B><FONT size=2 face="serif">Under Brazilian securities regulations, we must disclose any material development related to our business to
the CVM and BOVESPA. We are also required to publish a notice of that material development. A development is deemed material if it has an impact on the price of our securities, the decision of investors to hold, purchase or sell our securities or
the decision of investors to exercise any rights as holders of any of our securities. </FONT></P>
<B><FONT size=2 face="serif">Registry of our preferred shares</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our preferred shares are held in book-entry form with Banco Ita&uacute; S.A. The transfer of our preferred shares is carried out by means of an entry by Banco Ita&uacute; S.A. in its registries
for the debit in the account of the seller and the credit in the account of the buyer, with the presentation of a written order of the transferor or a judicial authorization or order to effect such transfers. </FONT></P>
<B><FONT size=2 face="serif">Delisting as a public company</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our delisting as a public company must be preceded by a tender offer by our controlling shareholders or ourselves for the acquisition of all our then outstanding shares, subject to the
conditions below: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">the price offered for the shares in the public offering must be the fair value of those shares, as established in</FONT> <FONT size=2 face="serif">Brazilian corporate law;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">shareholders holding more than two thirds of our free float shares shall have expressly agreed to our</FONT> <FONT size=2 face="serif">decision to become a private company or accepted the offer.</FONT></LI>
</UL>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to Brazilian corporate law, a fair price shall be at least be equal to our valuation, as determined by one or more of the following valuation methods: book value, net book value
assessed by market price, discounted cash flow, multiples, price of our shares in the market or any other valuation method accepted by the CVM. The price under such tender offer may be revised if challenged within 15 days of its publication by
holders of at least </FONT></P>
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<FONT size=2 face="serif">96</FONT></P>

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<FONT size=2 face="serif">10% of our outstanding shares, by means of a request sent to our management that a extraordinary shareholders&#146; meeting be called to decide on whether to request a new valuation under the same or a different valuation
method. Our shareholders that request a new valuation and those who approve such request shall reimburse us for incurred costs if the new valuation is lower than the challenged valuation. However, if the second valuation is higher, the offeror will
have the option to continue the offer with the new price or quit the offer. </FONT></P>
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<FONT size=2 face="serif">97</FONT></P>

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<B><FONT size=3 face="serif">Description of American depositary receipts </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following is a summary of the material provisions of the Deposit Agreement, dated September 16, 1999 among Ultrapar, The Bank of New York, as Depositary, and the owners and holders from
time to time of American Depositary Receipts (&#147;ADRs&#148;) issued thereunder. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Deposit Agreement, including the form of ADRs. Capitalized terms used in this
section herein and not otherwise defined in this prospectus will have the meanings set forth in the Deposit Agreement. Copies of the Deposit Agreement and our by-laws will be available for inspection at the Depositary's Principal Office, currently
located at 101 Barclay St., New York, NY 10286 and at the principal office of Banco Ita&uacute; S.A., the Custodian, which is presently located at Rua Boa Vista, 185, S&atilde;o Paulo, 01014-001, SP. </FONT></P>
<B><FONT size=2 face="serif">AMERICAN DEPOSITARY RECEIPTS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">ADRs evidencing American Depositary Shares (&#147;ADSs&#148;) are issuable by the Depositary pursuant to the Deposit Agreement. Each ADS will represent 1,000 preferred shares or evidence the
right to receive 1,000 preferred shares, together with any additional preferred shares at any time deposited or deemed deposited under the Deposit Agreement and any and all other securities, cash and property received by the Depositary or the
Custodian in respect thereof and at such time held under the Deposit Agreement. Only persons in whose names ADRs are registered on the books of the Depositary will be treated by the Depositary and Ultrapar as Owners. </FONT></P>
<B><FONT size=2 face="serif">DEPOSIT, TRANSFER AND WITHDRAWAL</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary has agreed, subject to the terms and conditions of the Deposit Agreement, that upon delivery to the Custodian of Shares, or evidence or rights to receive Shares, and pursuant to
appropriate instruments of transfer in a form satisfactory to the Custodian, the Depositary will, upon payment of the fees, charges and taxes provided in the Deposit Agreement, execute and deliver at its Corporate Trust Office to, or upon the
written order of the person or persons named in the notice of the Custodian delivered to the Depositary or requested by the person depositing such Shares with the Depositary, an ADR or ADRs, registered in the name or names of such persons or
persons, and evidencing any authorized number of ADSs requested by such person or persons. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Upon surrender at the Corporate Trust Office of the Depositary of an ADR for the purpose of withdrawal of the Deposited Securities represented by the ADSs evidenced by such ADR and upon payment
of the fees of the Depositary for the surrender of ADRs, governmental charges and taxes provided in the Deposit Agreement, and subject to the terms and conditions of the Deposit Agreement and any provisions of the Deposited Securities and other
applicable laws, the Owner of such ADR will be entitled to delivery, to him or upon his order, of the amount or Deposited Securities or evidence of ownership of and title to such Deposited Securities at the time represented by the ADS or ADSs
evidenced by such ADR. The forwarding of share certificates, other securities, property, cash and other documents of title for such delivery will be at the risk and expense of the Owner. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Unless requested in writing by Ultrapar to cease doing so, and subject to any limitations established by the Depositary, the Depositary may execute and deliver ADRs prior to the receipt of
Shares (a &#147;Pre-Release&#148;) and deliver Shares upon the receipt and cancellation of ADRs which have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release, or the Depositary knows that such ADR has
been Pre-Released. The Depositary may receive ADRs in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation and agreement from the person to whom the ADRs or Shares are to
be delivered that such person, or its customers, among other things (i) owns the Shares or ADRs to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the
Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership, other than in
satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c)
terminable by the Depositary on not more than five business days&#146; notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of </FONT></P>
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<FONT size=2 face="serif">98</FONT></P>

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<FONT size=2 face="serif">Shares not deposited but represented by ADSs outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of the Shares deposited pursuant to the Deposit Agreement; </FONT><I><FONT size=2
face="serif">provided, however,</FONT></I><FONT size=2 face="serif"> that the Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of Ultrapar, change
such limit for purposes of general application. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary may retain for its own account any compensation received by it in connection with the foregoing. </FONT></P>
<P>
<B><FONT size=2 face="serif">DIVIDENDS, OTHER DISTRIBUTIONS AND RIGHTS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary will convert or cause to be converted into U.S. dollars, to the extent that in its judgment it can do so on a reasonable basis and can transfer the resulting dollars to the
United States, all cash dividends and other cash distributions denominated in a currency other than dollars, including </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif"> (&#147;Foreign Currency&#148;), that it receives in
respect of the Deposited Securities, and to distribute the resulting U.S. dollar amount net of the expenses incurred by the Depositary in converting such Foreign Currency to the Owners entitled thereto, in proportion to the numbers of ADSs
representing such Deposited Securities evidenced by ADRs held by them, respectively. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the
date of delivery of any ADR or ADRs or otherwise. The amount distributed to the Owners of ADRs will be reduced by any amount on account of taxes to be withheld by Ultrapar or the Depositary. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the Depositary determines that in its judgment any Foreign Currency received by the Depositary cannot be converted on a reasonable basis into U.S. dollars transferable to the United States,
or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable period as
determined by the Depositary, the Depositary will (a) as to that portion of the Foreign Currency that is convertible into U.S. dollars, make such conversion and (i) if permitted pursuant to applicable law, transfer such U.S. dollars to the United
States and distribute to Owners in accordance with the Deposit Agreement or (ii) to the extent transfer of such U.S. dollars to the United States is not permitted pursuant to applicable law, hold such U.S. dollars as may not be transferred for the
benefit of the Owners entitled thereto, and (b) as to the non-convertible balance, if any, (i) if requested in writing by an Owner, distribute or cause the Custodian to distribute the Foreign Currency (or an appropriate document evidencing the right
to receive such Foreign Currency) received by the Depositary or Custodian to such Owner and, (ii) the Depositary will hold or will cause the Custodian to hold any amounts of nonconvertible Foreign Currency not distributed pursuant to the immediately
preceding subclause (b)(i) uninvested and without liability for interest thereon for the respective accounts of the Owners entitled to receive the same. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of Shares, the Depositary may, after consultation with us, and will if we so request,
distribute to the Owners of outstanding ADRs entitled thereto, in proportion to the number of ADSs evidenced by the ADRs held by them, respectively, additional ADRs evidencing an aggregate number of ADSs representing the amount of Shares received as
such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of ADSs evidenced by ADRs, including the withholding of any tax or other governmental charge and
the payment of fees of the Depositary as provided in the Deposit Agreement. In lieu of delivering ADRs for fractional ADSs in the event of any such dividend or fee distribution, the Depositary will sell the amount of Shares represented by the
aggregate of such fractions and distribute the net proceeds in accordance with the Deposit Agreement. If additional ADRs are not so distributed, each ADS will thenceforth also represent the additional Shares distributed upon the Deposited Securities
represented thereby. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If we offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary after consulting
with us as to the procedure to be followed, will have discretion as to the procedure to be followed in making such rights available to any Owners of ADRs or in disposing of such rights on behalf of any Owners and making the net proceeds available to
such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary
shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its </FONT></P>
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<FONT size=2 face="serif">discretion that it is lawful and feasible to make such rights available to all Owners or to all or certain Owners but not to other Owners, the Depositary may, and at our request, will distribute to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the number of ADSs held by such Owner, warrants or other instruments therefor in such form as it deems appropriate. If the Depositary determines in its discretion, after
consultation with us, that it is not lawful and feasible to make such rights available to all or certain Owners, it may, and, at our request, will use reasonable best efforts to sell the rights, warrants, or other instruments in proportion to the
number of ADSs held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales for the account of such Owners otherwise entitled to such rights, warrants or other
instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any ADR or ADRs, or otherwise. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In circumstances in which rights would not otherwise be distributed, if an Owner of ADRs requests the distribution of warrants or other instruments in order to exercise the right allocable to
the ADSs of such Owner, the Depositary will make such rights available to such Owner upon written notice from us to the Depositary that (a) we have elected in our sole discretion to permit such rights to be exercised and (b) such Owner has executed
such documents as we have determined in our sole discretion are reasonably required under applicable law. Upon instruction pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such
Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise of the rights, and upon payment of the fees of the Depositary as set forth in such warrants or other
instruments, the Depositary will, on behalf of such Owner, exercise the rights and purchase the Shares, and we shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary
will cause the Shares so purchased to be deposited, and will execute and deliver restricted ADRs to such Owner, pursuant to the Deposit Agreement. All such restricted ADRs will be assigned a separate CUSIP number and all Shares represented by such
restricted ADRs will be held in a segregated account and will not be commingled with other Deposited Securities, whether restricted or unrestricted.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with
respect to a distribution to all Owners or are registered under the provisions or such Act; </FONT><I><FONT size=2 face="serif">provided</FONT></I><FONT size=2 face="serif"> that nothing in the Deposit Agreement will create, or be construed to
create, any obligation on our part to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner of ADRs requests the distribution of
warrants or other instruments, notwithstanding that there has been no such registration under such Act, the Depositary will not effect such distribution unless it has received an opinion from recognized counsel in the United States for us upon which
the Depositary may rely that such distribution, to such Owner is exempt from such registration. The Depositary will not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Whenever the Depositary receives any distribution other than cash, Shares or rights in respect of the Deposited Securities, the Depositary, upon consultation with us, will cause the securities
or property received by it or the Custodian to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in proportion to their holdings,
respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; </FONT><I><FONT size=2 face="serif">provided, however,</FONT></I><FONT size=2 face="serif"> that if in the opinion of the
Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason, including, but not limited to, any requirement that we or the Depositary withhold an amount on account of taxes or other
governmental charges or that such securities must be registered under the Securities Act of 1933 in order to be distributed to Owners or holders, the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it
may deem equitable and practicable for the purpose or effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale net
of the fees of the Depositary will be distributed by the Depositary to the Owners entitled thereto as in the case of a distribution received in cash. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the Depositary determines that any distribution of property, including Shares and rights to subscribe therefor, is subject to any taxes or other governmental charges which the Depositary is
obligated to withhold, the Depositary may, by public or private sale, dispose of all or a portion of such property in such amount and in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary
will distribute the net </FONT></P>
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<FONT size=2 face="serif">100</FONT></P>

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<FONT size=2 face="serif">proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number of ADSs held by them, respectively. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Upon any change in nominal or par value of the Shares or split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting us or to which we are a party, any securities which shall be received by the Depositary or Custodian in exchange for, in conversion of, or in respect of Deposited Securities will be treated as new Deposited
Securities under the Deposit Agreement, and the ADSs will thenceforth represent, in addition to the existing Deposited Securities, the new Deposited Securities so received in exchange or conversion, unless additional ADRs are delivered pursuant to
the following sentence. In any such case the Depositary may, and will, if Ultrapar so requests, execute and deliver additional ADRs as in the case of a dividend in Shares, or call for the surrender of outstanding ADRs to be exchanged for new ADRs
specifically describing such new Deposited Securities. Upon the occurrence of any such change, conversion or exchange, the Depositary will give written notice thereof to all Owners. </FONT></P>
<B><FONT size=2 face="serif">RECORD DATES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited
Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, the
Depositary will fix a record date, after consultation with Ultrapar if such record date is different from the record date applicable to the Deposited Securities, (a) for the determination of the Owners who will be (i) entitled to receive such
dividend, distribution or rights, or the net proceeds of the sale thereof, or (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (b) on or after which each ADS will represent the changed number of Shares, all
subject to the provisions of the Deposit Agreement. </FONT></P>
<B><FONT size=2 face="serif">VOTING OF DEPOSITED SECURITIES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Shares do not entitle holders thereof to vote on matters presented to a vote of Ultrapar shareholders except in very limited circumstances as provided in our by-laws and under Brazilian
corporate law. With respect to matters as to which holders of Shares are entitled to vote at any time, the following voting provisions will apply. Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested
in writing by Ultrapar, the Depositary will as soon as practicable thereafter, mail to the Owners a notice, the form of which notice will be subject to the reasonable discretion of the Depositary, containing (a) such information included in such
notice of meeting received by the Depositary from Ultrapar, (b) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Brazilian law and of our bylaws and the
provisions of the Deposited Securities, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective ADS and (c) a statement as to the
manner in which such instructions may be given, including, when applicable, an express indication that instructions may be given or, if applicable, deemed given in accordance with the Deposit Agreement if no instruction is received, to the
Depositary to give a discretionary proxy to a person designated by Ultrapar. See &#147;Description of capital stock&#151;Voting rights of preferred shares.&#148; Upon the written request of an Owner on such record date received on or before the date
established by the Depositary for such purpose, the Depositary will endeavor, insofar as practicable and permitted under applicable laws and the provisions of our by-laws and the provisions of the Deposited Securities, to vote or cause to be voted
the amount of Shares or other Deposited Securities represented by the ADSs evidenced by such ADRs in accordance with any non-discretionary instructions set forth in such request, including such Owner's instruction to give a discretionary proxy to a
person designated by us. The Depositary will not, and the Depositary will ensure that each Custodian or any of its nominees will not, exercise any voting discretion over any Deposited Securities. If no instructions are received by the Depositary
from any Owner with respect to any of the Deposited Securities represented by the American Depositary Shares evidenced by such Owner's Receipts on or before the date established by the Depositary for such purpose, the Depositary shall deem such
Owner to have instructed the Depositary to give a discretionary proxy to a person designated by Ultrapar with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by Ultrapar to vote such
Deposited Securities. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There can be no assurance that the Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior to the date established by the
Depositary for the receipt or instructions to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth is the preceding paragraph. </FONT></P>
<B><FONT size=2 face="serif">REPORTS AND OTHER COMMUNICATIONS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary will make available for inspection by Owners at its Corporate Trust Office any notices, reports and communications, including any proxy soliciting material, received from us
which are both (a) received by the Depositary or the Custodian or the nominee of either as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by us. The Depositary will also send to
the Owners copies or summaries of any such reports or communications when furnished by us pursuant to the Deposit Agreement. </FONT></P>
<P>
<B><FONT size=2 face="serif">AMENDMENT AND TERMINATION OF THE DEPOSIT AGREEMENT </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The form of ADRs and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between us and the Depositary in any respect deemed necessary or
desirable; </FONT><I><FONT size=2 face="serif">provided, however</FONT></I><FONT size=2 face="serif">, that any amendment that imposes or increases any fees or charges, other than taxes and other governmental charges, registration fees, cable, telex
or facsimile transmission costs, delivery costs or other such expenses, or which otherwise prejudices any substantial existing right of Owners, will not take effect as to outstanding ADRs until the expiration of thirty (30) days after notice of any
amendment has been given to the Owners of outstanding ADRs. Every Owner at the time any amendment so becomes effective will be deemed, by continuing to hold such ADRs, to consent and agree to such amendment and to be bound by the Deposit Agreement
as amended thereby. In no event will any amendment impair the right of the Owner of any ADR to surrender such ADR and receive therefor the Deposited Securities represented thereby, except to comply with mandatory provisions of applicable law.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance
therewith, we and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become
effective before a notice of such amendment or supplement is given to Owners or within any other period of time as required for compliance with such laws, rules or regulations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary will at any time at our direction terminate the Deposit Agreement by mailing notice of such termination to the Owners of all ADRs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement by mailing notice of such termination to us and the Owners of all ADRs then outstanding at any time after sixty (60) days have expired
after the Depositary will have delivered to us a written notice of its election to resign and a successor depositary will not have been appointed and accepted its appointment in accordance with the terms of the Deposit Agreement. If any ADRs remain
outstanding after the date of termination of the Deposit Agreement, the Depositary thereafter will discontinue the registration of transfers of ADRs, will suspend the distribution of dividends to the Owners thereof and will not give any further
notices or perform any further acts under the Deposit Agreement, except the collection of dividends and other distributions pertaining to the Deposited Securities, the sale of property and rights and the delivery of underlying Deposited Securities,
together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for surrendered ADRs, after deducting in each case, the fees of the Depositary for the
surrender of an ADR and other expenses set forth in the Deposit Agreement and any applicable taxes or governmental charges. At any time after the expiration of one (1) year from the date of termination, the Depositary may sell the Deposited
Securities then held thereunder and hold uninvested the net proceeds of such sale, together with any other cash in an unsegregated escrow account and without liability for interest, for the pro rata benefit of the Owners that have not theretofore
surrendered their Receipts, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary will be discharged from all obligations under the Deposit Agreement, except to
account for such net proceeds and other cash, after deducting, in each case, the fee of the Depositary and other </FONT></P>
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<FONT size=2 face="serif">expenses set forth in the Deposit Agreement for the surrender of an ADR and any applicable taxes or other governmental charges. </FONT></P>
<B><FONT size=2 face="serif">CHARGES OF DEPOSITARY</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary, to the extent permitted by applicable law or the rules of any securities exchange on which the ADSs are admitted for trading, will charge any party depositing or withdrawing
Shares or any party surrendering ADRs or to whom ADRs are issued, including, without limitation, issuance pursuant to a stock dividend or stock split we declare or an exchange of stock regarding the ADRs or Deposited Securities or a distribution of
ADRs pursuant to the Deposit Agreement, whichever applicable (1) a fee of $5.00 or less per 100 ADSs, or portion thereof, for the execution, delivery and surrender of ADRs pursuant to the Deposit Agreement; (2) taxes and other governmental charges;
(3) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on our share register or the share register of the Share Registrar and applicable to transfers of Shares to the name of the
Depositary or its nominee or the Custodian or its nominee on the making or deposits or withdrawals; (4) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement; (5) such expenses as are incurred by
the Depositary in the conversion of Foreign Currency pursuant to the Deposit Agreement; (6) a fee not in excess of $.02 per ADS, or portion thereof, for any cash distribution made pursuant to the Deposit Agreement except for distributions of cash
dividends; and (7) a fee for the distribution of securities pursuant to the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such
securities (for purposes of such clause treating all such securities as if they were shares), but which securities are instead distributed by the Depositary to Owners. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary pursuant to the Deposit Agreement, may own and deal in any class of our securities and our affiliates and in ADRs. </FONT></P>
<B><FONT size=2 face="serif">LIABILITY OF OWNER FOR TAXES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If any tax or other governmental charge or expense shall become payable with respect to any ADR or any Deposited Securities represented by the ADRs, such tax or other governmental charge will
be payable by the Owner of such ADR to the Depositary. The Depositary may refuse to effect any transfer of such ADR or any withdrawal of Deposited Securities represented by ADSs evidenced by such ADR until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner thereof any part or all of the Deposited Securities represented by ADSs evidenced by such ADR and may apply such dividends, distributions or the proceeds of any such sale to
pay any such tax or other governmental charge and the Owner of such ADR will remain liable for any deficiency. </FONT></P>
<B><FONT size=2 face="serif">GENERAL</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Neither the Depositary nor its directors, employees, agents or affiliates nor we or our directors, employees, agents or affiliates will be liable to any Owner or holder of any ADR, if by reason
of any provision of any present or future law, regulation, order, decree, moratorium or fiat of the United States, Brazil or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present
or future of our bylaws, or by reason of any provision of any securities issued or distributed by Ultrapar, or any offering or distribution thereof or by reason of any act of God or war or other circumstances beyond its control, such parties shall
be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of the Deposit Agreement it is provided will be done or performed; nor will such parties
incur any liability to any Owner or holder of any ADR by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided will or may be done or performed,
or by reason of any exercise of, or failure to exercise, any discretion provided for under the Deposit Agreement. Where, by the terms of a distribution pursuant to the Deposit Agreement or an offering or distribution pursuant to the Deposit
Agreement, or for any other reason such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds available to such Owners,
then the Depositary, after consultation with us, will not make such distribution or offering, and will allow the rights, if applicable, to lapse. </FONT></P>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We and the Depositary and our respective directors, employees, agents and affiliates assume no obligation nor will we or they be subject to any liability under the Deposit Agreement or the ADRs
to Owners or holders of ADRs except that we and they agree to perform our respective obligations specifically set forth under the Deposit Agreement without negligence and to act in good faith in the performance of such duties. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The ADRs are transferable on the books of the Depositary, </FONT><I><FONT size=2 face="serif">provided</FONT></I><FONT size=2 face="serif"> that the Depositary may, after consultation with us,
to the extent practicable, close the transfer books at any time or from time to time when deemed expedient by it in connection with the performance of its duties or at our written request. As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination or surrender of any Deposited Securities, the Depositary, the Custodian or the Registrar may require (a) payment from the person presenting the ADR or the depositor of the Shares of a sum sufficient to
reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto, including any such tax or charge and fee with respect to Shares being deposited or withdrawn, and payment of any applicable fees
payable by the Owners and holders of ADRs, (b) the production of proof satisfactory to it as to the identity and genuineness of any signature and (c) compliance with such reasonable regulations as the Depositary may establish consistent with any
laws or regulations applicable to the ADRs and Deposited Securities and with the provisions of the Deposit Agreement. The Depositary may refuse to deliver ADRs, to register the transfer of any ADR or to make any distribution on or related to Shares
until it has received such proof of citizenship or residence, exchange control approval or other information as it may deem necessary or proper. The delivery, transfer, registration of transfer of outstanding ADRs and surrender of ADRs generally may
be suspended or refused during any period when our transfer books or the transfer books of the Depositary or the Foreign Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or by us, at any time or from time
to time. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary will keep books for the registration and transfer of ADRs, which at all reasonable times will be open for inspection by the Owners, provided that such inspection will not be for
the purpose of communicating with Owners in the interest of a business or object other than the business of Ultrapar or a matter related to the Deposit Agreement or the ADRs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Depositary may, with our consent, such consent not to be unreasonably withheld, appoint one or more co-transfer agents for the purpose of effecting transfers, combination and split-ups of
ADRs at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to ADRs
and will be entitled to protection and indemnity to the same extent as the Depositary. </FONT></P>
<B><FONT size=2 face="serif">GOVERNING LAW</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Deposit Agreement and the ADRs are governed by and construed in accordance with the laws of the State of New York. </FONT></P>
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<B><FONT size=3 face="serif">Taxation</FONT></B>
<P>
<I><FONT size=2 face="serif">The following discussion contains a description of the material Brazilian and United States federal income tax consequences of the purchase, ownership and disposition of preferred shares or ADSs by a holder, also called
a U.S. holder, that is for U.S. federal income tax purposes a citizen or resident of the United States of America, a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States of America or
any state thereof, or an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. </FONT></I></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This description does not purport to be a comprehensive description of all of the tax considerations that may be relevant to any particular investor, including tax considerations that arise
from rules of general application to all taxpayers or to certain classes of investors or that are generally assumed to be known by investors. In particular, this summary deals only with U.S. holders that will hold preferred shares or ADSs as capital
assets and does not apply to certain classes of U.S. holders, such as holders of 10% or more of our voting shares, financial institutions, tax exempt organizations, insurance companies, dealers in securities or currencies, securities traders who
elect to account for their investment in preferred shares or ADSs on a mark-to-market basis, persons holding preferred shares or ADSs as part of a &#147;straddle,&#148; &#147;hedging transaction&#148; or &#147;conversion transaction,&#148; persons
liable for the alternative minimum tax, and persons that have a &#147;functional currency&#148; other than the U.S. dollar. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This summary is based upon tax laws of Brazil and the United States as in effect on the date of this prospectus, which are subject to change, possibly with retroactive effect, and to differing
interpretations. You should consult your own tax advisors as to the Brazilian, United States or other tax consequences of the purchase, ownership and disposition of preferred shares or ADSs, including, in particular, the effect of any non U.S.,
state or local tax laws. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Although there is presently no income tax treaty between Brazil and the United States, the tax authorities of the two countries have had discussions that may culminate in such a treaty. No
assurance can be given, however, as to whether or when a treaty will enter into force or how it will affect the U.S. holders of preferred shares or ADSs. </FONT></P>
<B><FONT size=2 face="serif">BRAZILIAN TAX CONSEQUENCES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following discussion summarizes the principal Brazilian tax consequences of the acquisition, ownership and disposition of our preferred shares or ADSs by a holder that is not domiciled in
Brazil for purposes of Brazilian taxation and, in the case of preferred shares, has registered its investment in such securities with the Central Bank as a U.S. dollar investment (in each case, a Non-Brazilian Holder). Pursuant to Brazilian law,
investors may invest in the preferred shares under Resolution No. 2,689. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Resolution No. 2,689 allows non-Brazilian investors to invest in almost all financial assets and to engage in almost all transactions available in the Brazilian financial and capital markets,
provided that some requirements are fulfilled. In accordance with Resolution No. 2,689, the definition of non-Brazilian investor includes individuals, legal entities, mutual funds and other collective investment entities, domiciled or headquartered
outside of Brazil. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to Resolution No. 2,689, non-Brazilian investors must: (a) appoint at least one representative in Brazil with powers to perform actions relating to the foreign investment; (b) complete
the appropriate non-Brazilian investor registration form; (c) register as a non-Brazilian investor with the Brazilian securities commission; and (d) register the foreign investment with the Central Bank. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Securities and other financial assets held by non-Brazilian investors pursuant to Resolution No. 2,689 must be registered or maintained in deposit accounts or under the custody of an entity
duly licensed by the Central Bank or the CVM. In addition, securities trading is restricted to transactions carried out in the stock exchanges or organized over-the-counter markets licensed by the CVM, except for transfers resulting from a corporate
reorganization, occurring upon the death of an investor by operation of law or will or as a consequence of the delisting of the relevant shares from a stock exchange and the cancellation of the registration with the CVM. </FONT></P>
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<FONT size=2 face="serif">105</FONT></P>

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<B><FONT size=2 face="serif">Taxation of dividends</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends, including dividends in kind, paid by us to the depositary in respect of the preferred shares underlying the ADSs or to a Non-Brazilian Holder in respect of preferred shares generally
will not be subject to Brazilian income withholding tax provided that they are paid out of profits generated as of or after January 1, 1996. Dividends relating to profits generated prior to December 31, 1995 are subject to a Brazilian withholding
tax of 15% to 25% according to the tax legislation applicable to each corresponding year. </FONT></P>
<B><FONT size=2 face="serif">Taxation of gains</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Gains realized outside Brazil by a Non-Brazilian Holder on the disposition of ADSs to another Non-Brazilian Holder are not currently subject to Brazilian tax. However, according to Law No.
10,833, enacted on December 29, 2003, or Law No. 10,833, the disposition of assets located in Brazil by a Non-Brazilian Holder, whether to other Non-Brazilian Holders or Brazilian holders, may become subject to taxation in Brazil. Although we
believe that the ADSs do not fall within the definition of assets located in Brazil for purposes of Law No. 10,833, considering the general and unclear scope of such provisions and the lack of a judicial court ruling in respect thereto, we are
unable to predict whether such understanding will ultimately prevail in the courts of Brazil. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For purposes of Brazilian taxation, there are two types of Non-Brazilian Holders of preferred shares or ADSs: (a) Non-Brazilian Holders that are not resident or domiciled in a tax haven
jurisdiction (i.e., a country or location that does not impose income tax or where the maximum income tax rate is lower than 20% or where the internal legislation imposes restrictions to disclosure of shareholding composition or the ownership of the
investment), and that, in the case of holders of preferred shares, are registered before the Central Bank and the CVM to invest in Brazil in accordance with Resolution No. 2,689; and (b) other Non-Brazilian Holders, which include any and all
non-residents of Brazil who invest in equity securities of Brazilian companies through any other means and all types of investors that are located in a tax haven jurisdiction. The investors mentioned in item (a) above are subject to a favorable tax
regime in Brazil, as described below. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The deposit of preferred shares in exchange for ADSs may be subject to Brazilian tax on capital gains at the rate of 15%, or 25% in the case of investors domiciled in a tax haven jurisdiction,
if the amount previously registered with the Central Bank as a foreign investment in the preferred shares is lower than (a) the average price per preferred share on a Brazilian stock exchange on which the greatest number of such shares were sold on
the day of deposit; or (b) if no preferred shares were sold on that day, the average price on the Brazilian stock exchange on which the greatest number of preferred shares were sold in the 15 trading sessions immediately preceding such deposit. In
such case, the difference between the amount previously registered and the average price of the preferred shares calculated as above will be considered to be a capital gain. Such taxation is not applicable in case of investors registered under
Resolution No. 2,689 which are not located in a tax haven jurisdiction, which are currently tax exempt from income tax in such transaction. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The withdrawal of ADSs in exchange for preferred shares is not subject to Brazilian tax. Upon receipt of the underlying preferred shares, a Non-Brazilian Holder registered under Resolution No.
2,689 will be entitled to register the U.S. dollar value of such shares with the Central Bank as described below. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a general rule, Non-Brazilian Holders registered under Resolution No. 2,689 that are not located in a tax haven jurisdiction are subject to income tax at a rate of 15% on gains realized on
sales or exchanges of preferred shares outside a Brazilian stock exchange. With reference to proceeds of a redemption or of a liquidating distribution with respect to the preferred shares, the difference between the amount effectively received by
the shareholder and the amount of foreign currency registered with the Central Bank, translated into reais at the commercial market rate on the date of the redemption or liquidating distribution, will be also subject to income tax at a rate of 15%
provided that such transactions are treated as a sale or exchange not carried out on a Brazilian stock exchange. In both cases, if the Non-Brazilian Holders are located in tax haven jurisdictions, the applicable rate is 25%. Gains realized arising
from transactions on a Brazilian stock exchange by an investor registered under Resolution No. 2,689 that is not located in a tax haven jurisdiction are exempt from Brazilian income tax. This preferential treatment under Resolution No. 2,689 does
not apply to Non-Brazilian Holders of the preferred shares or ADSs that are resident in a tax haven jurisdiction, in which case, gains realized on transactions performed by such </FONT></P>
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<FONT size=2 face="serif">holder on the Brazilian stock exchange are subject to the same tax rate that is applicable to a Brazilian resident. Pursuant to Law No. 11,033 of December 21, 2004, the rate applicable to Brazilian residents in transactions
entered in to as of January 1, 2005 was established at 15%, being also subject to a withholding tax of 0.005% (to be offset against tax due on eventual capital gains). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Therefore, Non-Brazilian Holders are subject to income tax at a rate of 15% on gains realized on sales or exchanges in Brazil of preferred shares that occur on a Brazilian stock exchange,
unless such sale is made by a Non-Brazilian Holder that is not resident in a tax haven jurisdiction, and (a) such a sale is made within five business days of the withdrawal of such preferred shares in exchange for ADSs and the proceeds of such sale
are remitted abroad within such five-day period, or (b) such a sale is made under Resolution No. 2,689 by Non-Brazilian Holders that register with the CVM. In these two cases the transaction will be tax exempt. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The &#147;gain realized'&#148; as a result of a transaction on a Brazilian stock exchange is the difference between the amount in Brazilian currency realized on the sale or exchange of the
shares and their acquisition cost, without any correction for [innovation]. The "gain realized'' as a result of a transaction that occurs other than on a Brazilian stock exchange, with shares that are registered under a certificate of registration
of investment (other than under Resolution No. 2,689), will be calculated based on the foreign currency amount registered with the Central Bank which will be translated into reais at the commercial market rate of the date of such sale or exchange.
There can be no assurance that the current preferential treatment for holders of ADSs and Non-Brazilian Holders of preferred shares under Resolution No. 2,689 will continue or will not be changed in the future. Reductions in the tax rate provided
for by Brazil's tax treaties do not apply to tax on gains realized on sales or exchanges of preferred shares. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Any exercise of preemptive rights relating to the preferred shares or ADSs will not be subject to Brazilian taxation. Any gain on the sale or assignment of preemptive rights relating to
preferred shares by the depositary on behalf of holders of ADSs will be subject to Brazilian income taxation according to the same rules applicable to the sale or disposition of preferred shares. </FONT></P>
<P>
<B><FONT size=2 face="serif">Distributions of interest attributable to shareholders' equity </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In accordance with Law No. 9,249, dated December 26, 1995, as amended, Brazilian corporations may make payments to shareholders characterized as distributions of interest on the company's
shareholders' equity. Such interest is calculated by reference to the Taxa de Juros de Longo Prazo (Long-Term Interest Rate), or TJLP, as determined by the Central Bank from time to time and cannot exceed the greater of: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">50% of net income (after social contribution on profits and before taking such distribution and any</FONT> <FONT size=2 face="serif">deductions for corporate income tax into account) for the period in respect of which the
payment is made;</FONT> <FONT size=2 face="serif">or</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">50% of the sum of retained profits and profits reserves.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Distributions of interest on shareholders' equity in respect of the preferred shares paid to shareholders who are either Brazilian residents or non-Brazilian residents, including holders of
ADSs, are subject to Brazilian income withholding tax at the rate of 15%, or 25% in case of shareholders domiciled in a tax haven jurisdiction. The distribution of interest on shareholders' equity may be determined by our Board of Directors. We
cannot assure you that our Board of Directors will not determine that future distributions of profits may be made by means of interest on shareholders' equity instead of by means of dividends. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The amounts paid as distribution of interest on shareholders' equity are deductible for corporate income tax and social contribution on profit, both of which are taxes levied on our profits, as
far as the limits and rules described above are observed by us. </FONT></P>
<B><FONT size=2 face="serif">Other relevant Brazilian taxes</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">There are no Brazilian inheritance, gift or succession taxes applicable to the ownership, transfer or disposition of preferred shares or ADSs by a Non-Brazilian Holder except for gift and
inheritance taxes which are levied by some states of Brazil on gifts made or inheritances bestowed by individuals or entities not resident or domiciled in</FONT></P>
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<FONT size=2 face="serif">Brazil or domiciled within the state to individuals or entities resident or domiciled within such state in Brazil. There are no Brazilian stamp, issue, registration or similar taxes or duties payable by holders of preferred
shares or ADSs. Pursuant to Decree 4,494 of December 3, 2002, the conversion into foreign currency or the conversion into Brazilian currency of the proceeds received by a Brazilian entity from a foreign investment in the Brazilian securities market,
including those in connection with the investment in the preferred shares and ADSs and those made under Resolution No. 2,689, is potentially subject to an exchange transactions tax (Imposto Sobre Opera&ccedil;&otilde;es Financeiras -
IOF/C&acirc;mbio), although at present the rate of such tax is generally zero percent. Under Law No. 8,894 of June 21, 1994, or Law No. 8,894, such IOF tax rate may be increased at any time to a maximum of 25%, but any such increase will only be
applicable to transactions occurring after such increase becomes effective. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Law No. 8,894 creates the Tax on Bonds and Securities Transactions (IOF/T&iacute;tulos), which may be imposed on any transactions involving bonds and securities effected in Brazil, even if
there transactions are performed on a Brazilian stock exchange. As a general rule, the rate of this tax is currently zero but the executive branch may increase such rate up to 1.5% per day, but only with respect to future transactions. Financial
transfers are taxed by the Contribui&ccedil;&atilde;o Provis&oacute;ria sobre Movimenta&ccedil;&atilde;o Financeira, or CPMF, at a rate of 0.38% . The CPMF is levied upon the remittance of proceeds on the amount converted in reais of the transaction
and is required to be withheld by the financial institution that carries out the transaction. Currently, the funds transferred from a bank account to acquire shares on the Brazilian stock exchange are exempt from CPMF. The funds transferred abroad
resulting from the disposal of these shares on the Brazilian Stock Exchange are also exempt from CPMF. </FONT></P>
<B><FONT size=2 face="serif">U.S. FEDERAL INCOME TAX CONSEQUENCES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following is a discussion of the material U.S. federal income tax consequences of the acquisition, ownership and disposition of preferred shares or ADSs, but it does not purport to be a
comprehensive description of all of the tax considerations that may be relevant to preferred shares or ADSs, and does not address state, local or other tax laws. The discussion applies only to holders that hold preferred shares or ADSs as capital
assets for tax purposes, and does not address special classes of holders, such as dealers and traders in securities or foreign currencies, financial institutions, insurance companies, tax exempt entities, persons owning, directly, indirectly or
constructively, 10% or more of our voting shares, persons holding preferred shares or ADSs as part of a hedging or conversion transaction or straddle, persons entering into a &#147;constructive sale&#148; with respect to preferred shares or ADSs,
persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar, persons liable for alternative minimum tax, partnerships or other entities classified as partnerships for U.S. federal income tax purposes, or persons who
have ceased to be United States citizens or to be taxed as resident aliens.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You are advised to consult your own tax advisors concerning the overall tax consequences to you, including the consequences under foreign, state and local laws, of the acquisition, ownership
and disposition of preferred shares or ADSs. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This discussion is based on the tax laws of the United States, including the Internal Revenue Code of 1986, as amended, administrative pronouncements, judicial decisions and final, temporary
and proposed Treasury Regulations, all as currently in effect and changes to any of which may affect the tax consequences described herein, possibly with retroactive effect. In addition, this discussion is based in part on representations of the
depositary and assumes that each obligation provided for in or otherwise contemplated by the Deposit Agreement and any other related document will be performed in accordance with their terms. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This discussion applies to you only if you are a &#147;U.S. Holder.&#148; For purposes of this discussion, a &#147;U.S. Holder&#148; is a beneficial owner of preferred shares or ADSs that is
for U.S. federal income tax purposes (i) a citizen or resident of the United States of America, (ii) a corporation, or other entity taxable as a corporation, organized under the laws of the United States of America or any political subdivision
thereof, or (iii) an estate or trust the income of which is subject to United States federal income taxation regardless of its source. We believe, and this discussion assumes, that we are not, and will not become, a passive foreign investment
company (as discussed below).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In general, U.S. Holders of ADSs will be treated for U.S. federal income tax purposes as owners of the preferred shares underlying the ADSs. Accordingly, except as noted, the U.S. federal
income tax consequences discussed below apply equally to U.S. Holders of ADSs and preferred shares, and references to preferred shares </FONT></P>
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<FONT size=2 face="serif">should also be treated as references to ADSs. Exchanges of preferred shares for ADSs and ADSs for preferred shares will not be subject to U.S. federal income tax. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The U.S. Treasury has expressed concerns that parties to whom ADSs are pre-released may be taking actions that are inconsistent with the claiming of foreign tax credits for U.S. Holders of
ADSs. Such actions would also be inconsistent with claiming the 15% rate applicable to non-corporate holders. Accordingly, the analysis of the creditability of Brazilian taxes and the availability of the 15% rate received by certain non-corporate
holders described below could be affected by actions that may be taken by the parties to whom ADSs are pre-released. </FONT></P>
<B><FONT size=2 face="serif">Taxation of dividends</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Distributions paid with respect to preferred shares will be includable in the income of a U.S. Holder as ordinary dividend income to the extent paid out of current or accumulated earnings and
profits of Ultrapar, as determined for U.S. federal income tax purposes. Subject to applicable limitations and the discussion above regarding concerns expressed by the U.S. Treasury, dividends received by non-corporate U.S. Holders on preferred
shares or ADSs may be subject to U.S. federal income tax at lower rates (generally 15%) than other types of ordinary income. U.S. Holders should consult their own tax advisors regarding the implications of this new legislation in their particular
circumstances. For purposes of these rules, the amount of any distribution of property other than cash will be the fair market value of such property on the date of distribution. In addition, the taxable amount of any distribution will include the
amount of Brazilian tax withheld on the amount distributed, if any, and the amount of a distribution paid in </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif"> will be measured by reference to the exchange rate for
converting </FONT><I><FONT size=2 face="serif">reais</FONT></I><FONT size=2 face="serif"> into U.S. dollars in effect on the date the distribution is received by the depositary, in the case of ADSs, or the U.S. Holder, in the case of preferred
shares directly held by a U.S. Holder. The U.S. Holder may have foreign currency gain or loss if the amount of such dividend is not converted into U.S. dollars on the date of its receipt. Dividends paid by us generally will be treated as foreign
source dividend income to U.S. Holders and will not be eligible for the dividends received deduction. Subject to certain limitations, and the discussion above regarding concerns expressed by the U.S. Treasury, Brazilian withholding tax, if any, paid
in connection with any distribution with respect to preferred shares may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder if such U.S. Holder elects for that year to credit all foreign income taxes; otherwise,
such Brazilian withholding tax may be taken as a deduction. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. U.S. Holders should consult their own tax advisors concerning the
availability and utilization of the foreign tax credit. </FONT></P>
<B><FONT size=2 face="serif">Taxation of capital gains</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Gain or loss realized by a U.S. Holder upon the sale, exchange or other disposition of a preferred share will be subject to United States federal income tax as U.S. source capital gain or loss
in an amount equal to the difference between the amount realized on the disposition of the preferred share and the U.S. Holder&#146;s tax basis in the preferred share. The gain or loss will be long term capital gain or loss if the U.S. Holder&#146;s
holding period in the preferred share exceeds one year. If a Brazilian tax is imposed on the sale or disposition of preferred shares, and the U.S. Holder does not receive significant foreign source income from other sources, the U.S. Holder may not
be able to derive effective U.S. foreign tax credit benefits in respect of such Brazilian tax. U.S. Holders should consult their tax advisors regarding the United States federal tax treatment of capital gains, which may be taxed at lower rates than
ordinary income for individuals, and losses, the deductibility of which is subject to limitations. </FONT></P>
<B><FONT size=2 face="serif">Passive foreign investment companies</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Special U.S. tax rules apply to U.S. Holders that own shares in a passive foreign investment company, known as a PFIC. In general, we will be classified as a PFIC in a particular taxable year
if either: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">75% or more of our gross income consists of passive income, such as dividends, interest, rents and</FONT> <FONT size=2 face="serif">royalties; or</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">50% or more of our assets, by value, determined on the basis of a quarterly average, consists of assets that</FONT> <FONT size=2 face="serif">produce, or are held for the production of, passive income.</FONT></LI>
</UL>
<P align="center">
<FONT size=2 face="serif">109</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Based on a review of our income and assets, we believe that we are not a PFIC for U.S. federal income tax purposes and we do not expect to be a PFIC in the foreseeable future. However, since
PFIC status depends upon the composition of a company&#146;s income and assets and the market value of its assets (including, among others, less than 25 percent equity investments) from time to time, there can be no assurance that we will not be
considered a PFIC for any taxable year. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If we are treated as a PFIC in any taxable year during which a U.S. Holder owns preferred shares, gain recognized by such U.S. Holder on the sale or other disposition of the preferred shares
will be allocated ratably over the U.S. Holder&#146;s holding period for the preferred shares. The amounts allocated to the taxable year of the sale or other exchange and to any year before we become a PFIC will be taxable as ordinary income. The
amount allocated to each other taxable year will be subject to tax at the highest rate in effect for that year for individuals or corporations, as appropriate, and an interest charge will be imposed on the amount allocated to such taxable year.
Further, any distribution in respect of the preferred shares in excess of 125 percent of the average of the annual distributions on preferred shares received by the U.S. Holder during the preceding three years or the U.S. Holder&#146;s holding
period, whichever is shorter, will be subject to taxation as described above. Certain elections may be available (including a mark-to-market election) to U.S. persons that may mitigate the adverse consequences resulting from PFIC status. </FONT></P>
<P>
<B><FONT size=2 face="serif">United States backup withholding and information reporting </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Payment of dividends and other proceeds in connection with the preferred shares made within the United States or through certain U.S.-related financial intermediaries generally are subject to
information reporting and to backup withholding, unless the U.S. Holder (i) is a corporation or comes within certain other exempt categories and, when required, demonstrates this fact, or (ii) in the case of backup withholding, provides a taxpayer
identification number on a properly completed Form W-9 or a substitute form and certifies that no loss of exemption from back-up withholding has occurred. The amount of any backup withholding will be creditable against the U.S. Holder&#146;s federal
income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is furnished to the Internal Revenue Service. </FONT></P>
<P align="center">
<FONT size=2 face="serif">110</FONT></P>

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<br>
<br>




<B><FONT size=3 face="serif">Underwriting</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We and the selling shareholders are offering
the preferred shares and the ADSs described in this prospectus through the underwriters named below in
the United States and other jurisdictions  outside Brazil. Preferred shares purchased by U.S. investors
will be placed outside the United States by the Brazilian underwriters, settled in Brazil and paid for
in <I>reais</I> and
their offer is being underwritten by the Brazilian underwriters pursuant to the Brazilian underwriting
agreement. U.S. investors purchasing preferred shares must be authorized to invest in Brazilian Securities
under the requirements established by  the CMN and the CVM. UBS Securities LLC and Pactual Capital Corporation
are the representatives of the underwriters. We and the selling shareholders have entered into an underwriting
agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, each
of the underwriters has severally agreed to purchase from the selling shareholders the number of ADSs
listed next to its name in the following table: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=75% align=left>

        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=15% align=center>
      <FONT size=2 face="serif">Number of</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
      <FONT size=2 face="serif">Underwriters</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=15% align=center>
      <FONT size=2 face="serif">ADSs</FONT>
        </TD>
</TR>
<TR>
        <TD width="75%">
<HR noshade size=1>     </TD>
        <TD width="10%">
        </TD>
        <TD width="15%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">UBS Securities LLC</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">Pactual Capital Corporation</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR>
        <TD width="75%">
        </TD>
        <TD width="10%">
        </TD>
        <TD width="15%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR>
        <TD width="75%">
        </TD>
        <TD width="10%">
        </TD>
        <TD width="15%">
<HR noshade size=2>     </TD>
</TR>
</TABLE><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, pursuant to the terms of the underwriting agreement and the inter-syndicate agreement, the underwriters will act as agents on behalf of the Brazilian underwriters identified below
with respect to the offering of preferred shares sold to investors located outside Brazil. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the Contrato de Coordena&ccedil;&atilde;o e Garantia Firme de Subscri&ccedil;&atilde;o, Aquisi&ccedil;&atilde;o e Coloca&ccedil;&atilde;o de A&ccedil;&otilde;es Preferenciais de
Emiss&atilde;o da Ultrapar Participa&ccedil;&otilde;es S.A., which we refer to as the Brazilian underwriting agreement, Banco UBS S.A. and Banco Pactual S.A., or the Brazilian underwriters, have agreed to offer preferred shares to investors located
inside Brazil and other non-U.S. international investors that are authorized to invest in Brazilian securities under the requirements established by the CMN and the CVM. The Brazilian underwriting agreement provides that, if any of the firm shares
are not placed, the Brazilian underwriters are obligated to purchase them on a firm commitment basis on the settlement date, subject to certain conditions and exceptions. Subject to the terms and conditions of the Brazilian underwriting agreement,
each of the Brazilian underwriters has severally agreed to place the number of preferred shares listed next to its name in the following table: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=75% align=left>
      <FONT size=2 face="serif">Brazilian Underwriters</FONT>     </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=CENTER>
      <FONT size=2 face="serif">Number of preferred shares</FONT>
        </TD>
</TR>
<TR>
        <TD width="75%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="20%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">Banco UBS S.A</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">Banco Pactual S.A</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="75%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="20%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=75% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="75%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="20%">
<HR noshade size=2>     </TD>
</TR>
</TABLE><BR>
<B><FONT size=2 face="serif">THE AMERICAN DEPOSITARY SHARES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Subject to the terms and conditions contained in the underwriting agreement, certain of the selling shareholders severally have agreed to sell to the underwriters and the underwriters have
agreed to purchase from such selling shareholders &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADSs, each ADS representing 1,000 preferred shares.</FONT></P>
<B><FONT size=2 face="serif">THE PREFERRED SHARES</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Subject to the terms
and conditions contained in the underwriting agreement, certain of the selling
shareholders severally have agreed to sell through the Brazilian underwriters,
on a firm  underwriting commitment, </FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> preferred
shares.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The preferred shares are being offered in Brazil to Brazilian investors and those U.S. and other international investors who are registered with the CVM and acting through custody accounts
managed by local agents pursuant to CMN Resolution No. 2,689. </FONT></P>
<P align="center">
<FONT size=2 face="serif">111</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Investors residing outside Brazil are authorized to purchase equity instruments, including our preferred shares, on the Brazilian stock exchange provided that they comply with the registration
requirements set forth in Resolution No. 2,689 of the CMN, which we refer to as Resolution 2,689, and CVM Instruction No. 325. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">With certain limited exceptions, Resolution 2,689 investors are permitted to carry out any type of transaction in the Brazilian financial capital market involving a security traded on a stock,
future or organized over-the-counter market. Investments and remittances outside Brazil of gains, dividends, profits or other payments under our preferred shares are made through the commercial rate exchange market. </FONT></P>
<P>
<FONT size=2 face="serif">In order to become a Resolution 2,689 investor, an investor residing outside Brazil must: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">appoint a representative in Brazil with powers to take actions relating to the investment;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">appoint an authorized custodian in Brazil for the investments, which must be a financial institution</FONT> <FONT size=2 face="serif">duly authorized by the Central Bank and CVM; and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">through its representative, register itself as a non-Brazilian investor with the CVM and the investment</FONT> <FONT size=2 face="serif">with the Central Bank.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Securities and other financial assets held by non-Brazilian investors pursuant to Resolution 2,689 must be registered or maintained in deposit accounts or under the custody of an entity duly
licensed by the Central Bank or the CVM. In addition, securities trading by non-Brazilian investors is generally restricted to transactions involving securities listed on the Brazilian stock exchanges or traded in organized over-the-counter markets
licensed by the CVM. </FONT></P>
<B><FONT size=2 face="serif">CONDITIONS TO THE OFFERING</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriting agreement provides that the underwriters must buy all of the ADSs if they buy any of them. However, the underwriters are not required to take or pay for the ADSs covered by the
underwriters&#146; over-allotment option described below. In addition, pursuant to the terms of the underwriting agreement, the underwriters will act as agents on behalf of the Brazilian underwriters with respect to the offer of preferred shares
sold to investors located outside Brazil. </FONT></P>
<P>
<FONT size=2 face="serif">Our ADSs are offered subject to a number of conditions, including: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">receipt and acceptance of our ADSs by the underwriters, and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">the underwriters&#146; right to reject orders in whole or in part.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our preferred shares are offered subject to a number of conditions, including the Brazilian underwriters&#146; right to reject orders from institutional investors in whole or in part.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses electronically. </FONT></P>
<B><FONT size=2 face="serif">OVER-ALLOTMENT OPTION</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have granted the underwriters
and the Brazilian underwriters an option to buy up to an aggregate of 1,084,747,264
additional preferred shares, which may include preferred shares in the form of
ADSs. The underwriters and the Brazilian underwriters may exercise this option
solely for the purpose of covering over-allotments, if any, made in connection
with this offering. The underwriters and the Brazilian underwriters have 30 days
from the date of this prospectus to exercise this option. If the underwriters
exercise and the Brazilian underwriters this option, they will each purchase
additional preferred shares or ADSs representing preferred shares approximately
in proportion to the amounts specified in the table above.</FONT></P>
<P align="center">
<FONT size=2 face="serif">112</FONT></P>

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<br>




<B><FONT size=2 face="serif">COMMISSION AND DISCOUNTS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares and ADSs purchased in this global offering will be initially offered at the offering prices for preferred shares and ADSs set forth on the cover of this prospectus. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Any ADSs sold by the underwriters to securities dealers may be sold at a discount of up to U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS from the public offering price. Any of these securities dealers may resell any ADSs
purchased from the underwriters to other brokers or dealers at a discount of up to U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per ADS from the public offering price. If all the ADSs are not sold at the public offering price, the representatives may change the offering price and the
other selling terms.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following tables shows the per share and total underwriting discounts and commissions we and the selling shareholders will pay to the underwriters assuming both no exercise and full
exercise of the underwriters&#146; option to purchase up to an additional &#149; ADSs. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size=2 face="serif">Paid by us</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">No exercise</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">Full exercise</FONT>
        </TD>
  </TR>
<TR>
        <TD width="60%" align="left">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
<HR noshade size=1>             </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Per ADSs</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align="center">&nbsp;</TD>
        <TD width=5% align=center>
<FONT size=2 face="serif"> </FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align=center> <FONT size=2 face="serif">&nbsp; </FONT> </TD>
        <TD width=5% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align="center">&nbsp;</TD>
        <TD width=5% align=center>
<FONT size=2 face="serif"> </FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align=center>&nbsp;  </TD>
        <TD width=5% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size=2 face="serif">Paid by the selling shareholders</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">No exercise</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">Full exercise</FONT>
        </TD>
  </TR>
<TR>
        <TD width="60%" align="left">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
<HR noshade size=1>             </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
      <HR noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Per ADSs</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align="center">&nbsp;
        </TD>
        <TD width=5% align=center>
<FONT size=2 face="serif"> </FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align=center> <FONT size=2 face="serif">&nbsp; </FONT> </TD>
        <TD width=5% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align="center">&nbsp;</TD>
        <TD width=5% align=center>
<FONT size=2 face="serif"> </FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">U.S.$</FONT>
        </TD>
        <TD width=5% align=center>&nbsp;  </TD>
        <TD width=5% align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred shares will initially be offered at the respective offering prices set forth on the cover of this prospectus of R$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">
(approximately U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following tables shows the per share and total underwriting discounts and commissions we and the selling shareholders will pay to the Brazilian underwriters assuming both no exercise and
full exercise of the Brazilian underwriters&#146; option to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif"> preferred shares. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size=2 face="serif">Paid by us</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">No exercise</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">Full exercise</FONT>
        </TD>
  </TR>
<TR>
        <TD width="60%" align="left">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
<HR noshade size=1>             </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
<HR noshade size=1>             </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Per share</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5% align="center">&nbsp;
        </TD>
        <TD width=5% align=center>
<FONT size=2 face="serif"> </FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5% align="center">&nbsp;</TD>
        <TD width=5% align=center>
<FONT size=2 face="serif"> </FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <FONT size=2 face="serif">Paid by the selling shareholders</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">No exercise</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">Full exercise</FONT>
        </TD>
  </TR>
<TR>
        <TD width="60%" align="left">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
<HR noshade size=1>             </TD>
        <TD width="5%">
        </TD>
        <TD colspan="3">
<HR noshade size=1>             </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Per share</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=5% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We estimate that the total expenses of this offering payable by the Selling Shareholders, not including the underwriting discounts and commissions, will be approximately U.S.$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>
<B><FONT size=2 face="serif">NO SALES OF SIMILAR SECURITIES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We, our executive officers and directors and the selling shareholders have entered into lock-up agreements with the underwriters. Under these agreements, we and each of these persons may not,
without the prior written approval of UBS Securities LLC, subject to limited exceptions, offer, sell, contract to sell or otherwise dispose of or hedge our preferred shares or securities convertible into or exercisable or exchangeable for our
preferred shares. These restrictions will be in effect for a period of 180 days after the date of this prospectus. At any time and without public notice, UBS Securities LLC may in its sole discretion release all or some of the securities from these
lock-up arrangements. </FONT></P>
<P align="center">
<FONT size=2 face="serif">113</FONT></P>

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<B><FONT size=2 face="serif">INDEMNIFICATION AND CONTRIBUTION</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We and the selling shareholders have agreed to
indemnify the underwriters and their controlling persons against certain liabilities, including liabilities
under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments
the underwriters and their controlling persons may be required to make in respect of those liabilities. </FONT></P>
<B><FONT size=2 face="serif">LISTING</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Our preferred shares are listed on the S&atilde;o Paulo stock exchange under the symbol &#147;UGPA4&#148; and our ADSs are traded on the New York Stock Exchange under the symbol
&#147;UGP.&#148;</FONT></P>
<B><FONT size=2 face="serif">PRICE STABILIZATION AND SHORT POSITIONS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In connection with this offering, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price of our ADSs, including: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">stabilizing transactions;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">short sales;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">purchases to cover positions created by short sales;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">imposition of penalty bids; and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">syndicate covering transactions.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Stabilizing transactions consist of bids or purchases made for the purpose of preventing or retarding a decline in the market price of our ADSs while this offering is in progress. These
transaction may also include making short sales of our ADSs, which involve the sale by the underwriters of a greater number of ADSs than they are required to purchase in this offering. Short sales may be &#147;covered short sales,&#148; which are
short positions in an amount not greater than the underwriters&#146; over-allotment option referred to above, or may be &#147;naked short sales,&#148; which are short positions in excess of that amount. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriters may close out any covered short position either by exercising their over-allotment option, in whole or in part, or by purchasing ADSs in the open market. In making this
determination, the underwriters will consider, among other things, the price of ADSs available for purchase in the open market compared to the price at which they may purchase ADSs through the over-allotment option. The underwriters must close out
any naked short position by purchasing ADSs in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the ADSs in the open market that could
adversely affect investors who purchased in this offering. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the
representatives have repurchased ADSs sold by or for the account of that underwriter in stabilizing or short covering transactions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As a result of these activities, the price of our ADSs may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by
the underwriters at any time. The underwriters may carry out these transactions on the New York Stock Exchange, in the over-the-counter market or otherwise. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Brazilian lead manager, through its brokerage house, may carry out stabilization activities in BOVESPA. Stabilization activities may be carried out for 30 (thirty) days from the date of
this Prospectus. A stabilization activities agreement, in a form approved by the CVM, has been executed simultaneously with the execution of the Brazilian underwriting agreement. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Stabilization activities in the BOVESPA will be carried out at the sole discretion of the Brazilian Lead manager. In addition we cannot forecast the effect of stabilization activities in
relation to the price of our preferred shares. </FONT></P>
<P align="center">
<FONT size=2 face="serif">114</FONT></P>

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<B><FONT size=2 face="serif">AFFILIATIONS</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriters and their affiliates have provided and may in the future provide certain commercial banking, financial advisory and investment banking services for us, for which they receive
fees. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The underwriters and their affiliates may from time to time in the future engage in transactions with us and perform services for us in the ordinary course of their business. </FONT></P>
<B><FONT size=2 face="serif">ADDRESSES</FONT></B><P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The address of the sole global coordinator for the international offering is UBS Securities LLC, 299 Park Avenue, New York, New York 10171. The addresses of the joint bookrunners are: UBS
Securities LLC, 299 Park Avenue, New York, New York 10171; and Pactual Capital Corporation, 527 Madison Avenue, 11th Floor, New York, NY 10022. </FONT></P>
<P align="center">
<FONT size=2 face="serif">115</FONT></P>

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<P>
<B><FONT size=5 face="serif">Expenses of issuance and distribution </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We estimate that the
expenses payable by the Selling Shareholders in connection with the global offering,
other than underwriting discounts and commissions, are as set forth in the following
table. The total underwriting discounts and commissions that the Selling Shareholders
are required to pay will be US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, or
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the gross proceeds of the global offering. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center><B><FONT size=1 face="serif">Expense</FONT>    </B></TD>
        <TD width=4%><FONT SIZE="1">&nbsp;</FONT>       </TD>
        <TD colspan="2" align=center> <B><FONT size=1 face="serif">Amount</FONT></B></TD>
        <TD width=4% align="center"><FONT SIZE="1">&nbsp;</FONT>        </TD>
        <TD width=12% align=center>
      <B><FONT size=1 face="serif">Percentage of net
      proceeds of this
      offering </FONT> </B></TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="12%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD colspan=2 align=left>
      <div align="center"><FONT size=2 face="serif">(in U.S.
  dollars)</FONT></div></TD>
    <TD width=4% align=left>&nbsp;</TD>
    <TD width=12% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">SEC registration fee</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">13,841</FONT>
        </TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">NASD filing fees</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;
        </TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">New York Stock Exchange supplemental listing fee</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Brazilian fees, including Brazilian Securities Commission and the</FONT>
        </TD>
        <TD width=4% align=left>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian National Association of Investment Banks</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Printing and engraving expenses</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Legal fees and expenses</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Audit fees and expenses</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&#147;Road show&#148; expenses and miscellaneous costs</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All amounts in the above table are estimated, except for the SEC registration fee, the NASD filing fee, The New York Stock Exchange supplemental listing fee and the Brazilian fees. </FONT></P>
<B><FONT size=3 face="serif">Validity of securities</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The validity of the ADSs will be passed upon for us by Davis Polk &amp; Wardwell, New York, New York. The validity of the preferred shares will be passed upon for us by Machado, Meyer, Sendacz
e Opice Advogados, S&atilde;o Paulo, Brazil. Certain matters of U.S. and New York law will be passed upon for the underwriters by Clifford Chance US LLP. Certain matters of Brazilian law will be passed upon for the underwriters by Mattos Filho,
Veiga Filho, Marrey Jr. e Quiroga Advogados. The address of the law firms listed above are: Davis Polk &amp; Wardwell, 450 Lexington Avenue, New York, NY 10017, USA; Machado, Meyer, Sendacz e Opice Advogados, Rua da Consola&ccedil;&atilde;o, 247,
4&deg; andar, S&atilde;o Paulo, SP, Brazil 01301-903; Clifford Chance US LLP, 31 West 52nd Street, New York, NY 10019; Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados, Alameda Joaquim Eugenio de Lima, 447, S&atilde;o Paulo, SP, Brazil
01403-001. </FONT></P>
<B><FONT size=3 face="serif">Experts</FONT></B>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The consolidated financial statements of Ultrapar Participa&ccedil;&otilde;es S.A. as of and for the years ended December 31, 2003 and 2002, prepared in accordance with Brazilian GAAP, included
in this prospectus have been so included in reliance on the report of Deloitte Touche Tohmatsu Auditores Independentes, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The
business address of Deloitte Touche Tohamatsu Auditores Independentes is Rua Alexandre Dumas, 1981, 1&deg; andar, S&atilde;o Paulo, SP, Brazil 0417-908.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">With respect to the unaudited interim financial information for the nine month periods ended September 30, 2004 and 2003 which is included in this registration statement, Deloitte Touche
Tohmatsu Auditores Independentes, an independent registered public accounting firm, have applied limited procedures in accordance with the standards of the Public Company Accounting Oversight Board (United States) for a review of such information.
However, as stated in their report included in this registration statement, they did not audit and they do not express an opinion on </FONT></P>
<P align="center">
<FONT size=2 face="serif">116</FONT></P>

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<P>
<FONT size=2 face="serif">that interim financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. Deloitte Touche Tohmatsu
Auditores Independentes is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their reports on the unaudited interim financial information because those reports are not &#147;reports&#148; or a &#147;part&#148;
of the registration statement prepared or certified by an accountant within the meaning of Sections 7 and 11 of the Act. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The consolidated financial statements of Ultrapar Participa&ccedil;&otilde;es S.A. for the year ended December 31, 2001, prepared in accordance with Brazilian GAAP, included in this prospectus
have been so included in reliance on the report of PricewaterhouseCoopers Auditores Independentes, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The business address of
</FONT><FONT size=2 face="serif">PricewaterhouseCoopers Auditores Independentes
is Avenida Francisco Matazarro, 1400, S&atilde;o Paulo, SP, Brazil 05001-903. </FONT></P>
<P>
<B><FONT size=3 face="serif">Where you can find more information about us </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have filed with the Securities and Exchange Commission, or the Commission, a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the
U.S. Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information,
we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been
filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, pursuant to which we file reports and other information with the Commission. These
materials, including this prospectus and the accompanying exhibits, may be inspected and copied at the Commission&#146;s Public Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549 and at the Commission&#146;s regional offices at 500
West Madison Street, Suite 1400, Chicago, Illinois 60661, and 233 Broadway, New York, New York 10279. Copies of the materials may be obtained from the Public Reference Room of the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549 at
prescribed rates. The public may obtain information on the operation of the Commission&#146;s Public Reference Room by calling the Commission in the United States at 1-800-SEC-0330. In addition, the Commission maintains an Internet website at
http://www.sec.gov, from which you can electronically access the registration statement and its materials. Copies of material we filed can be inspected at the offices of the New York Stock Exchange at 20 Broad Street, New York, New York 10005, on
which our ADSs are listed. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We also file financial statements and other periodic reports with the CVM located as Rua Sete de Setembro, 111, Rio de Janeiro, Brazil 20159-900. </FONT></P>
<P align="center">
<FONT size=2 face="serif">117</FONT></P>

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<P>
<B><FONT size=3 face="serif">Enforcement of judgments against foreign persons </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We and the selling shareholders are residents of or are incorporated under the laws of Brazil. Substantially all of our assets and those of the selling shareholders are located in Brazil. All
of our directors and officers and certain advisors named herein reside in Brazil, and all of the officers and directors of the selling shareholders&#146;, which are not individuals, reside in Brazil. As a result, it may not be possible for investors
to effect service of process within the United States upon such persons or to enforce against them or us in U.S. courts judgments predicated upon the civil liability provisions of the federal securities laws of the United States. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We have been advised by Brazilian counsel, Machado, Meyer, Sendacz e Opice Advogados, that judgments of U.S. courts for civil liabilities based upon the federal securities laws of the United
States may be, subject to the requirements described below, enforced in Brazil. A judgment against us, or the persons described above obtained outside Brazil would be enforceable in Brazil without reconsideration of the merits, upon confirmation of
that judgment by the Brazilian Higher Court of Justice. That confirmation will occur if the foreign judgment: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">fulfills all formalities required for its enforceability under the laws of the country where the foreign</FONT> <FONT size=2 face="serif">judgment is granted;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">is issued by a competent court after proper service of process is made in accordance with Brazilian law;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">is not subject to appeal;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">is for the payment of a sum certain;</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">is authenticated by a Brazilian consular office in the country where the foreign judgment is issued and is</FONT> <FONT size=2 face="serif">accompanied by a sworn translation into Portuguese; and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">is not contrary to Brazilian national sovereignty, public policy or public morality.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We and the selling shareholders cannot assure you that the confirmation process described above will be conducted in a timely manner or that Brazilian courts would enforce a monetary judgment
for violation of the United States securities laws with respect to the ADSs and the preferred shares represented by the ADSs. </FONT></P>
<P>
<FONT size=2 face="serif">We and the selling shareholders have been further advised by respective Brazilian counsel that: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">original actions based on the federal securities laws of the United States may be brought in Brazilian courts</FONT> <FONT size=2 face="serif">and that, subject to Brazilian public policy and national sovereignty, Brazilian
courts will enforce liabilities</FONT> <FONT size=2 face="serif">in such actions against us, our directors, our executive officers, the selling shareholders and the advisors</FONT> <FONT size=2 face="serif">named in this prospectus; and</FONT></LI><br><br>
<LI>
<FONT size=2 face="serif">the ability of a judgment creditor or the other persons named above to satisfy a judgment by attaching our</FONT> <FONT size=2 face="serif">assets or those of the selling shareholders is limited by provisions of Brazilian
law.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A plaintiff (whether Brazilian or non-Brazilian) residing outside Brazil during the course of litigation in Brazil must provide a bond to guarantee court costs and legal fees if the plaintiff
owns no real property in Brazil that could secure such payment. The bond must have a value sufficient to satisfy the payment of court fees and defendant&#146;s attorney fees, as determined by a Brazilian judge. This requirement does not apply to a
proceeding to enforce a foreign judgment which has been confirmed by the Brazilian Higher Court of Justice.</FONT></P>
<P align="center">
<FONT size=2 face="serif">118</FONT></P>

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<p><b><font size=5 face="serif">Index to consolidated financial statements </font></b></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD align=left><b><font size=2 face="serif">Consolidated financial statements: </font></b></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Report of Deloitte Touche Tohmatsu Auditores Independentes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
      <FONT size=2 face="serif">F-</FONT><font size="2">3</font></TD>
        <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Report of PricewaterhouseCoopers Auditores Independentes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-4</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated balance sheet at December 31, 2003 and 2002</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-5</FONT>
        </TD>
        <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated statements of income for the years ended December 31, 2003, 2002 and 2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-6</FONT>
        </TD>
        <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated statements of changes in stockholders&#146; equity for the years ended December 31, 2003,</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
     <TD width=5% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">2002 and 2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-7</FONT>
        </TD>
        <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated statements of changes in financial position for the years ended December 31, 2003,</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
     <TD width=5% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">2002 and 2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-8</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Notes to the consolidated financial statements for the years ended December 31, 2003, 2002 and 2001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-9</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<B><FONT size=2 face="serif">Unaudited interim consolidated financial statements:</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
     <TD width=5% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Report of Deloitte Touche Tohmatsu Auditores Independentes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-56</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated balance sheet at September 30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-57</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated statements of income for the nine months ended September 30, 2004 and 2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-58</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated statements of changes in stockholders&#146; equity for the nine months ended September 30,</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
     <TD width=5% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">2004 and 2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-59</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Consolidated statements of changes in financial position for the nine months ended September 30,</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
     <TD width=5% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">2004 and 2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-60</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
<FONT size=2 face="serif">Notes to the consolidated financial statements for the nine months ended September 30, 2004 and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>

        </TD>
     <TD width=5% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=93% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=4% align=left>
<FONT size=2 face="serif">F-61</FONT>
        </TD>
     <TD width=5% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">F-1</FONT></P>
<P>&nbsp;</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><br>
     <br>

<TABLE WIDTH="40%"  BORDER="0" ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0">
  <TR>
    <TD><P><FONT SIZE="5"><B><I>Ultrapar Participa&ccedil;&otilde;es <BR>
  S.A. and Subsidiaries </I></B></FONT></P>
      <p><FONT SIZE="2" FACE="Arial, Helvetica, sans-serif"><i>Financial Statements
          for the Years Ended</i><BR>
        </FONT><FONT SIZE="2" FACE="Arial, Helvetica, sans-serif"><i>December 31,
        2003, 2002 and 2001 and</i><BR>
        </FONT><FONT SIZE="2" FACE="Arial, Helvetica, sans-serif"><i>Report of Independent
        Registered Public </i><BR>
  <i>Accounting Firm</i></FONT></p>
      <p>&nbsp;</p>
      <p>&nbsp;</p>
      <p> <FONT SIZE="1" FACE="Arial, Helvetica, sans-serif">Deloitte Touche
    Tohmatsu Auditores Independentes </FONT></p></TD>
  </TR>
</TABLE>
<P><br>
  <br><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
P align="center">
<FONT size=2 face="serif">F-2</FONT></P>
</P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P align="left"><FONT size=2 face="serif"><u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </u></FONT></P>
<P align="left">
<FONT size=2 face="serif">To the Board of Directors and Stockholders of<br>
Ultrapar
Participa&ccedil;&otilde;es S.A.<br>
</FONT><u><FONT size=2 face="serif">Sao Paulo - SP - Brazil </FONT></u><FONT size=2 face="serif"><BR>
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">We have audited the accompanying consolidated balance sheets of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries (Ultrapar) as of December 31, 2003 and 2002, and the related consolidated statements of income, changes in
stockholders&#146; equity, and changes in financial position for each of the two years in the period ended December 31, 2003, all expressed in Brazilian reais. These financial statements are the responsibility of Ultrapar&#146;s management. Our responsibility
is to express an opinion on these financial statements based on our audit. The consolidated statements of income, changes in stockholders&#146; equity, and changes in financial position of Ultrapar for the year ended December 31, 2001 were audited by
other auditors whose report, dated January 31, 2002, expressed an unqualified opinion on those statements.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">We conducted our audits in accordance with auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinions.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Ultrapar as of December 31, 2003 and 2002, and the results of its operations, changes in its
stockholders&#146; equity and its financial position for each of the two years in the period ended December 31, 2003 in conformity with accounting practices adopted in Brazil.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">Accounting practices adopted in Brazil vary in certain significant respects from accounting principles generally accepted in the United States of America (U.S. GAAP). The application of the latter would have affected
the determination of net income for each of the two years in the period ended December 31, 2003 and the determination of stockholders&#146; equity at December 31, 2003 and 2002 to the extent summarized in Note 24.</FONT> </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">January 30, 2004, except for Note 24 as to which the date is March 19, 2004, for Note 23.b) as to which the dates are April 16, 2004 and April 30, 2004 and for Note 23.c) as to which the date is May 18, 2004.</FONT></P>
<P> <br>
  <FONT SIZE="2">/s/ Deloitte Touche Tohmatsu <br>
  <br>
Deloitte Touche Tohmatsu <br>
Auditores Independentes </FONT></P>

<P align="center">
<FONT size=2 face="serif">F-3</FONT></P>
<br>
  <br>
<HR WIDTH="100%" SIZE=3 NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<P align="left"> <FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Report of Independent
Registered Public Accounting Firm</FONT></P>
<P align="left"> <FONT size=2 face="Times-Roman,Times New Roman,Times,serif">To the Board
    of </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Directors </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">and
    Stockholders <BR>
  Ultrapar </FONT><FONT size=2 face="serif"> Participa&ccedil;&otilde;es</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif"> S.A. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">1.&nbsp;&nbsp;&nbsp; We
    have audited the accompanying consolidated statements of income, of changes
    in stockholders' equity and of changes in financial position of Ultrapar
    </FONT><FONT size=2 face="serif"> Participa&ccedil;&otilde;es</FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">    S.A. (a Brazilian corporation) and subsidiaries for the year ended December 31, 2001, expressed in
    Brazilian reais, in conformity with accounting practices adopted in Brazil. These financial statements
    are the responsibility of the Company's management. Our responsibility is to express
    an opinion on these financial statements based on our audit. </FONT></P>
<P align="left"> <FONT size=2 face="Times-Roman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;We
    conducted our audit in accordance with auditing standards generally accepted
    in Brazil and standards of the Public Company Accounting Oversight Board
    (United States). Those standards require that we plan and perform the audit
    to obtain reasonable assurance about whether the financial statements are
    free of material misstatement. An audit includes examining, on a test basis,
    evidence supporting the amounts and disclosures in the financial statements,
    assessing the accounting principles used and significant estimates made by
    management; as well as evaluating the overall financial statement presentation.
    We believe that our audit provides a reasonable basis for our opinion. </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">3. &nbsp;&nbsp;&nbsp;In
    our opinion, the consolidated financial statements referred to above present
    fairly, in all material respects, the results of operations, the changes
    in stockholders' equity and the changes in financial position of Ultrapar
    Participa&ccedil;&otilde;es S.A. and subsidiaries for the year ended December 31, 2001
    in conformity with accounting practices adopted in Brazil </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times-Roman,Times New Roman,Times,serif">4. &nbsp;&nbsp;&nbsp;Accounting
    practices adopted in Brazil vary in certain significant respects from accounting
    principles generally accepted in the United States of America </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">(US
    GAAP). Information relating to the nature and effect of such differences
    is presented in Note 24 of the notes to the consolidated financial statements. </FONT></P>
<P align="left"> <FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Sao Paulo, Brazil <BR>
  January </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">3 </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">1,2002 </FONT></P>
<P align="left"> <FONT size=2 face="Times-Roman,Times New Roman,Times,serif">/s/ Pricewaterhouse
    Coopers</FONT></P>
<P align="left"> <FONT size=2 face="Times-Roman,Times New Roman,Times,serif">PricewaterhouseCoopers <BR>
  Auditores Independentes </FONT></P>
<P align="center">
<FONT size=2 face="serif">F-4</FONT></P>
<br>
  <br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P><FONT size=2 face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u> </FONT></P>
<FONT size=2 face="serif">CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2003
AND 2002<br>
(In millions of Brazilian reais - R$)</FONT><p></p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif"><u>ASSETS </u></FONT></TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2002</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=right>&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=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">568,8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">637,9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Short-term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41,0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">322,3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">278,0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">137,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">106,3</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">115,5</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">115,1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32,3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&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">1.220,4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.186,9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif"><u>NONCURRENT ASSETS</u></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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61,4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33,3</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Escrow deposits</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,9</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,1</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,5</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&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">83,2</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47,4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">PERMANENT ASSETS</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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Investments:</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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27,4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25,9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Property, plant and equipment, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">968,6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">779,5</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Deferred charges, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">102,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">81,1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&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">1.104,4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">893,6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">TOTAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.408,0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.127,9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">&nbsp;</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">&nbsp;</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    </TD>
  <TD>&nbsp; </TD>
  <TD align=right></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">CURRENT LIABILITIES</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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">381,6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">219,8</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90,3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">104,4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">74,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64,4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Dividends payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49,0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25,2</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,8</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&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">632,8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">468,2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">LONG-TERM LIABILITIES</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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">306,3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">363,6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,8</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Other taxes and contributions - contingent</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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">liability</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,9</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,5</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,5</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&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">386,3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">437,6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% 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">32,2</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31,0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">STOCKHOLDERS&#146; EQUITY</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% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">664,0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">664,0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Revaluation reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17,8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,0</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left> <FONT size=2 face="serif">Profit reserves</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">677,4</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">501,5</FONT> </TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left><FONT size=2 face="serif">Treasury shares</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">(2,5</FONT> </TD>
  <TD><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  <TD align=right> <FONT size=2 face="serif">(0,4</FONT> </TD>
  <TD width=2% align=left><font size="2" face="Times New Roman, Times, serif">)</font></TD>
</TR>
<TR valign="bottom">
  <TD width="78%" align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">1.356,7</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">1.191,1</FONT> </TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left> <FONT size=2 face="serif">TOTAL</FONT>  </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">2.408,0</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right> <FONT size=2 face="serif">2.127,9</FONT> </TD>
  <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>

<P><FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements. </FONT></P>
<div align="center"><FONT size=2 face="serif">F-5</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="serif"><u>ULTRAPAR PARTICIPACOES S.A. AND SUBSIDIARIES </u></FONT></P>
<P><FONT size=2 face="serif">CONSOLIDATED STATEMENTS OF INCOME <br>
</FONT><FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2003, 2002
AND 2001<br>
(In millions of Brazilian reais - R$, except for per share data) </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2002</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2001</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 size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">4.603,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.795,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.862,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Taxes on sales and services, rebates, discounts and returns</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(603,5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(800,8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(577,8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">4.000,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.994,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.284,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">(3.196,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.247,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.698,3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">803,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">747,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">586,4</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 size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% 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=64% 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">(163,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(130,2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(120,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">(188,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(165,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(127,8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Management compensation</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5,2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">(101,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(81,8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(66,2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">6,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,2</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 size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(452,3</FONT>
        </TD>
        <TD width=2% align=left><font size=2 face="serif">) </font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><FONT size=2 face="serif">(381,9</FONT></TD>
        <TD width=2% align=left><font size=2 face="serif">)</font>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(307,5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">OPERATING INCOME BEFORE FINANCIAL ITEMS</FONT>
<FONT size=2 face="serif">(381,9)</FONT> </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">351,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">365,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">278,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Financial income (expenses), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(57,2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Nonoperating income (expenses), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(44,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(17,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(56,2</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(15,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(48,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">INCOME BEFORE INCOME AND SOCIAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% 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=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">CONTRIBUTION TAXES, EQUITY IN EARNINGS</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% 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=64% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LOSSES) OF AFFILIATED COMPANIES AND MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">295,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">349,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">230,8</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 align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% 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=64% 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">(113,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(110,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(58,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">15,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4,8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">Benefit of tax holidays</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">43,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27,0</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 size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(44,9</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(71,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(27,5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">INCOME BEFORE EQUITY IN EARNINGS (LOSSES) OF</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% 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=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">AFFILIATED COMPANIES AND MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">250,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">278,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">203,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity in earnings (losses) of associated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0,5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(54,5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(73,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% 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">246,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">132,2</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 size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT size=2 face="serif">NET EARNINGS PER THOUSAND SHARES</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% 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=64% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BASED ON ANNUAL WEIGHTED AVERAGE OF SHARES OUTSTANDING) - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,54</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,62</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,49</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 size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements. </FONT></P>
<P align="center">
<font size="2" face="serif">F-6</font><br>
<br>
</P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P><FONT size=2 face="serif"><u>ULTRAPAR PARTICIPACOES S.A. AND SUBSIDIARIES</u> </FONT></P>
<P>
<FONT size=2 face="serif">STATEMENTS OF CHANGES IN STOCKHOLDERS&#146; EQUITY<br>
FOR THE
YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001<br>
(In millions of Brazilian reais
- - R$) </FONT></P>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=22% align=left nowrap>&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width=10% rowspan="3" align=center><FONT size=2 face="serif">Revaluation<br>
    </FONT><FONT size=2 face="serif">reserve </FONT><FONT size=2 face="serif">of<br>
subsidiary </FONT><FONT size=2 face="serif">and affiliated</FONT><FONT size=2 face="serif"><br>
companies</FONT> </TD>
  <TD width="2%" align=center></TD>
  <TD colspan="5" align=center> <FONT size=2 face="serif">Profit reserves</FONT> </TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=22% align=left nowrap>&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="2%" align=center></TD>
  <TD colspan="5" align=center><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=22% align=left nowrap>&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=center><FONT size=2 face="serif">Capital</FONT></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><FONT size=2 face="serif">Capital<br>
reserve</FONT></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center><FONT size=2 face="serif">Legal</FONT></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center> <FONT size=2 face="serif"> Retention<br>
of profits</FONT> </TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><FONT size=2 face="serif">Unrealized<br>
profits</FONT> </TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center> <FONT size=2 face="serif">Retained<br>
earnings</FONT> </TD>
  <TD width="2%" align=center></TD>
  <TD width="6%" align=center> <FONT size=2 face="serif">Treasury</FONT> <br>
    <FONT size=2 face="serif">shares</FONT> </TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><FONT size=2 face="serif">Tot</FONT><font size="2">al</font></TD>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=22% align=left nowrap>&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width=10% align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2000</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">433,9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">29,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10,8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">119,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">897,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left nowrap>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Realization of</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">revaluation reserve</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(3,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">)</font></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Income and social contribution</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">taxes on realization of</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">revaluation reserve of</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">subsidiaries</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,3</FONT>
        </TD>
        <TD width=2% align=left><font size="2">)</font></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Realization</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">of profit reserves</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(304,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Supplementary dividends</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">(R$ 0.32 and R$ 0.65</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">per thousand common and</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">preferred shares,</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(17,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(17,6</FONT>
        </TD>
        <TD width=2% align=left><font size="2">)</font></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">132,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">132,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Appropriation</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">of net income:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Legal reserve</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6,6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dividends for the year</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;(R$
3.32 and R$ 3.65</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;per thousand common</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;and perferred shares,</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp; &nbsp;  &nbsp;<FONT size=2 face="serif">respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(181,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(181,0</FONT>
        </TD>
        <TD width=2% align=left><font size="2">)</font></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest on capital</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;(R$0.57 and R$0.63</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per thousand common</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and preferred shares,</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31,0</FONT>
        </TD>
        <TD width=2% align=left><font size="2">)</font></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Retention of profit</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">reserves</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">322,7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(322,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD width="22%" align=left nowrap>&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="10%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2001</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">433,9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">17,4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">322,7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">799,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="22%" align=left nowrap>&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="10%" align=left></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align=left></TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="6%" align=right></TD>
  <TD width="2%" align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Capital increase due</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">to merger</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">230,1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">230,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Acquisition of treasury</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">shares</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right> <FONT size=2 face="serif">(0,3</FONT></TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width=6% align=right> <FONT size=2 face="serif">(0</FONT><font size="2">,3 </font></TD>
        <TD width=2% align=left><font size="2">)</font></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Revaluation due to</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">merger</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Realization of revaluation</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">reserve</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(5,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,7</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Income and social contribution</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">taxes on realization of</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">revaluation reserve of</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">subsidiaries</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,3</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">222,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">222,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Appropriation of net income:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Legal reserve</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11,1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(11,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
          <FONT size=2 face="serif">--</FONT></TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Interim dividends</FONT>
 <FONT size=2 face="serif">(R$0.37 and</FONT></TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> R$0.40
            per</FONT> <FONT size=2 face="serif">thousand common </FONT>
</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and</FONT>
<FONT size=2 face="serif">preferred shares,</FONT> </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(20,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(20,0</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Proposed dividends</FONT>
<FONT size=2 face="serif">payable (R$ 0.63</FONT> </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and</FONT> R$
0.69 per thousand</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common and preferred</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(45,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(45,0</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Reserve for unrealized</FONT> profits</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(40,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap> <FONT size=2 face="serif"> <FONT size=2 face="serif">Retention
              of profit</FONT> reserves</FONT>

        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">109,6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(109,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2002</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">664,0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">28,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">432,3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width="6%" align=right> <font size=2 face="serif">(0,3</font> </TD>
        <TD width="2%" align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width="6%" align=right> <font size=2 face="serif">1.191.1</font> </TD>
        <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Acquisition of treasury</FONT> shares</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">(2,2</FONT>
        </TD>
        <TD width="2%" align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width="6%" align=right><FONT size=2 face="serif">(2,2</FONT></TD>
        <TD width="2%" align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Sale of treasury</FONT> shares</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Realization of revaluation</FONT> reserve</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(8,2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6,5</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width="22%" align=left nowrap>
<FONT size=2 face="serif">Income and social contribution</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="6%" align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;taxes on realization of</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;revaluation
        reserve of</FONT> <FONT size=2 face="serif">subsidiaries</FONT> </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0,1</FONT></TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Realization of profit</FONT> reserves</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(40,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">246,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">246,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Appropriation of net income:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Legal reserve</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(12,3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Interim dividends (R$ 0.46</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;and R$ 0.51 per thousand</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;common and preferred</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;shares, respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(33,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(33,0</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Proposed dividends payable</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;(R$ 0.55 and R$ 0.60 per</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;thousand common and</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;preferred shares,</FONT> respectively)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(39,0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(39,0</FONT>
        </TD>
        <TD width=2% align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Reserve for unrealized</FONT> profits</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">85,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(85,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif"> <FONT size=2 face="serif">Retention of profit</FONT> reserves</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">118,7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(118,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right><FONT size=2 face="serif">--</FONT>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2003</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;(PARENT COMPANY)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">664,0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">551,0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">85,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.360,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">Sale of treasury shares (see</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;Note 13.g))</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width="6%" align=right> <FONT size=2 face="serif">(2,5</FONT></TD>
        <TD width="2%" align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width="6%" align=right> <FONT size=2 face="serif">(3,6</FONT> </TD>
        <TD width="2%" align=left><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2003</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>&nbsp;</TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=22% align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;(CONSOLIDATED)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">664,0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">551,0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">85,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width="6%" align=right> <FONT size=2 face="serif">(2,5</FONT> </TD>
        <TD width="2%" align=left><FONT size=2 face="serif">)</FONT></TD>
        <TD width="6%" align=right> <FONT size=2 face="serif">1.356,7</FONT> </TD>
        <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left></TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<div align="center"><BR>

  <font size="2">F-7</font><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="serif"><u>ULTRAPAR PARTICIPACOES S.A. AND SUBSIDIARIES </u></FONT></P>
<P><FONT size=2 face="serif">CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL
    POSITION<br>
  FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001<br>
  (In millions
  of Brazilian reais - R$) </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2002</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2001</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">SOURCES OF FUNDS</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Operations:</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">246,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">132,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Items not affecting working capital:</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings (losses) of affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">145,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">121,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">102,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;Long-term interest and monetary variations</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(30,3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">98,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(15,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">54,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">73,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;Net book value of permanent assets written off</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other long-term taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gain on change in ownership percentage</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">(3,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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 align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;Amortization of negative goodwill on investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(8,7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
          <FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;Allowance
          (realization of provision) for losses</FONT> <FONT size=2 face="serif">on permanent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0,4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5,3</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 width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">378,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">578,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">364,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Third parties:</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Increase in long-term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,8</FONT>
        </TD>
        <TD width=2% align=left>&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">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Decrease in noncurrent assets</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">0,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dividends and interest on capital (gross)</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">0,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Working capital from merger</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">0,1</FONT>
        </TD>
        <TD width=2% align=left>&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 align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Long-term financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">258,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">261,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">54,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total sources</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">639,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">648,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">418,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">USES OF FUNDS</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Permanent assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,7</FONT>
        </TD>
        <TD width=2% align=left>&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">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">299,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">171,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">145,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">87,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">57,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">388,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">203,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Dividends and interest on capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">72,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">76,3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">250,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD WIDTH="8%" align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD WIDTH="8%" align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD WIDTH="8%" align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Transfer from long-term to current liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">280,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">86,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">86,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Decrease in long-term liabilities</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">51,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Increase in noncurrent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,0</FONT>
        </TD>
        <TD width=2% align=left>&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">--</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Acquisition of treasury shares</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,3</FONT>
        </TD>
        <TD width=2% align=left>&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 align=left>
<FONT size=2 face="serif">Acquisition of shares from minority stockholders</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">212,5</FONT>
        </TD>
        <TD width=2% align=left>&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 align=left>
<FONT size=2 face="serif">Taxes on realization of revaluation reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Decrease in minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">309,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">351,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Total uses</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">770,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">650,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">566,6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">DECREASE IN WORKING CAPITAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(131,1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(147,9</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 width="8%" align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD width="8%" align=right><hr size=2 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">REPRESENTED BY</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Current assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">At end of year</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.220,4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.186,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.045,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">At beginning of year</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.186,9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.045,2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.190,8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD WIDTH="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD WIDTH="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD WIDTH="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33,5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">141,7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(145,6</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 WIDTH="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD WIDTH="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
  <TD WIDTH="8%" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left> </TD>
</TR>

  <TR valign="bottom">
    <TD align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">Current
        liabilities:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp; &nbsp; &nbsp;At
        end of year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">632,8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">468,2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">323,9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp; &nbsp; &nbsp;At
        beginning of year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">468,2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">323,9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">321,6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left> </TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left> </TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">164,6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">144,3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">2,3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left> </TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left> </TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left> </TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">DECREASE
        IN WORKING CAPITAL</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">(131,1</FONT> </TD>
    <TD width=2% align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">(2,6</FONT> </TD>
    <TD width=2% align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT SIZE="2" face="Times New Roman, Times, serif">(147,9</FONT> </TD>
    <TD width=2% align=left> <FONT SIZE="2" face="Times New Roman, Times, serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right><hr size=2 color=GRAY noshade></TD>
    <TD align=left> </TD>
    <TD align=right><hr size=2 color=GRAY noshade></TD>
    <TD align=left> </TD>
    <TD align=right><hr size=2 color=GRAY noshade></TD>
    <TD align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<FONT SIZE="2" FACE="Times New Roman, Times, serif"><BR>
</FONT>
<P> <FONT SIZE="2" face="Times New Roman, Times, serif">The accompanying notes
    are an integral part of these financial</FONT> <FONT SIZE="2" face="Times New Roman, Times, serif">statements.</FONT></P>
<P align="center">
<font size="2" face="serif">F-8</font></P>

<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<P>
<FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<div align="center"><FONT size=2 face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
S.A. AND SUBSIDIARIES</u></FONT></div>
<P>
<FONT size=2 face="serif">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>
FOR THE
YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001<br>
</FONT><FONT size=2 face="serif">(Amounts in millions of Brazilian reais - R$, unless otherwise stated) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">OPERATIONS</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148;or
&#147;Ultrapar&#148;) is a holding company organized under the laws of the Federative Republic
of Brazil which, through its ownership of various operating subsidiaries, is
engaged in the distribution of Liquefied Petroleum G&aacute;s (LPG) in Brazil
(Ultragaz), the production and sales of chemicals (Oxiteno), and logistic services
of chemical products and fuel (Ultracargo).</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">PRESENTATION OF THE FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">These financial statements were prepared in accordance with accounting practices adopted in Brazil, which include the indexation of permanent assets and stockholders&#146; equity through December 31, 1995.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">These financial statements have been translated into English from the original financial statements issued in Portuguese. In addition, certain terminology changes have been made and the notes to the financial statements
have been expanded to conform them more closely to reporting practices prevailing in the United States of America.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="95%">
<FONT size=2 face="serif">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">The accounting practices adopted in Brazil to record transactions and prepare the financial statements comply with those prescribed by Brazilian corporate law and specific standards established by the Brazilian
Securities Commission (CVM), which differ in certain respects from accounting principles generally accepted in the United States of America (U.S. GAAP). See Note 24 for further discussions of the differences and the reconciliations of stockholders&#146;
equity and net income under both sets of principles.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">The following is a summary of significant accounting policies followed in the preparation of the financial statements:</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-9</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
  and Subsidiarie</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="serif">a) </font></td>
    <td width="90%"><font size=2 face="serif">Consolidation principles</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"> <font size=2 face="serif">The consolidated financial statements
        include the accounts of the Company and all of the subsidiaries in which
        the Company directly or indirectly controls more than 50% of the voting
        share capital, as listed below. Intercompany investments, asset and liability
        balances, income and expenses, as well as the effects arising from significant
        intercompany transactions, have been eliminated. Minority interest in
    subsidiary companies is presented separately in the financial statements. </font></td>
  </tr>
</table>
<div align="center"><BR>
  <TABLE width="80%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="7" align=center> <FONT size=2 face="serif">Ownership - %</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="7" align=right><hr size=1 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align=center> <FONT size=2 face="serif">2003</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align=center> <FONT size=2 face="serif">2002</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=60% align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align=right><hr size=1 color=GRAY noshade></TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align=right><hr size=1 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD width=60% align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=center> <FONT size=2 face="serif">Direct</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=center> <FONT size=2 face="serif">Indirect</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=center> <FONT size=2 face="serif">Direct</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=center><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 size=1 color=GRAY noshade></TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
      <TD>&nbsp;</TD>
      <TD width=8% align=right><hr size=1 color=GRAY noshade></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">86</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">86</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 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">86</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>
    </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">&nbsp;&nbsp;&nbsp;&nbsp;Ultracargo - Opera&ccedil;&otilde;s Log&iacute;sticas e 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">93</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">93</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>&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=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 Arat&uacute; 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">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">-</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">-</FONT>
          </TD>
    </TR>
    <TR valign="bottom">
          <TD width=60% align=left>
 &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;<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>
  <BR>
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><FONT size=2 face="serif">In 2002, the Company undertook
        a corporate reorganization, disclosed in a relevant fact published on
        October 15, 2002 and approved at the Extraordinary Stockholders&#146; Meeting
        of October 30, 2002. This reorganization was primarily aimed at: (i)
        streamlining the corporate structure of subsidiaries and affiliated companies,
        (ii) cost rationalization, and (iii) concentration of capital market
    liquidity in one company. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">The corporate reorganization was based on
        the balance sheets as of June 30, 2002. As a consequence, the Company
        has full participation in the results of Ultragaz Participa&ccedil;&otilde;es Ltda.
    and Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio as from July 1, 2002. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"> <FONT size=2 face="serif">On August 8, 2003, the Company
        acquired, through its subsidiary Companhia Ultragaz S.A., the LPG distribution
        operation of Shell Petroleum N.V. in Brazil (SPG&aacute;s Distribuidora de G&aacute;s
        S.A.). The disbursement for this acquisition was R$ 170.6, for the purchase
        of 100% of this company&#146;s shares and the extinguishment of its debts.
        The 2003 financial statements include the account balances and transactions
        of the company since its acquisition in August 2003. This acquisition
        generated goodwill of R$ 24.4, which was based on the expected future
        profitability of the company, and is being amortized over a period of
    five years, starting August 2003. </FONT></td>
  </tr>
</table>

<P align="center"><font size="2" face="serif">F-10</font>
  <br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
  and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">On December 4, 2003, the Company acquired, through
      its subsidiary Barrington S.L, the chemical business of the Berci Group
      in Mexico (CANAMEX - Canamex Qu&iacute;micos S.A. de C.V.). The cost of this acquisition
      was US$ 10.3 million, free of debt. The 2003 financial statements include
      the account balances and transactions of the company since its acquisition
    in December 2003. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">On December 31, 2003, the Company merged the
      subsidiaries Ultratecno Participa&ccedil;&otilde;es Ltda. into Ultragaz Participa&ccedil;&otilde;es
      Ltda., Ultracargo Participa&ccedil;&otilde;es Ltda. into Oleoqu&iacute;mica do
      Nordeste Ltda., and the latter into Ultracargo - Opera&ccedil;&otilde;s Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.
    (new name of Ultraquimica Participa&ccedil;&otilde;es Ltda.), in order to reduce costs. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Cash and cash equivalents</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Cash and cash equivalents comprise liquid temporary cash investments (with original maturity dates of three months or less and readily convertible to cash).</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Short-term investments</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Short-term investments are stated at the lower of cost, plus accrued income earned, or market value.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Trade accounts receivable</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Trade accounts receivable are stated at estimated net realizable values. The allowance for doubtful accounts is based on estimated losses and is considered by management to be sufficient to cover probable losses on the
realization of accounts receivable.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Inventories</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Inventories are stated at the average cost of acquisition or production, or net realizable value, whichever is lower.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Investments in affiliated companies</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Investments in businesses not controlled by the Company, but over which it has significant influence, are accounted for using the equity method (see Note 9).</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Other investments</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Other investments are recorded at cost less provision for losses, if expected to be other than temporary.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">h)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Property, plant and equipment</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Property, plant and equipment are stated at historical cost, monetarily restated through December 31, 1995, and revaluation adjustments based on appraisal reports issued by independent appraisers, less accumulated
depreciation. Revaluation increments are credited to the revaluation reserve component of stockholders&#146; equity and subsequently transferred to retained earnings as the related assets are depreciated or disposed of.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-11</FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">Depreciation is calculated on the straight-line
      basis at the annual rates described in Note 10, based on the estimated
    useful lives of the assets. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">i)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Deferred charges</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Deferred charges consist mainly of costs incurred in the implementation of projects to install equipment at customers&#146; facilities, projects to modernize systems, and goodwill arising from acquisition of subsidiaries, as
mentioned in Note 11.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">j)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Income taxes</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Income and social contribution taxes (a federally mandated tax based on income) are accrued on taxable results at the applicable tax rates.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The accrual for income tax includes the effects of tax holidays, where applicable. Deferred income and social contribution taxes on temporary differences are recognized in accordance with CVM Resolution No.
273/98.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">k)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Compensated absences</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The liability for future compensation for employee vacations is fully accrued as earned.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">l)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Assets and liabilities denominated in foreign currency or subject to indexation</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Assets and liabilities denominated in foreign currencies are translated into reais at the exchange rate reported by the Brazilian Central Bank (BACEN) at each balance sheet date. Exchange gains and losses are recognized
in income.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Assets and liabilities denominated in reais and contractually or legally subject to indexation are restated to the balance sheet date by applying the corresponding index, with related gains and losses recognized in
income.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">m)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Revenues and expenses</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Revenues from sales are recognized when products are delivered to the customer or services performed, and the transfer of risks, rights and obligations associated with the ownership of products takes place. Expenses are
recognized on the accrual basis. Advertising expenses, which are expensed as incurred, amounted to R$ 6.7, R$ 8.8 and R$ 6.6 for the years ended December 31, 2003, 2002 and 2001, respectively. Shipping and handling costs, classified as selling
expenses and expensed as incurred, amounted to R$ 66.5, R$ 45.0 and R$ 37.4 for the years ended December 31, 2003, 2002 and 2001, respectively.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">n)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Cost of sales and services</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Costs of sales and services rendered include the cost of LPG, chemical products, distribution, transportation and filling costs.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-12</FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">o)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Earnings per share</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Earnings per share are calculated based on the annual weighted average shares outstanding during each of the years where such earnings are reported.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">p)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Use of estimates</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The preparation of financial statements in accordance with accounting practices adopted in Brazil requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses for the years presented. Although these estimates are based on management&#146;s best available knowledge of current and expected future events, actual results could be
different from those estimates.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">q)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width="90%">
<FONT size=2 face="serif">Reclassifications</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Certain balances have been reclassified for better comparison of the financial statements.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"><font size=2 face="serif">4. </font></td>
    <td width="95%"><font size=2 face="serif">CASH AND CASH EQUIVALENTS</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <font size=2 face="serif">Cash equivalents consist of investments,
        contracted with banks of good standing, and include fixed income securities,
        funds linked to interbank deposit (CDI) rates and currency hedge, which
    are stated at cost plus accrued income (on a "pro rata temporis" basis). </font></td>
  </tr>
</table>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2002</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
          <hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>
<FONT size=2 face="serif">Fixed income securities and funds</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">489.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">417.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>
<FONT size=2 face="serif">Foreign investments (a)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">32.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">127.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>
<FONT size=2 face="serif">Net income from swaps operations (b)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">39.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">46.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">53.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=78% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">568.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">637.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp; </TD>
  <TD align=right>
    <hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width="90%">
<FONT size=2 face="serif">Investments made by the indirect subsidiary Oxiteno Overseas Co. in money market funds and debt securities.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width="90%">
<FONT size=2 face="serif">Accumulated gain on swaps positions (see Note 17).</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT size=2 face="serif">SHORT-TERM INVESTMENTS</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2>
<FONT size=2 face="serif">Our short-term investments relate to the amount invested by the indirect subsidiary Oxiteno Overseas Co. in debt securities of U.S. and Brazilian corporations.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-13</FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">6. </font></TD>
  <TD align=left><FONT size=2 face="serif">ACCOUNTS RECEIVABLE</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2002</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=center>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=center>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Local customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">299.8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">251.2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Foreign customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">71.3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">81.4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">(-) Advances on foreign exchange contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(43.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">(-) Allowance for doubtful accounts</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(17.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(11.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">322.3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">278.0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">INVENTORIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center> <FONT size=2 face="serif">2003</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">2002</FONT> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Finished products</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">78.4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">67.6</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Liquefied Petroleum Gas (LPG)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">22.7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7.9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Raw materials</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25.4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20,1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Supplies and cylinders for resale</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">137.7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">106.3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">RECOVERABLE TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=6% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left> <FONT size=2 face="serif">Represented, substantially, by credit
      balances of State Value-Added Tax (State VAT - ICMS), Federal Excise Tax
      (IPI), and prepaid income and social contribution taxes, which can be offset
    against future taxes payable. </FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=center>
      <hr size=1 color=GRAY noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>
      <hr size=1 color=GRAY noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">64.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">68.3</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">State Value-Added Tax (State VAT - ICMS)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">42.6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Federal Excise Tax (IPI)</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.9</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2.3</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=77% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">115.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">115.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp; </TD>
  <TD align=center>
    <hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>
    <hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">9.</font></TD>
  <TD align=left><FONT size=2 face="serif">INVESTMENTS IN AFFILIATED COMPANIES</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left> <font size=2 face="serif">A summary of financial information
    for the Company&#146;s equity investments is as follows: </font></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=69% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">2003</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=69% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=69% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=center> <FONT size=2 face="serif">Oxicap<br>
      Ind&uacute;stria de<br>
Gases Ltda.</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
    Bahia<br>
    Ind&uacute;stria e<br>
    Com&eacute;rcio S.A.</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=69% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=69% align=left>
<FONT size=2 face="serif">Number of shares or quotas held</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,174,501</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=69% align=left>
<FONT size=2 face="serif">Adjusted net equity - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=69% align=left>
<FONT size=2 face="serif">Net income for the year - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=69% align=left>
<FONT size=2 face="serif">Ownership - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45.56</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<div align="center"><BR>
    <FONT size=2 face="serif">F-14</FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
  <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center><font size="2">2003</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxicap<br>
Ind&uacute;stria de<br>
Gases Ltda.</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
Bahia<br>
Ind&uacute;stria e<br>
Com&eacute;rcio S.A.</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Other</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Total</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Changes in investments:</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% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=right>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at the beginning of the year</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.9</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity pick-up</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</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=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off</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=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at the end of the year</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <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>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><font size="2">2002</font></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><hr size=1 color=GRAY noshade></TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxicap<br>
Ind&uacute;stria de<br>
Gases Ltda.</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Nordeste<br>
    Qu&iacute;mica S.A. -<br>
    Norquisa</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
Bahia<br>
Ind&uacute;stria e<br>
Com&eacute;rcio S.A.</FONT> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center>
          <hr size=1 color=GRAY noshade></TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Number of shares or quotas held</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60,426,077</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,174,500</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Adjusted net equity - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Loss for the year - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Ownership - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.73</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45.56</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center><font size="2">2002</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxicap<br>
Ind&uacute;stria<br>
de Gases<br>
Ltda.</FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">F&aacute;brica<br>
  </FONT><FONT size=2 face="serif">Carioca de<br>
  </FONT><FONT size=2 face="serif">Catalizadores</FONT>
  <FONT size=2 face="serif">S.A. - FCC</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Nordeste<br>
Qu&iacute;mica S.A. -<br>
Norquisa</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
Bahia<br>
Ind&uacute;stria e<br>
Com&eacute;rcio S.A.</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Imaven II<br>
Agropecu&aacute;ria<br>
S.A.</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Total</FONT> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
<FONT size=2 face="serif">Changes in investments:</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&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=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at the beginning</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&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=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">of the year</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15.4</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">42.3</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</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">63.0</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Write-off of</FONT>
 <FONT size=2 face="serif">revaluation</FONT> </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&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=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
<FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reserve</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">(2.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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">-</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">(2.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dividends received</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">(0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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">-</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">(0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity pick-up</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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">-</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">(1.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cost of investments</FONT> <FONT size=2 face="serif">sold</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">(11.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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">-</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">(11.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Business combination</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=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">-</FONT>
        </TD>
        <TD width=2% align=left>&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">0.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allowance for
 loss</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=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">(40.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(40.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>
 &nbsp;&nbsp; <FONT size=2 face="serif">Balance at the end of the year</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=2% align=left>&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">1.7</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=33% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
          <hr size=2 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=center><hr size=2 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><hr size=2 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><hr size=2 color=GRAY noshade></TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right><hr size=2 color=GRAY noshade></TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=center><hr size=2 color=GRAY noshade></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center><font size="2">2001</font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxicap<br>
Ind&uacute;stria<br>
de Gases<br>
Ltda.</FONT></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">F&aacute;brica<br>
  Carioca de<br>
  Catalisadores</FONT>
  <FONT size=2 face="serif">S.A. - FCC</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Nordeste<br>
Qu&iacute;mica S.A. -<br>
Norquisa</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
Bahia<br>
Ind&uacute;stria e<br>
Com&eacute;rcio S.A.</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Number of shares or quotas held</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125,536,199</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60,426,077</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,174,500</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Adjusted net equity - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">77.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">486.8</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Net income (loss) for the year - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Ownership - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">20.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.73</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45.56</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">F-15</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<p><br>
</p>
<p> <FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
    and Subsidiaries </FONT><br>
</p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center><FONT size=2 face="serif">2001</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=left><hr size=1 color=GRAY noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Oxicap<br>
  Ind&uacute;stria<br>
  de Gases<br>
  Ltda.</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">F&aacute;brica<br>
      </FONT><FONT size=2 face="serif">Carioca de<br>
      </FONT><FONT size=2 face="serif">Catalizadores</FONT>
      <FONT size=2 face="serif">S.A. - FCC</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Nordeste<br>
  Qu&iacute;mica S.A. -<br>
  Norquisa</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
  Bahia<br>
  Ind&uacute;stria e<br>
  Com&eacute;rcio S.A.</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center><font size="2" face="Times New Roman, Times, serif">Total</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr size=1 color=GRAY noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=37% align=left> <FONT size=2 face="serif">Changes in investments:</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% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=2% align=left>&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=5% align=left>&nbsp;</TD>
    <TD width=37% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Balance
        at the beginning of the year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12.1</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">43.7</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">4.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">61.1</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=37% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Write-off
        of revaluation reserve</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=2% align=left>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </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">(0.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=37% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        received</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">(0.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=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">(1.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=37% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity
        pick-up</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">4.2</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=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">3.5</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD align=left>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD align=left>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD>&nbsp;</TD>
       <TD align=left><hr size=1 color=GRAY noshade></TD>
       <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=37% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Balance
        at the end of the year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">15.4</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">42.3</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="serif">4.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">63.0</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD align=left>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD align=left>&nbsp;</TD>
       <TD align=right><hr size=1 color=GRAY noshade></TD>
       <TD>&nbsp;</TD>
       <TD align=left><hr size=1 color=GRAY noshade></TD>
       <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="12" align=left> <FONT size=2 face="serif">In the financial statements,
        the investments 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 their financial statements as of November 30, 2003. </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="12" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">10. </font></TD>
  <TD colspan="15" align=left> <FONT size=2 face="serif">PROPERTY, PLANT AND
    EQUIPMENT, NET </FONT></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">2003</FONT></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">2002</FONT></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Annual<br>
depreciation<br>
rates - %</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Cost,<br>
including<br>
revaluation</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2" face="Times New Roman, Times, serif">Accumulated<br>
    depreciation</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size="2" face="Times New Roman, Times, serif">Net</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Cost,<br>
  including<br>
  revaluation</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2" face="Times New Roman, Times, serif">Accumulated<br>
  depreciation</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size="2" face="Times New Roman, Times, serif">Net</font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size=1 color=GRAY noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Land</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">46.9</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">46.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47.2</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">47.2</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4 to 5</FONT>
        </TD>
    <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">356.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(123.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">233.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">321.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(109.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">211.2</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<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">610.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(286.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">323.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">571.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(287.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">284.8</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<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">380.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(192.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">188.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">197.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(91.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">106.7</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<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">127.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(86.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">107.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(72.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">35.1</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<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">15.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">7.7</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Construction in progress</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">46.3</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">46.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">39.9</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">39.9</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left> <FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10 to 30</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">117.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(39.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">78.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">72.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(25.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">46.9</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,700.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(732.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">968.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,369.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(590.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">779.5</FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=23% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
  </TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>&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>
        <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>
        <TD width=8%>&nbsp;
  </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><FONT size=2 face="serif">Property, plant and equipment include
        net capitalized interest cost of R$</FONT> <FONT size=2 face="serif">6.0
    and R$ 6.6 as of December 31, 2003 and 2002, respectively.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Construction in progress refers mainly to construction
        of TLS - Terminal</FONT> <FONT size=2 face="serif">L&iacute;quido de Santos
        and Terminal Intermodal de Montes Claros, both</FONT> <FONT size=2 face="serif">investments
        of the subsidiary Terminal Qu&iacute;mico de Arat&uacute; S.A. - Tequimar,</FONT> <FONT size=2 face="serif">and
    renovations of the industrial complexes of other subsidiaries.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Other is comprised of computer equipment in
        the amount of R$ 19.6 (2002 -</FONT> <FONT size=2 face="serif">R$ 13.2),
        software in the amount of R$ 29.9 (2002 - R$ 5.2) and commercial</FONT> <FONT size=2 face="serif">property
    rights, mainly those described below.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&#149;</td>
    <td width="90%"><FONT size=2 face="serif">On July 11, 2002, the indirect
        subsidiary Terminal Qu&iacute;mico de Arat&uacute;</FONT> <FONT size=2 face="serif">S.A.
        - Tequimar won the auction and signed a contract for use of the</FONT> <FONT size=2 face="serif">site
        on which it operates the Arat&uacute; Terminal for another 20 years,</FONT> <FONT size=2 face="serif">renewable
        for the same period. The amount paid by Tequimar was R$ 12.0</FONT>&nbsp;<FONT size=2 face="serif">and
        is being amortized over 40 years, equivalent to annual</FONT> <FONT size=2 face="serif">amortization
    of R$ 0.3.</FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
</table>
<p align="center"><BR>
  <FONT size=2 face="serif">F-16</FONT></p>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<br>
<FONT size=1 face="Arial, Helvetica, sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&#149;</td>
    <td width="90%"><FONT size=2 face="serif">Further, the subsidiary Terminal
        Qu&iacute;mico de Arat&uacute; S.A. - Tequimar has a lease contract of the area adjacent
        to the Santos harbor for a period of 20 years, which allows it to build,
        operate and exploit the terminal, intended for the reception, storage,
        movement and distribution of liquid bulk. The price paid by Tequimar
        was R$ 3.8 and will be amortized over a period of 40 years, as from the
    beginning of its operations, expected to be in November 2004. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><FONT size=2 face="serif">11. </FONT></td>
    <td colspan="2"><FONT size=2 face="serif">DEFERRED CHARGES, NET </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td colspan="2"> <FONT size=2 face="serif">Represented substantially by costs
        incurred in the implementation of systems modernization projects - R$
        3.2 (2002 - R$ 19.9), amortizable over five to ten years, and for the
        installation of Ultrasystem equipment at customers&#146; locations - R$ 56.8
        (2002 - R$ 58.0), to be amortized over the periods of the LPG supply
        contracts with these customers. Deferred charges also includes the goodwill
        from the acquisition of SPG&aacute;s Distribuidora de G&aacute;s S.A., as described
    in Note 3. </FONT></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="serif">F-17</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">12. </font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">FINANCING </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">a)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Composition</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="25%" align=center><font size=2 face="Times New Roman, Times, serif">Description</font></TD>
    <TD WIDTH="2%" align=CENTER>&nbsp;</TD>
    <TD WIDTH="8%" align=CENTER><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD WIDTH="2%" align="CENTER">&nbsp;</TD>
    <TD WIDTH="8%" align=CENTER><font size=2 face="Times New Roman, Times, serif">2002</font></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center><font size=2 face="Times New Roman, Times, serif">Index/<br>
    </font> <font size=2 face="Times New Roman, Times, serif">Currency</font></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center><font size=2 face="Times New Roman, Times, serif">Annual<br>
      </font> <font size=2 face="Times New Roman, Times, serif">interest<br>
    </font> <font size=2 face="Times New Roman, Times, serif">rate - %</font> </TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align=CENTER><font size=2 face="Times New Roman, Times, serif">Maturity
        and amortization</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>
      <HR size="1" noshade>
    </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right><HR SIZE="1" NOSHADE></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="8%" align=right><HR SIZE="1" NOSHADE></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center>
      <HR SIZE="1" NOSHADE>
    </TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center><HR SIZE="1" NOSHADE>
    </TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align=left>
      <HR SIZE="1" NOSHADE>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="8%" align=right></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Foreign
        currency:</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR>
    <TD width="25%" align="left">&nbsp; </TD>
    <TD WIDTH="2%" align="right">&nbsp;</TD>
    <TD WIDTH="8%" align="right">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="8%" align="right">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align="center">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align="center">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">International
        Finance</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Corporation
        - IFC</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">17.7</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">US$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">9.38</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Working
        capital loan</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">0.5</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">Mex$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">1.4</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">28
        days</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Syndicated
        loan (*)</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">173.6</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">212.5</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">US$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">4.25</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Semiannually
        to 2004</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Financing
        for inventories</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">and
        property additions</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">11.4</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">3.8</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">US$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center nowrap> <FONT size=2 face="Times New Roman, Times, serif">From
        7.3 to</FONT> <font size=2 face="Times New Roman, Times, serif">8.0</font></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Semiannually
        and annually to 2004</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Advances
        on foreign exchange</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">contracts</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">24.9</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">73.9</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">US$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center nowrap> <FONT size=2 face="Times New Roman, Times, serif">From
        1.3 to</FONT> <font size=2 face="Times New Roman, Times, serif">5.31</font></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Maximum
        of 58 days</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">National
        Bank for Economic</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
        Social Development</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">(BNDES)</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">23.2</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">28.9</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">UMBNDES</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">From
        9.01 to</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Monthly
        to 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">(**)</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">10.91</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">National
        Bank for Economic</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
        Social Development</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BNDES)
        - Exim</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">17.8</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">US$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">5.25</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Export
        prepayments</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">205.1</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">23.2</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">US$</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">From
        4.1 to</FONT> <font size=2 face="Times New Roman, Times, serif">6.85</font></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Monthly,
        semiannually and annually to 2008</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade>
    </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right><HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center>&nbsp; </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Subtotal</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">438.7</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">377.8</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR>
    <TD width="25%" align="left">&nbsp; </TD>
    <TD WIDTH="2%" align="right">&nbsp;</TD>
    <TD WIDTH="8%" align="right">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="8%" align="right">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align="center">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align="center">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Unrealized
        losses on swaps</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">transactions</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">55.7</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Subtotal</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">494.4</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">377.8</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR>
    <TD width="25%" align="left">&nbsp; </TD>
    <TD WIDTH="2%" align=right valign="bottom">&nbsp;</TD>
    <TD WIDTH="8%" align=right valign="bottom">
      <HR size="1" noshade>
    </TD>
    <TD WIDTH="2%" align="left" valign="bottom">&nbsp; </TD>
    <TD WIDTH="8%" align=right valign="bottom">
      <HR size="1" noshade>
    </TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align="center">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align="center">&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Local
        currency:</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">National
        Bank for Economic</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
        Social Development</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">(BNDES)</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">159.3</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">182.0</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">TJLP
        or</FONT> <font size=2 face="Times New Roman, Times, serif">IGP-M</font></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">From
        1.5 to 6.5</font></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Monthly
        and semiannually to 2008</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">FINAME</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">28.9</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">23.6</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">TJLP</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">From
        1.8 to 4.0</font></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Monthly
        to 2008</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Onlending
        operations</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">5.3</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">TJLP</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> <FONT size=2 face="Times New Roman, Times, serif">(2.0)</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Monthly
        to 2009</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Subtotal</FONT> </TD>
    <TD WIDTH="2%" align=right></TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">193.5</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">205.6</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        financing</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">687.9</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">583.4</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Current
        liabilities</FONT> </TD>
    <TD WIDTH="2%" align=RIGHT>&nbsp;</TD>
    <TD WIDTH="8%" align=RIGHT> <FONT size=2 face="Times New Roman, Times, serif">(381.6</FONT></TD>
    <TD WIDTH="2%" align=LEFT><font size=2 face="Times New Roman, Times, serif">)</font></TD>
    <TD WIDTH="8%" align=RIGHT><font size=2 face="Times New Roman, Times, serif">(219.8</font></TD>
    <TD WIDTH="2%" align=LEFT><font size=2 face="Times New Roman, Times, serif">)</font></TD>
    <TD WIDTH="12%" align=center>&nbsp;</TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right>
      <HR size="1" noshade></TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left> <FONT size=2 face="Times New Roman, Times, serif">Long-term
        liabilities</FONT> </TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">306.3</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right> <FONT size=2 face="Times New Roman, Times, serif">363.6</FONT> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center> </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="25%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD WIDTH="2%" align=right>&nbsp;</TD>
    <TD WIDTH="8%" align=right>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="8%" align=right>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD WIDTH="2%" align="left">&nbsp; </TD>
    <TD WIDTH="12%" align=center></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="12%" align=center></TD>
    <TD WIDTH="2%" align="left">&nbsp;</TD>
    <TD WIDTH="25%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=center></TD>
    <TD align="left">&nbsp;</TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">(*)</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">On December
        11, 2003, the subsidiary LPG International Inc. renegotiated the interest
        of 7.15% per year to 4.25% per year. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">(**)</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">UMBNDES
        = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing
        the composition of BNDES&#146; foreign currency debt. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4"><p><font size=2 face="Times New Roman, Times, serif">Approximately
          76% of this &#147;basket&#148; is linked to the U.S. dollar. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">TJLP - long-term
            interest rate. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">IGP-M - general
            market price index. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">FINAME - government
            agency for machinery and equipment financing. </font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">b)</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">Annual
        maturities of long-term financing </font></td>
  </tr>
</table>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=5% align=left></TD>
    <TD width=17% align=left> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2003&nbsp;&nbsp;</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left></TD>
    <TD width=17% align=left> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right><hr noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align="left">&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=17% align=left> <FONT size=2 face="Times New Roman, Times, serif">2005</FONT> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">160.8</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=17% align=left> <FONT size=2 face="Times New Roman, Times, serif">2006</FONT> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">94.7</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=17% align=left> <FONT size=2 face="Times New Roman, Times, serif">2007</FONT> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">34.6</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=17% align=left> <FONT size=2 face="Times New Roman, Times, serif">2008</FONT> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">15.2</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=right>&nbsp;</TD>
    <TD width=17% align=left> <FONT size=2 face="Times New Roman, Times, serif">2009</FONT> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.0</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left></TD>
    <TD width=17% align=left> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right><hr noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left></TD>
    <TD width=17% align=left> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">306.3</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left></TD>
    <TD width=17% align=left> </TD>
    <TD width=70%>&nbsp; </TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-18</FONT></P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<font size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
S.A. and Subsidiaries </font><br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">c)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Eurobonds </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">In June
        1997, the subsidiary Companhia Ultragaz S.A. issued eurobonds in the
        total amount of US$ 60 million, maturing in 2005, with put/call options
        in 2002, and guaranteed by Ultrapar Participa&ccedil;&otilde;es S.A.
        and Ultragaz Participa&ccedil;&otilde;es Ltda. In June 2002, the subsidiary
        LPG International Inc. exercised the call option for these securities
        using funds from a syndicated loan in the same amount, maturing in August
        2004 and prepaid in January 2004 as stated in Note 23. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">d) </font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Collateral </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Certain
        financing is collateralized by liens on property, plant and equipment,
        stockholdings, and promissory notes and guarantees provided by the Company
        and its subsidiaries, as shown below: </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
</table>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">2003</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">2002</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="82%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Amount
        of borrowings secured by:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Property,
        plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">34.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">26.8</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Shares
        of affiliated companies</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">17.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">18.2</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Minority
        stockholders&#146; guarantees</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">17.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">42.2</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">69.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">87.2</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR NOSHADE SIZE=2></TD>
    <TD width=2% align=right>&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=right>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Other loans
        are guaranteed either by the Company, or by the future flow of export. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The Company
        is responsible for sureties and guarantees offered on behalf of its subsidiaries,
        amounting to R$ 571.4.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The Company&#146;s
        subsidiaries have issued guarantees to financial institutions related
        to amounts owed to those institutions by certain of their customers (vendor
        financing). There are no recourse provisions or collateral that would
        enable the Company or its subsidiaries to recover any amounts paid to
        the financial institutions under these agreements. In the event of payment
        of such guarantees to those financial institutions, the subsidiaries
        may recover the amount of such payment directly from their customers
        through trade collection. Maximum future payments related to these guarantees
        amount to R$ 19.8 (2002 - R$ 7.1), with terms ranging from 30 to 210
        days. As of December 31, 2003, the Company has not recorded any liability
        related to these guarantees. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">13.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">STOCKHOLDERS&#146; EQUITY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">a)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Capital </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The Company
        is a public corporation with shares traded on the Sao Paulo and New York
        Stock Exchanges - NYSE. Subscribed and paid-up capital is represented
        by 69,691,268,828 shares without par value, consisting of 51,264,621,778
        common and 18,426,647,050 preferred shares.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">On December
        31, 2003, 4,823,058,000 preferred shares were outstanding in the U.S.
        market, in the form of American Depositary Receipts - ADRs.</font></td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-19</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Preferred
        shares are nonconvertible into common shares and nonvoting, entitle their
        holders to dividends at least 10% higher than those attributable to common
        shares, and have priority in capital redemption, without premium, in
        the event of liquidation of the Company. See Note 23.c). </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">b) </font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Treasury
        shares </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The Company
        was authorized to acquire its own shares at market price, without capital
        reduction, to be held in treasury and subsequent disposal, in accordance
        with the provisions set forth by the Brazilian Securities Commission
        (CVM) Instructions No. 10 of February 14, 1980 and No. 268 of November
        13, 1997.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">In 2003,
        87,900 thousand preferred shares were acquired at the average cost of
        R$ 24.73 (whole Brazilian reais), with a minimum cost of R$ 22.50 (whole
        Brazilian reais) and a maximum cost of R$ 31.30 (whole Brazilian reais)
        per thousand shares.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">As of December
        31, 2003, the consolidated financial statements recorded 108,100 thousand
        preferred shares in treasury, which were acquired at the average cost
        of R$ 23.79 (whole Brazilian reais) per thousand shares.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The market
        price of these shares in treasury on December 31, 2003 on the Sao Paulo
        Stock Exchange (BOVESPA) totaled R$ 37.29 (whole Brazilian reais) per
        thousand shares.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">c)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Capital
        reserve </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The capital
        reserve in the amount of R$ 1.1 reflects the gain on disposal of shares
        issued by the Company and held in treasury by some of the Company&#146;s
        subsidiaries, at the price of R$ 34.87 (whole Brazilian reais) per thousand
        shares. Executives of these subsidiaries have been given the usufruct
        of such shares, as described in Note 21. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">d)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Revaluation
        reserve </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">This reserve
        reflects the revaluation write-up of assets of subsidiaries and affiliated
        companies and is realized based on depreciation, write-off or sale of
        these revalued assets, including the related tax effects.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">In some
        cases, taxes on the revaluation reserve of certain subsidiaries and affiliated
        companies are recognized only on realization of this reserve since the
        revaluation occurred prior to the publication of CVM Resolution No. 183/95.
        Deferred tax charges on these reserves total R$ 7.6 (2002 - R$ 8.5) . </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">e)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Profit
        reserves </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif"><u>Legal
          reserve</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Under Brazilian
        corporate law, the Company is required to appropriate 5% of annual earnings
        to a legal reserve, until the balance reaches 20% of capital stock. This
        reserve may be used to increase capital or absorb losses, but may not
        be distributed as dividends.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">F-20</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><u><font size=2 face="Times New Roman, Times, serif">Reserve
          for retention of profits </font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">This reserve
        is supported by the investment program, in conformity with article 196
        of Brazilian corporate law, and includes both a portion of net income
        and realization of revaluation reserve.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><u><font size=2 face="Times New Roman, Times, serif">Reserve
          for unrealized profits</font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">This reserve
        is established in conformity with article 197 of Brazilian corporate
        law, based on the equity in subsidiaries and affiliated companies. The
        realization of reserve normally occurs on receipt of dividends, sale
        and write-off of investments.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">f) </font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Dividends
        and appropriation of net income</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">According
        to the Company&#146;s bylaws, the stockholders are entitled to a minimum
        annual dividend of 50% of adjusted net income, calculated under the terms
        of accounting practices adopted in Brazil.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Proposed
        dividends as stated in the Company&#146;s financial statements, subject
        to approval at the Stockholders&#146; Annual Meeting, are as follows: </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">2003</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%" align="left">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Net
        income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">246.4</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Legal
        reserve</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(12.3</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Retention
        of profits - article 196</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(117.1</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Realization
        of unrealized profit reserve</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">40.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Compulsory
        dividends</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">157.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%" align="left">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Reserve
        for unrealized profits</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(85.6</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Interim
        dividends (R$ 0.46 and R$ 0.51 per thousand common and</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif"></FONT>preferred
        shares, respectively)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(33.0</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Proposed
        dividends (R$ 0.55 and R$ 0.60 per thousand common and</font> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif"></FONT>&nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif"></FONT>preferred
        shares, respectively)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(39.0</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">Management proposes
        to retain the balance of net income in the &#147;Reserve for retention
        of profits" account, in order to support the business expansion project
        established in its investment plan.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">g)</font></td>
    <td><font size=2 face="Times New Roman, Times, serif">Reconciliation of stockholders&#146; equity
        - parent company and consolidated </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Stockholders&#146; equity
        - parent company</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,360.3</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=82% align=left> <font size=2 face="Times New Roman, Times, serif">Treasury
        shares held by subsidiaries -</font> <FONT size=2 face="Times New Roman, Times, serif">net
        of realization</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="Times New Roman, Times, serif">(2.5</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=82% align=left> <font size=2 face="Times New Roman, Times, serif">Capital
        reserve arising from sale of treasury shares to subsidiaries -</font> <FONT size=2 face="Times New Roman, Times, serif">net
        of realization</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="Times New Roman, Times, serif">(1.1</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=82% align=left> </TD>
    <TD width=7% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Stockholders&#146; equity
        - consolidated</FONT> </TD>
    <TD width=7% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,356.7</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=82% align=left> </TD>
    <TD width=7% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-21</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">14.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">NONOPERATING
        INCOME (EXPENSES), NET</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">Refers
        principally to the result on sales of permanent assets, especially cylinders
        for the year ended December 31, 2003. For the year ended December 31,
        2002, refers principally to the recognition of provision for loss, in
        the amount R$ 40.6, of the investment of Oxiteno Nordeste S.A. - Ind&uacute;stria
        e Com&eacute;rcia in Nordeste Quimica S.A. - Norquisa. For the year ended
        December 31, 2001, refers to loss on disposal of investments and property,
        plant and equipment in the amount of R$ 12.4, write-off of deferred charges
        related to unsuccessful bid for Copene Petroquimica do Nordeste S.A.
        in the amount of R$ 8.0 and reversal for losses on investments, projects
        and fixed assets in the amount of R$ 3.4.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">15.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">RECONCILIATION
        OF EBITDA</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">As recommended
        by the CVM in its annual orientation document for the preparation of
        financial statements, the Company is presenting its method for calculating
        EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization),
        as shown in the table below:</font></td>
  </tr>
</table>
<br>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD colspan="9" align=center><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">2002</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">2001</font></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center><hr noshade size=1>
    </TD>
    <TD align="center">&nbsp;</TD>
    <TD width="9%" align=center><hr noshade size=1>
    </TD>
    <TD align="center">&nbsp;</TD>
    <TD width="9%" align=center><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Ultragaz</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Oxiteno</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Ultracargo</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">Consolidated</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">Consolidated</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">Consolidated</font> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" 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%">&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%">&nbsp;</TD>
    <TD width="8%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Operating
        income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">113.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">207.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">24.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">6.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">351.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">365.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">278.9</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">(+)
        Depreciation and</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>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">95.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">36.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">15.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">146.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">121.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">102.4</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">(8.8</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" 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%">&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%">&nbsp;</TD>
    <TD width="8%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">EBITDA</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">208.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">243.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">40.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">7.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">498.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">487.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">372.5</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><hr noshade size=2>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">16.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">SEGMENT
        INFORMATION </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">The Company
        has three reportable segments: gas, chemical and logistics. The gas segment
        distributes LPG to retail, commercial and industrial consumers mainly
        in the South, Southeast and Northeast areas of Brazil. The chemical segment
        produces primarily ethylene oxide, ethylene glycols, ethanolamines and
        glycol ethers. The logistics segment operates storage and transportation,
        mainly in the Southeast and Northeast areas of the country. Reportable
        segments are strategic business units that offer different products and
        services. Each of the reportable segments has a senior officer responsible
        for managing the segment. Intersegment sales are transacted at prices
        that approximate those that the selling entity is able to obtain on external
        sales. The principal financial information about each of the Company&#146;s
        reportable segments is as follows:</font></td>
  </tr>
</table>
<br>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD colspan="9" align=center><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">2002</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">2001</font></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD colspan="9" align=center><hr noshade size=1></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><hr noshade size=1>
    </TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><hr noshade size=1>
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Ultragaz</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Oxiteno</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Ultracargo</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align=center><font size=2 face="Times New Roman, Times, serif">Other</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">Consolidated</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">Consolidated</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="9%" align=center><font size=2 face="Times New Roman, Times, serif">Consolidated</font> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="25%" 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%">&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%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%" align=right><hr noshade size=1>
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Net
        sales</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2,622.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,237.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">140.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">4,000.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2,994.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2,284.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Operating
        income before</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>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financial
        items</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">113.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">207.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">24.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">6.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">351.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">365.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">278.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">EBITDA</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">208.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">243.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">40.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">7.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">498.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">487.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">372.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,010.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,075.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">269.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">52.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2,408.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2,127.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,952.0</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P> <FONT size=2 face="Times New Roman, Times, serif">Disclosures of segments
    in accordance with U.S. GAAP are made in Note 24.V.k.). </FONT></P>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-22</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">17. </font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">RISKS AND
        FINANCIAL INSTRUMENTS </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">The main
        risk factors that the Company and its subsidiaries are exposed to reflect
        strategic- -operating and economic-financial aspects. Strategic-operating
        risks (such as demand behavior, competition, technological innovation
        and significant structural changes in industry, among others) are addressed
        by the Company&#146;s management model. Economic- -financial risks mainly
        reflect customer default and macroeconomic variables such as exchange
        and interest rates, as well as the characteristics of the financial instruments
        used by the Company. These risks are managed through control policies,
        specific strategies and the determination of limits, as follows: </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&#149;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Customer
        default - These risks are managed by specific policies for</font> <font size=2 face="Times New Roman, Times, serif">accepting
        customers and credit analysis and are mitigated by</font> <font size=2 face="Times New Roman, Times, serif">diversification
        of sales. Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcia and</font> <font size=2 face="Times New Roman, Times, serif">Oxiteno
        Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcia held R$ 3.5 (2002
        - R$</font> <font size=2 face="Times New Roman, Times, serif">6.8) and
        Ultragaz Participa&ccedil;&otilde;es Ltda. held R$ 17.4 (2002 - R$ 8.2)
        of</font> <font size=2 face="Times New Roman, Times, serif">allowances
        for potential losses on receivables as of December 31,</font> <font size=2 face="Times New Roman, Times, serif">2003.
        The increase in the accrual of Ultragaz Participa&ccedil;&otilde;es Ltda.
        is substantially composed of accruals already existing in Shell&#146;s
        LPG business, acquired on August 8, 2003</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&#149;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Interest
        rates - The Company and its subsidiaries adopt conservative</font> <font size=2 face="Times New Roman, Times, serif">policies
        to obtain and invest funds and to minimize the cost of</font> <font size=2 face="Times New Roman, Times, serif">capital.
        The temporary cash investments of the Company and its</font> <font size=2 face="Times New Roman, Times, serif">subsidiaries
        are substantially comprised of transactions linked to the</font> <font size=2 face="Times New Roman, Times, serif">interbank
        deposit (CDI) rates, as described in Note 4. A portion of</font> <font size=2 face="Times New Roman, Times, serif">the
        financial assets is destined for foreign currency hedges, as</font> <font size=2 face="Times New Roman, Times, serif">mentioned
        below. Funds obtained originate from BNDES financing and from abroad,
        as mentioned in Note 12.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&#149;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Exchange
        rate - The Company&#146;s subsidiaries use foreign currency swap</font> <font size=2 face="Times New Roman, Times, serif">(mainly
        U.S. dollar to CDI) instruments available in the financial</font> <font size=2 face="Times New Roman, Times, serif">market
        to cover assets and liabilities in foreign currency, with the</font> <font size=2 face="Times New Roman, Times, serif">objective
        of reducing the effects of exchange rate variation in their</font> <font size=2 face="Times New Roman, Times, serif">results.
        Such swaps have amounts, periods and indexes equivalent to</font> <font size=2 face="Times New Roman, Times, serif">the
        assets and liabilities in foreign currency, to which they are</font> <font size=2 face="Times New Roman, Times, serif">linked.
        The following summary shows the assets and liabilities in foreign currency,
        translated into Brazilian reais at December 31,</font> <font size=2 face="Times New Roman, Times, serif">2003:</font></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">Book<br>
      value</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">Book<br>
      value</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><hr noshade size=1>
    </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center><hr noshade size=1>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">2003</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="Times New Roman, Times, serif">2002</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="82%" align="left">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Assets:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Investment
        in foreign currency and swaps</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">395.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">381.0</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Foreign
        cash and cash equivalents</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">77.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">127.3</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Receivables
        from foreign customers,</FONT> <font size=2 face="Times New Roman, Times, serif">net
        of advances</font> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">on
        export contracts</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">28.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">38.0</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">500.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">546.3</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="82%" align="left">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Liabilities:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Foreign
        currency financing</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">438.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">377.8</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Import
        transactions payable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">10.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">12.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">448.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">390.3</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> <FONT size=2 face="Times New Roman, Times, serif">Net
        asset position</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">52.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">156.0</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=82% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-23</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Given the
        characteristics of the financial instruments described above, management
        believes that the net market values approximate the net book values of
        these financial instruments. The exchange rate variation related to cash
        and banks, temporary cash investments and investments of foreign subsidiaries
        was recorded as financial expenses in the statement of income for the
        year ended December 31, 2003, in the amount of R$ 24.3 (2002 - financial
        income of R$ 44.1 and 2001 - financial income of R$ 12.8) . Other financial
        instruments recorded in the financial statements as of December 31, 2003
        and 2002 were determined in conformity with the accounting criteria and
        practices described in the respective notes. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">18.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">CONTINGENCIES
        AND COMMITMENTS</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">a)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Civil,
        tax and labor lawsuits </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><p> <font size=2 face="Times New Roman, Times, serif">The
          Petrochemical Industry Labor Union, of which the employees of Oxiteno
          Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio are members, filed
          a class action suit against the subsidiary in 1991, demanding compliance
          with the adjustments established in collective labor agreements, in
          lieu of the salary policies effectively followed. At the same time,
          the employers&#146; association proposed a collective labor dispute
          for the interpretation and clarification of the fourth clause of the
          agreement. Based on the opinion of its legal counsel, who analyzed
          the decision of the Federal Supreme Court (STF) in the collective dispute
          as well as the status of the individual lawsuit of the subsidiary,
          management believes that a reserve for a potential loss is not necessary
          as of December 31, 2003. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The subsidiary
            Companhia Ultragaz S.A. is a defendant in lawsuits relating to damages
            caused by an explosion in 1996 in a shopping mall in the city of
            Osasco, State of Sao Paulo. Such lawsuits involve: (i) individual
            suits filed by victims of the explosion claiming damages from Ultragaz
            for the loss of economic benefit and for pain and suffering, (ii)
            reimbursement of expenses of management 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. Further, Ultragaz also believes that
            its insurance coverage is sufficient to cover the aggregate amount
            of all claims filed. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The Company and
            its subsidiaries obtained injunctions to pay PIS and COFINS (taxes
            on revenues) without changes introduced by Law No. 9,718/98 in its
            original version. The questioning refers to the levy of these taxes
            on gains other than revenues. The unpaid amounts were recorded in
            the financial statements of the Company and its subsidiaries, totaling
            R$ 30.5 (2002 - R$ 24.1) . </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The main fiscal
            discussions of the Company and subsidiaries refer to the taxation
            of PIS and COFINS (as detailed in the preceding paragraph) and the
            taxation of income earned abroad (as stated in Note 20.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></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-24</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><p><font size=2 face="Times New Roman, Times, serif">The
          Company and its subsidiaries have other ongoing administrative and
          judicial proceedings; the Company&#146;s legal counsel considers the
          risks of these proceedings to be low or remote and, therefore, no accrual
          for potential losses has been recorded. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Although there
            is no assurance that the Company will prevail in all cases, management
            does not believe that the ultimate resolution of tax, civil and labor
            contingencies not provided for will have a material effect on the
            Company&#146;s financial position or results of operations. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Escrow deposits
            and provisions are summarized below: </font></p></td>
  </tr>
</table>
<BR>
<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="Times New Roman, Times, serif">2003</font>
        <hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><font size=2 face="Times New Roman, Times, serif">2002</font>
        <hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Escrow<br>
      deposits</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Provision<br>
      made</font> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;<font size=2 face="Times New Roman, Times, serif">Escrow<br>
      deposits</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Provision<br>
      made</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=58% align=left> <FONT size=2 face="Times New Roman, Times, serif">Social
        contribution taxes on net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=58% align=left> <FONT size=2 face="Times New Roman, Times, serif">Labor
        claims</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">7.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">4.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=58% align=left> <FONT size=2 face="Times New Roman, Times, serif">PIS
        and COFINS on other gains</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">30.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">24.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=58% align=left> <FONT size=2 face="Times New Roman, Times, serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">6.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=58% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">9.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">40.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">7.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">28.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=58% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="Times New Roman, Times, serif">b)</font></td>
    <td width="90%"><p><font size=2 face="Times New Roman, Times, serif">Take
          or pay commitments </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The subsidiary
            Terminal Quimico de Arat&uacute; S.A. - Tequimar has contracts with
            CODEBA - Companhia Docas do Estado da Bahia and Complexo Ind&uacute;strial
            Portuario Governador Eraldo Gueiros, in connection with its harbor
            facilities in Aratu and Suape, respectively. Such contracts establish
            minimum cargo movement of 1,000,000 tons per year for Aratu, effective
            through 2022, and 250,000 tons per year for Suape, effective through
            2027. If annual movement is less than the minimum required, the subsidiary
            is required to pay the difference between the actual movement and
            the minimum contractual movement using the harbor rates in effect
            at the date established for payment. As of December 31, 2003, such
            rates were R$ 3.67 and R$ 3.44 per ton for Aratu and Suape, respectively.
            The Company has been in compliance with the minimum cargo movement
            since the inception of the contracts. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Oxiteno Nordeste
            S.A. - Ind&uacute;stria e Com&eacute;rcio has a supply contract with
            Braskem S.A., effective through 2012, which establishes a minimum
            annual ethylene consumption level. The minimum purchase commitment
            and the actual demand for the years ended December 31, 2003 and 2002,
            expressed in tons of ethylene, are summarized below. If the minimum
            purchase commitment is not met, the subsidiary is liable for a fine
            of 40% of the current ethylene price for the quantity not purchased.</font></p></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=right> </TD>
    <TD width=10% align=right> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> </TD>
    <TD width=10% align=right><font size=2 face="Times New Roman, Times, serif">Minimum<br>
      purchase</font> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD colspan="3" align=center><font size=2 face="Times New Roman, Times, serif">Actual </font> <font size=2 face="Times New Roman, Times, serif">demand</font> </TD>
    <TD width=2% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> </TD>
    <TD width=10% align=right><font size=2 face="Times New Roman, Times, serif">commitment</font></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=8% align=right><font size=2 face="Times New Roman, Times, serif">2002</font></TD>
    <TD width=2% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> </TD>
    <TD width=10% 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%>&nbsp;</TD>
    <TD width=8% align=right><hr noshade size=1></TD>
    <TD width=2% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="68%" align="left">&nbsp; </TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> <FONT size=2 face="Times New Roman, Times, serif">In
        tons</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">137,900</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">188,850</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">164,534</FONT> </TD>
    <TD width=2% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=68% align=left> </TD>
    <TD width=10% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=center>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">F-25</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">c) </font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Insurance
        coverage for subsidiaries </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The subsidiaries
        maintain insurance policies in amounts considered sufficient to cover
        potential losses from damage to assets, as well as for civil responsibility
        for involuntary, material and/or physical damages caused to third parties
        arising from their industrial and commercial operations, considering
        the nature of their activities and the advice of their insurance consultants. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">19.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">RELATED
        COMPANIES </font></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> &nbsp;<font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><font size=2 face="Times New Roman, Times, serif">Loans</font> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><font size=2 face="Times New Roman, Times, serif">Trade
        accounts</font> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><hr noshade size=1>
    </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Assets</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Liabilities</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Receivable</font> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Payable</font> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Serma
        Associacao dos Usuarios de Equipamentos de</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=center> <FONT size=2 face="Times New Roman, Times, serif">Processamentos
        de Dados e Servicos Correlatos</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.8</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Petroquimica
        Uniao S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">3.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Oxicap
        Ind&uacute;stria de G&aacute;ses Ltda.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.6</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Quimica
        da Bahia Ind&uacute;stria e Com&eacute;rcia S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">7.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Petroleo
        Brasileiro S.A. - Petrobras</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.3</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Braskem
        S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">4.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Cia.
        Termeletrica do Planalto Paulista - TPP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Plenogas
        - Distribuidora de G&aacute;s S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.4</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        at December 31, 2003</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">9.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">10.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=54% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        at December 31, 2002</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">10.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">31.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR NOSHADE SIZE=2></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=center><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="2" align=left>&nbsp;</TD>
    <TD rowspan="2">&nbsp;</TD>
    <TD colspan="3" align=center><font size=2 face="Times New Roman, Times, serif">Transactions</font>
        <hr noshade size=1>
    </TD>
    <TD rowspan="2" align="center">&nbsp;</TD>
    <TD rowspan="2" align=center><font size=2 face="Times New Roman, Times, serif">Financial<br>
      income<br>
      (expenses)</font> </TD>
    <TD rowspan="2" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Sales</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">Purchases</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 align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Petroquimica
        Uniao S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">93.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Oxicap
        Ind&uacute;stria de G&aacute;ses Ltda.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">6.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Agip
        do Brasil S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Quimica
        da Bahia Ind&uacute;stria e Com&eacute;rcia S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">(0.8</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Petroleo
        Brasileiro S.A. - Petrobras</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,818.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Copagaz
        Distribuidora de G&aacute;s S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Braskem
        S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">53.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">403.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Supergasbras
        Distribuidora de G&aacute;s S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Cia.
        Termeletrica do Planalto Paulista - TPP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.2</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        - 2003</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">57.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">2,323.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">(0.6</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        - 2002</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">46.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,678.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">(0.4)</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        - 2001</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">18.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">1,236.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="Times New Roman, Times, serif">(0.5)</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=65% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=9% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">The loan
        balances with Qu&igrave;mica da Bahia Ind&uacute;stria e Com&eacute;rcio
        S.A. and Cia. Termel&eacute;trica do Planalto Paulista - TPP are indexed
        based on the Brazilian long-term interest rate (TJLP). The other loans
        do not have financial charges. Transactions refer principally to purchases
        of raw material, other materials and storage services, carried out at
        usual market prices and conditions.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-26</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">20.</font></td>
    <td colspan="3"><font size=2 face="Times New Roman, Times, serif">INCOME
        TAXES </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="Times New Roman, Times, serif">a) </font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Deferred
        income and social contribution taxes </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The Company
        and its subsidiaries recognize tax assets and liabilities which do not
        expire, arising from tax loss carryforwards, temporary add-backs, revaluation
        of property, plant and equipment, and others. The tax credits are substantiated
        by continued operating profitability. Management expects to realize these
        tax credits over a maximum period of three years. Deferred income and
        social contribution taxes are presented in the following principal categories:</font></td>
  </tr>
</table>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="Times New Roman, Times, serif">2002</font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> <FONT size=2 face="Times New Roman, Times, serif">Noncurrent
        assets:</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% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Deferred
        income and social contribution taxes on:</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% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Accruals
        tax deductible only when expenses are incurred</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">48.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">27.6</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Income
        and social contribution tax loss carryforwards</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">12.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">5.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">61.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">33.3</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><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> <FONT size=2 face="Times New Roman, Times, serif">Long-term
        liabilities:</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% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Deferred
        income and social contribution taxes on:</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% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Revaluation
        of property, plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Income
        earned abroad</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">26.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">32.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=78% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">28.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="Times New Roman, Times, serif">34.8</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><HR NOSHADE SIZE=2>
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right><HR NOSHADE SIZE=2>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-27</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">b) </font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Income
        tax reconciliation </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Income
        and social contribution taxes are reconciled to statutory tax rates as
        follows: </font></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width="74%" align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=center><font size=2 face="Times New Roman, Times, serif">2003</font></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=6% align=center><font size=2 face="Times New Roman, Times, serif">2002</font></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=6% align=center><font size=2 face="Times New Roman, Times, serif">2001</font></TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Income
        before taxes, equity in subsidiaries associates and</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">minority
        interest</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">295.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">349.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">230.8</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Official
        tax rates - %</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">34.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">34.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">34.0</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="74%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Income
        and social contribution taxes at official rate</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(100.4</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(119.0</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(78.5</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="74%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Adjustments
        to the effective tax rate:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Nondeductible
        expenses/nontaxable revenues</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(1.2)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">6.2</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Adjustments
        to estimated income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">3.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">3.4</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Realization
        of inflationary profit</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">2.0</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Interest
        on capital paid</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">-</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">10.5</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(0.6</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">1.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Income
        and social contribution taxes before tax credits</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(97.6</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(115.6</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(54.8</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="74%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="74%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Tax
        credits:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Workers&#146; meal
        program (PAT)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">0.3</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Benefits
        of tax holidays</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">52.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">43.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">27.0</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Income
        and social contribution taxes per statement of income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(44.9</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(71.4</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(27.5</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right><HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="74%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Current</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(113.0</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(110.1</FONT></TD>
    <TD width=2%><FONT size=2 face="Times New Roman, Times, serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(58.4</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Deferred</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">15.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(4.8)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">3.9</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=74% align=left> <FONT size=2 face="Times New Roman, Times, serif">Benefits
        of tax holidays</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">52.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">43.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">27.0</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">c)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Tax loss
        carryforwards </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Tax loss
        carryforwards may be used to offset up to 30% of taxable income for future
        periods and do not expire.</font></td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-28</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">d)</font></td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Tax exemption</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The following
        indirect subsidiaries have partial or total exemption from income tax
        in connection with a government program for the development of the Northeast
        Region of Brazil, as follows: </font></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=47% align=center><font size=2 face="Times New Roman, Times, serif">Subsidiary</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD width=25% align=center><font size=2 face="Times New Roman, Times, serif">Bases&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD width=2% align="center">&nbsp;</TD>
    <TD width=10% align=right><font size=2 face="Times New Roman, Times, serif">Exemption</font><br>
        <font size=2 face="Times New Roman, Times, serif">- %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=10% align=right><font size=2 face="Times New Roman, Times, serif">Expiration<br>
      date&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD width=25% align=left><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=10% align=right><hr noshade size=1>
    </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=10% align=right><hr noshade size=1>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> <FONT size=2 face="Times New Roman, Times, serif">Oxiteno
        Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcia</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Camacari
        plant</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">100</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2006</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="47%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> <FONT size=2 face="Times New Roman, Times, serif">Bahiana
        Distribuidora de G&aacute;s Ltda.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Mataripe
        base (*)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">100</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2003</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Juazeiro
        base</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">100</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2004</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Suape
        base</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">100</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2007</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Ilheus
        base</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">25</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2008</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Aracaju
        base</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">25</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2008</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="47%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> <FONT size=2 face="Times New Roman, Times, serif">Terminal
        Quimico de Aratu S.A. - Tequimar</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Arat&uacute; Terminal
        (*)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">100</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2003</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">Suape
        Terminal (acetic acid</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=47% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=25% align=left> <FONT size=2 face="Times New Roman, Times, serif">and
        butadiene byproducts)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">100</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="Times New Roman, Times, serif">2005</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="Times New Roman, Times, serif">(*) </font></td>
    <td width="85%"><font size=2 face="Times New Roman, Times, serif">In December
        2003, requests were filed with Agencia de Desenvolvimento do Nordeste
        (ADENE), the agency in charge of managing this incentive program, seeking
        a 75% reduction in income tax until 2013 for these bases. Such requests
        are still pending approval by ADENE. In the case they are not approved,
        the income tax reduction of these bases will be 25% until 2008 and 12.5%
        from 2009 to 2013. See Note 23.b). </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Tax benefits
        from income tax reduction for activities eligible for tax incentives
        were recorded in a specific capital reserve account in stockholders&#146; equity
        by the subsidiaries benefited from tax incentives. In the consolidated
        statements of income, these benefits are reported as &#147;Benefit of
        tax holidays".</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The subsidiary
        Bahiana Distribuidora de G&aacute;s Ltda. has requests under analysis
        by the Federal Revenue Authorities relating to Caucaia base, which, once
        approved, would represent a reduction of 75% of income tax until 2012
        for this base. See Note 23.b). </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">21. </font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">STOCK
          PLAN </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">At the Extraordinary
            Stockholders&#146; Meeting held on November 26, 2003, a benefit plan
            was approved for 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 from the initial concession
            provided that the professional relationship between the beneficiary
            and the Company and subsidiaries is not interrupted. The total value
            granted to executives in December 2003, including taxes, was R$ 5.0.
            This value is being amortized over a period of ten years.</font></p></td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-29</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top"><font size=2 face="Times New Roman, Times, serif">22.</font></td>
    <td colspan="3" valign="top"><font size=2 face="Times New Roman, Times, serif">EMPLOYEE
        BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED) </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3" valign="top"><p><font size=2 face="Times New Roman, Times, serif">The
          Company and its subsidiaries offer benefits to their employees, such
          as life insurance, health care and a pension plan. In addition, they
          offer loans for the acquisition of vehicles and personal computers
          to employees of certain subsidiary companies. These benefits are recorded
          on the accrual basis and terminate at the end of the employment relationship. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">In August 2001,
            the Company and its subsidiaries began to offer their employees a
            defined contribution pension plan. Adoption of this plan, managed
            by Ultraprev - Associacao de Previdencia Complementar, was approved
            at the Board of Directors&#146; Meeting on February 15, 2001. Under
            the terms of the plan, the basic contribution of each participating
            employee is defined annually by the participant between 0 and 11%
            of his/her salary. The sponsoring companies provide a matching contribution
            in an identical amount as the basic contribution. As participants
            retire, they may opt to receive monthly: (i) a percentage varying
            between 0.5% and 1.0% of the fund accumulated in their name at Ultraprev,
            or (ii) a fixed monthly amount which will extinguish the fund accumulated
            in the participant&#146;s name during a period of between 5 and 25
            years. As such, neither the Company nor its subsidiaries assume responsibility
            for guaranteeing the levels of amounts or periods of receipt for
            the participants that retire under this plan. In 2003, the Company
            and its subsidiaries contributed R$ 3.4 (R$ 2.9 in 2002 and R$ 1.2
            in 2001) to Ultraprev, which was charged to income for the year.
            The total number of employee participants as of December 31, 2003
            was 5,115, with no participants retired to date. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Additionally, Ultraprev
            has 2 active participants and 34 former employees receiving defined
            benefits according to the policies of a previous plan. Considering
            that the fair market value for the plan&#146;s assets significantly
            exceeds the present actuarial value of the accumulated benefit obligations,
            the sponsoring entities have not been contributing to the plan for
            these 36 participants. On the other hand, the sponsoring entities
            do not believe that it would be possible to recover any amounts from
            the plan, based on legislation applicable to closed private pension
            entities. As a result, no asset or liability relating to these participants
            has been recorded in the financial statements of the sponsoring companies.</font></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">23. </font></td>
    <td colspan="3" valign="top"><font size=2 face="Times New Roman, Times, serif">SUBSEQUENT
        EVENTS</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">a) </font></td>
    <td><font size=2 face="Times New Roman, Times, serif">In January 2004, the
        subsidiary LPG International Inc. issued eurobonds in the amount of US$
        60 million, maturing in June 2005 and having an interest rate of 3.5%
        per year. Funds from issuance were used to repay loans, as stated in
        Note 12.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">b) </font></td>
    <td><p><font size=2 face="Times New Roman, Times, serif">On April 30, 2004,
          ADENE issued reports approving the income tax reduction until 2012
          for the Mataripe and Arat&eacute; bases of subsidiaries Bahiana Distribuidora
          de G&aacute;s Ltda. and Terminal Qu&iacute;mico de Arat&uacute; S.A.
          - Tequimar, as mentioned in Note 20.d). These reports were submitted
          for approval to the Federal Revenue Service that will issue its opinion
          in a maximum of 120 days. If such opinion is not issued after this
          period, the reductions are considered as approved. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The reduction of
            75% of income tax until 2012 for the Caucaia unit of subsidiary Bahiana
            Distribuidora de G&aacute;s Ltda. was approved by the Federal Revenue
            Service on April 16, 2004 for having elapsed the period of 120 days. </font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">F-30</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="Times New Roman, Times, serif">c)</font></td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif">Preferred
        shares are nonconvertible into common shares and nonvoting, and have
        priority in capital redemption, without premium, in the event of liquidation
        of the Company. Until May 18, 2004 preferred shares entitled their holders
        to dividends at least 10% higher than those attributable to common shares.
        The Special Meeting of the Preferred Shareholders and the Extraordinary
        General Shareholders&#146; Meeting of Ultrapar, held on May 18, 2004,
        approved the amendment of article 12 of the Company&#146;s bylaws, to
        make the dividend right of preferred shareholders equal to those of common
        shareholders by abolishing the right of preferred shareholders to receive
        dividends at least 10% higher than those received by common shareholders. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">24. </font></td>
    <td colspan="3" valign="top"><font size=2 face="Times New Roman, Times, serif">SUMMARY
        AND RECONCILIATION OF THE DIFFERENCES BETWEEN ACCOUNTING PRACTICES ADOPTED
        IN BRAZIL AND ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED
        STATES OF AMERICA (U.S. GAAP)</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="3" valign="top"><p><font size=2 face="Times New Roman, Times, serif">I
          - Description of GAAP differences </font></p>
        <p><font size=2 face="Times New Roman, Times, serif">The consolidated
            financial statements of the Company are prepared in accordance with
            accounting practices adopted in Brazil, which comply with those prescribed
            by Brazilian corporate law and specific standards established by
            the Brazilian Securities Commission (CVM). Note 3 to the consolidated
            financial statements summarizes the accounting policies adopted by
            the Company. Accounting policies, which differ significantly from
            U.S. GAAP, are summarized below. </font></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">a)</font></td>
    <td colspan="2" valign="top"><font size=2 face="Times New Roman, Times, serif"> Inflation
        accounting </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><p><font size=2 face="Times New Roman, Times, serif">As
          discussed in Note 2, the consolidated financial statements account
          for the effects of inflation, through December 31, 1995. Under U.S.
          GAAP, Brazil was considered to be a highly inflationary economy until
          July 1, 1997, and the recognition of the effect of inflation was required
          until December 31, 1997. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">In determining
            amounts under U.S. GAAP, the effects of inflation for the years ended
            December 31, 1996 and 1997 were determined using the &#147;&Igrave;ndice
            Geral de Pre&ccedil;&otilde;s -Disponibilidade Interna - IGP-DI&#148; index,
            which is widely-accepted and respected index published monthly by
            the Fundacao Get&uacute;lio V&aacute;rgas. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Through December
            31, 1995, the Company used indexes established by the government
            to restate balances and transactions for purposes of its corporate
            law financial statements. Such indexes do not necessarily represent
            changes in general price levels, as would be required under U.S.
            GAAP. </font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">F-31</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Because
        the Company&#146;s management believes that the &#147;&Igrave;ndice Geral
        de Pre&ccedil;&otilde;s - Disponibilidade Interna - IGP-DI" is an appropriate
        and consistent measure of the general price inflation in Brazil and,
        because of its availability, for U.S. GAAP purposes, the Company adopted
        the IGP-DI for restatement of its financial statements through December
        31, 1995, replacing the government mandated index. This procedure is
        consistent with the recommendation by the Brazilian Task Force (organized
        under the AICPA International Practices Task Force to review the issue
        of the appropriate index to be used for preparing price-level adjusted
        financial statements of Brazilian companies filing with the SEC) of using
        the IGP-M or IGP-DI for such purposes. Thus, all nonmonetary assets and
        liabilities were restated using the IGP-DI since the inception of the
        Company, through December 31, 1997. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">b) </font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">Reversal
          of fixed asset revaluations and related deferred tax liabilities </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">For U.S. GAAP reconciliation
            purposes, the revaluation of fixed assets and the related deferred
            tax effects recorded in the financial statements prepared in accordance
            with accounting practices adopted in Brazil have been eliminated
            in order to present fixed assets at historical cost less accumulated
            depreciation. Accordingly, the depreciation on such revaluation charged
            to income has also been eliminated for U.S. GAAP reconciliation purposes.</font></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">c) </font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">Deferred
          charges </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Accounting practices
            adopted in Brazil permit the deferral of research and development
            costs and of preoperating expenses incurred in the construction or
            expansion of a new facility until the facility begins commercial
            operations. Deferred charges are amortized over a period of five
            to ten years. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">For U.S. GAAP reconciliation
            purposes, such amounts do not meet the conditions established for
            deferral and, accordingly, have been charged to income and the related
            amortization under accounting practices adopted in Brazil has been
            reversed.</font></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">d) </font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">Investments
          in affiliated companies </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">As from 1996, Brazilian
            corporate law allows certain less than 20% - owned affiliated companies
            in which an investor owns more than 10% of voting stock to be accounted
            for on the equity method. In addition, certain more than 20% and
            less than 50% - owned affiliated companies deemed not significant
            in relation to their parent company are accounted at cost. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">For U.S. GAAP reconciliation
            purposes, less than 20% - owned affiliated companies have been accounted
            for on the basis of cost and more than 20% and less than 50% - owned
            affiliated companies have been accounted for on the equity method
            for all years presented.</font></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">e)</font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">Capitalization
          of interest in relation to construction in progress </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under accounting
            practices adopted in Brazil, prior to January 1, 1996 the Company
            was not required to capitalize the interest cost of borrowed funds
            as part of the cost of the related asset. Under U.S. GAAP, capitalization
            of borrowed funds during construction of major facilities is recognized
            as part of the cost of the related assets. </font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">F-32</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Under U.S.
        GAAP, interest on construction-period borrowings denominated in foreign
        currencies is capitalized using contractual interest rates, exclusive
        of foreign exchange or monetary correction gains or losses. Interest
        on construction-period borrowings denominated in Brazilian reais is capitalized. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">f) </font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">Income
          taxes </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under accounting
            practices adopted in Brazil and U.S. GAAP, the liability method of
            accounting for income taxes is followed. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under accounting
            practices adopted in Brazil, the Company recognizes deferred income
            taxes based on the combined income tax of 34%. Such combined income
            tax rate includes 25% of income tax and 9% of social contribution
            tax. This 9% social contribution rate was based on a provisional
            measure whereas the rate established by enacted law was 8% until
            December 30, 2002, when such provisional measure was converted into
            law (Law No. 10,637 of December 30, 2002). </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under U.S. GAAP,
            the provisional measures discussed are not considered to be enacted
            law. Therefore, for 2001 the combined deferred tax effect calculated
            on temporary differences would be 33% rather than 34%. </font></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="Times New Roman, Times, serif">g) </font></td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">Acquisitions
          and business combinations </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under accounting
            practices adopted in Brazil, assets and liabilities of acquired entities
            are reflected at book values. Goodwill is amortized on straight-line
            basis over the periods estimated to be benefited. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under U.S. GAAP,
            business combinations are accounted for by the purchase method utilizing
            fair values. Goodwill is not amortized and should be tested for impairment.
            An impairment test of goodwill is performed annually or more frequently
            if events or changes in circumstances indicate that the goodwill
            might be impaired. Such impairment test is performed utilizing a
            two-step method. The first step compares the fair value of a reporting
            unit with its carrying amount, including goodwill. If the carrying
            amount of a reporting unit exceeds its fair value, the second step
            is performed to measure the amount of impairment loss, if any. The
            second step compares the implied fair value of reporting unit goodwill
            with the carrying amount of that goodwill. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">For U.S. GAAP reconciliation
            purposes, fair values have been assigned to acquired assets and liabilities
            in business combinations in accordance with U.S. practices applicable
            to each specific transaction. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under Brazilian
            corporate law, purchases by subsidiaries of treasury stock from minority
            stockholders are initially recorded at cost. Upon cancellation of
            these shares, the difference between cost and the related book value
            of the subsidiary&#146;s stockholders&#146; equity is recorded by
            the parent company and in the consolidated financial statements as
            a capital gain or loss. Direct purchases by the parent company of
            the subsidiaries&#146; stock from minority stockholders are recorded
            at cost, with the difference between cost and the related book value
            of the subsidiaries&#146; stockholders&#146; equity recorded as a
            capital gain or loss by the parent company and in the consolidated
            financial statements. </font></p></td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-33</FONT></P>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=3 color=GRAY noshade>
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Under U.S.
        GAAP, purchases of treasury stock by subsidiaries from minority stockholders
        and direct purchases by the parent company of the subsidiaries&#146; stock
        from minority stockholders are recorded as step acquisitions under the
        purchase method, with assignment of the purchase price to the underlying
        assets and liabilities based on their fair values and recording of goodwill
        to the extent that the purchase price exceeds the proportionate amount
        of the net fair value of the assets and liabilities. No gain or loss
        is recognized upon either purchase or cancellation of the shares.</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><u><font size=2 face="Times New Roman, Times, serif">Corporate
          reorganization - 2002 </font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">As mentioned
          in Note 3, in 2002, the Company effected a corporate reorganization
          of its major subsidiaries. The reorganization involved the exchange
          of minority interest in its subsidiary Oxiteno S.A. - Ind&uacute;stria
          e Com&eacute;rcia for shares of the Company. Pursuant to Brazilian
          securities law, this subsidiary offered withdrawal rights to its minority
          stockholders. These withdrawal rights required the Company&#146;s subsidiary
          to buy back and cancel shares from minority stockholders who exercised
          their rights. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under accounting
            practices adopted in Brazil, the exchange of shares issued by the
            Company for minority interest in Oxiteno S.A. - Ind&uacute;stria
            e Com&eacute;rcia was recorded based on the book value of the net
            assets of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcia, and
            the purchase price was considered to be the book value of the shares
            issued. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under U.S. GAAP,
            the Company has accounted for the reorganization of its subsidiary
            Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcia as an acquisition
            of minority interest. The fair value of the consideration given (purchase
            price), including the cash paid on the exercise of the withdrawal
            rights of R$ 208.0, was R$ 428.9. The purchase price of this acquisition
            was R$ 32.9 lower than the fair value of net assets acquired. This
            difference was allocated as a reduction of property, plant and equipment
            acquired. As a result of the reorganization, the Company increased
            its interest in Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcia
            to 100% and for U.S. GAAP purposes had full participation in the
            results of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcia beginning
            December 1, 2002 (see date of reorganization/acquisition below).</font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><u><font size=2 face="Times New Roman, Times, serif">Date
          of reorganization/acquisition - 2002 </font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">As mentioned
          in Note 3, under accounting practices adopted in Brazil, the corporate
          reorganization was based on the balance sheets as of June 30, 2002
          and, as a consequence, the Company has full participation in the results
          of its subsidiaries as from July 1, 2002. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under U.S. GAAP,
            the date of acquisition ordinarily is the date assets are received
            and other assets are given, liabilities are assumed or incurred,
            or equity interests are issued, which was considered to be October
            31 and November 30, 2002 for the merger of Gip&oacute;ia Participa&ccedil;&otilde;es
            Ltda. (an entity under common control of the controlling stockholder
            of the Company) and for the acquisition of minority interest in Oxiteno
            S.A. - Ind&uacute;stria e Com&eacute;rcia, respectively. As a result,
            minority interest from July 1, 2002 to the acquisition dates under
            U.S. GAAP were excluded from the U.S. GAAP income of the Company
            in the amount of R$ 55.4. </font></p></td>
  </tr>
</table>
<P align="center"> <FONT size=2 face="Times New Roman, Times, serif">F-34</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P> <FONT size=2 face="Times New Roman, Times, serif">Ultrapar Participa&ccedil;&otilde;es
    S.A. and Subsidiaries </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Acquisition
        of SPG&aacute;s Distribuidora de G&aacute;s S.A. (&#147;SPG&aacute;s&#148;)
        - 2003</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><p><font size=2 face="Times New Roman, Times, serif">As mentioned
          in Note 3, on August 8, 2003, the Company acquired 100% of the outstanding
          common shares of SPG&aacute;s. The results of SPG&aacute;s operations
          have been included in the consolidated financial statements since that
          date. SPG&aacute;s is a distributor of LPG in Brazil. As a result of
          this acquisition, the Company is expected to be the leading distributor
          of LPG in Brazil. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The cost of acquisition
            included the purchase price amounting to R$ 107.9 net of the debt
            settled and other direct costs amounting to R$ 1.1. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">Under U.S. GAAP,
            the Company has recorded such acquisition based on the fair value
            of the assets acquired and liabilities assumed and determined goodwill
            in accordance with the purchase method of accounting prescribed by
            Statement of Financial Accounting Standards ("SFAS") 141, &#147;Business
            Combinations", which is completed and resulted in the identification
            of goodwill as shown below. </font></p>
        <p> <font size=2 face="Times New Roman, Times, serif">The following table
            summarizes the estimated fair values of the assets acquired and liabilities
            assumed at the date of acquisition: </font></p></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">R$&nbsp;&nbsp;</FONT>
        <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">--</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Current
        assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">27.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Property,
        plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">98.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Other
        assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">26.6</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        assets acquired</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">152.8</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Current
        liabilities, including</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">short-term
        debt of R$ 62.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">73.3</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Long-term
        liabilities</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">10.4</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Liabilities
        assumed</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">83.7</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Net
        assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">69.1</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR NOSHADE SIZE=2></TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Interest
        acquired</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">100%</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Net
        assets acquired</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">69.1</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Total
        cost of acquisition</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">109.0</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <hr noshade size=1>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Goodwill
        recorded under U.S. GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">39.9</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Goodwill
        recorded under accounting</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">practices
        adopted in Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(24.4</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Other
        direct costs recorded as deferred</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">charges
        for accounting practices adopted</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">in
        Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">(1.1</FONT></TD>
    <TD width=2% align=left><FONT size=2 face="Times New Roman, Times, serif">)</FONT></TD>
  </TR>
  <TR>
    <TD width="90%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> <FONT size=2 face="Times New Roman, Times, serif">Goodwill
        difference between U.S. GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">and
        accounting practices adopted in</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">Brazil
        (see the stockholders&#146; equity</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=90% align=left> &nbsp;<FONT size=2 face="Times New Roman, Times, serif">reconciliation)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="Times New Roman, Times, serif">14.4</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The purchase
        price allocation did not result in the identification of any intangible
        assets related to this acquisition. </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">The full
        amount of goodwill related to this business combination was assigned
        to the gas segment. This goodwill is not deductible for tax purposes.</font></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="Times New Roman, Times, serif">F-35</FONT></P>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<TABLE  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD colspan="3"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">The following summary presents
        the Company&#146;s unaudited pro forma consolidated results of operations
        for the years ended December 31, 2003 and 2002, in accordance with accounting
        practices adopted in Brazil, as if the SPGas acquisition had been completed
        at the beginning of each period. The pro forma information is only presented
        for comparative purposes and does not purport to be indicative of what
        would have occurred had the acquisition actually been made at such date,
        nor is it necessarily indicative of future operating results: </FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=74% align=left> <FONT size=2 face="serif">Amounts under Accounting
        practices adopted in Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2002</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=74% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade>
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=74% align=left> <FONT size=2 face="serif">Net sales and services</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,283.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3,369.0</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=74% align=left> <FONT size=2 face="serif">Operating income before
        financial items</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">324.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">357.8</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=74% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">224.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">218.0</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=74% align=left> <FONT size=2 face="serif">Net earnings per thousand
        shares - whole R$</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.23</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.55</FONT> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif"><u>Acquisition of Canamex Quimicos
          S.A. de C.V. (&#147;Canamex&#148;) - 2003</u></FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">As mentioned in Note 3, on December
        4, 2003, the Company acquired 100% of the outstanding common shares of
        Canamex. The results of Canamex&#146;s operations have been included
        in the consolidated financial statements since that date. Canamex is
        engaged in the production and </FONT>
        <hr size="1" noshade>
        <FONT size=2 face="serif">sales of chemicals in Mexico. As a result of
        the acquisition, the Company is expected to expand its activities outside
        of Brazil.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">The cost of acquisition was R$
        32.3, composed of purchase price amounting to R$ 30.5 and other direct
        costs amounting to R$ 1.8. The net assets acquired amounted to R$ 29.7,
        composed of net assets of R$ 39.7 and liabilities assumed of R$ 10.0.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">The Company has recorded such acquisition
        based on the fair value of assets acquired and liabilities assumed and
        determined goodwill in accordance with the purchase method of accounting
        prescribed by SFAS 141, which is completed and resulted in the identification
        of goodwill amounting to R$ 2.6. This goodwill is not deductible for
        tax purposes.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT size=2 face="serif">h)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="90%"> <FONT size=2 face="serif">Earnings per share</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">Under accounting practices adopted
        in Brazil, it is permitted to determine earnings per share based upon
        the weighted average number of shares outstanding during each year that
        earnings are reported.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">Under U.S. GAAP, earnings per
        share are determined based upon the weighted average number of shares
        outstanding during the period, giving retroactive effect to stock splits.
        Entities whose capital structures include nonconvertible securities that
        may participate in dividends with common stock according to a predetermined
        formula should use the two-class method of computing earnings per share
        as described in SFAS 128, &#147;Earnings per Share&#148;. The calculation
        of earnings per share under U.S. GAAP is shown in Note 24.V.a).</FONT> </TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-36</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD colspan="3" valign=top nowrap><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT size=2 face="serif">i)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="90%"> <FONT size=2 face="serif">Available-for-sale securities</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif"><u>Equity securities</u></FONT></TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">Under accounting practices adopted in Brazil,
        available-for-sale equity securities are generally carried at cost, less
        provisions charged to the statement of operations if a loss in value
        is considered to be other than temporary.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">For U.S. GAAP reconciliation purposes, available-for-sale
        equity securities have been recorded at estimated market value, and the
        resulting adjustments, in the amount of R$ 1.5 (income), R$ 2.4 (loss)
        and R$ 2.7 (loss) as of December 31, 2003, 2002 and 2001, respectively,
        net of deferred tax effects and minority interest, when applicable, have
        been recognized as a separate component of stockholders&#146; equity
        until realization. During the years presented, no securities classified
        under U.S. GAAP as available-for-sale were disposed of.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif"><u>Debt securities</u></FONT></TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">Under accounting practices adopted in Brazil,
        available-for-sale debt securities are generally carried at cost, plus
        interest income earned less provisions, when applicable, charged to the
        statement of operations to reduce its carrying value to market value.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">For U.S. GAAP reconciliation purposes, available-for-sale
        debt securities have been recorded at estimated market value, and the
        resulting adjustment, in the amount of R$ 0.4 (loss) as of December 31,
        2003, has been recognized as a separate component of stockholders&#146; equity,
        net of deferred tax effects, until realization. During the year presented,
        no debt securities classified under U.S. GAAP as available-for-sale were
        disposed of.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">j)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=2 face="serif">Accounting for derivative financial instruments</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">In the Company&#146;s financial statements
        prepared in accordance with accounting practices adopted in Brazil derivative
        financial instruments are recorded at net settlement price as determined
        on each balance sheet date.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">Under U.S. GAAP, effective January 1, 2001,
        all derivative financial instruments must be reported at fair value on
        each balance sheet date and classified as derivative asset or liability.
        Also under U.S. GAAP, the requirements for a derivative instrument to
        qualify for hedge accounting and deferral of gains and losses are more
        restrictive than under Brazilian corporate law.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> <FONT size=2 face="serif">k)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=2 face="serif">Accounting for stock plan</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">As mentioned in Note 21, the Company has approved
        a stock plan on November 26, 2003. Based on the provisions of this plan,
        on December 17, 2003 the Company granted 104,000 thousand restricted
        shares to two executives. The grant-date fair value of these shares is
        R$ 34.87 (whole Brazilian reais) per thousand shares. These executives
        have the right to receive dividends on these shares provided that the
        professional relationship between them and the Company and its subsidiaries
        is not interrupted. These shares will cliff vest after ten years of the
        initial award.</FONT> </TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-37</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width="100%"  border="0" cellspacing="0" cellpadding="0">
  <TR>
    <TD colspan="3"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Under Brazilian GAAP, the Company records compensation
        costs from its stock plan similarly to the requirements of APB Opinion
        No. 25, &#147;Accounting for Stock Issued to Employees&#148;, using the
        intrinsic value of the award. Compensation cost is charged to earnings
        on a straight-line basis.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">No adjustments are included in the U.S. GAAP
        reconciliation related to the Company&#146;s stock plan since the Company
        Applies APB Opinion No. 25 to account for the plan for U.S. GAAP purposes.
        The Company has not disclosed the pro forma information required under
        SFAS 123, &#147;Accounting for Stock-based Compensation&#148;, as amended
        by SFAS 148, &#147;Accounting for Stock-based Compensation - Transition
        and Disclosure&#148;, since the results of using the fair value method
        to record compensation expense would be the same as under the intrinsic
        value method.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">For U.S. GAAP purposes, dividends declared
        under these unvested restricted shares are accounted initially as a charge
        to retained earnings. If the restricted shares do not vest all previously
        declared dividends associated with the restricted shares are reversed
        from retained earnings and charged to compensation expense. As of December
        31, 2003, accumulated dividends declared under these unvested restricted
        are &#147;de minimis&#148;. </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">l)</FONT></TD>
    <TD><FONT size=2 face="serif">Fair value of guarantees under FIN 45</FONT> </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Under accounting practices adopted in Brazil,
        the Company is not required to record any liability related to guarantees
        given to third parties unless contingent obligations to make future payments
        under the guarantees are probable.</FONT> </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Under accounting practices adopted in Brazil,
        as of December 31, 2003, the Company has not recorded any liability related
        to these guarantees, as disclosed in Note 12.</FONT> </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Under U.S. GAAP, for the year ended December
        31, 2003, the Company recognizes, at the inception of a guarantee (issued
        or modified after December 31, 2002), a liability for the fair value
        of the obligation undertaken in issuing guarantees in accordance with
        FIN 45, &#147;Guarantor&#146;s Accounting and Disclosure Requirements
        for Guarantees, Including Indirect Guarantees of Indebtedness of Others&#148;.
        In the event that, at inception of the guarantee, the Company is required
        to recognize a liability under SFAS 5, &#147;Accounting for Contingencies&#148;,
        the liability initially recognized would be the greater of: (a) the amount
        of fair value of the value of the obligation undertaken in issuing guarantee,
        or (b) the contingent liability amount required to be recognized at inception
        of the guarantee by Applying SFAS 5. As of December 31, 2002, the Company
        adopted the disclosure requirements of FIN 45.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">Under U.S. GAAP, the Company recorded
        a liability of R$ 0.5 (R$ 0.3 - net of income tax effects) related to
        these guarantees issued after December 31, 2002 based on their fair value.</FONT> </TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-38</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<TABLE width="100%"  border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD colspan="4"><FONT size="2" face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"><FONT size="2" face="serif">m)</FONT></TD>
    <TD colspan="2"><FONT size="2" face="serif">Classification of export notes</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2"><FONT size="2" face="serif">The Company has discounted with
        financial institutions certain notes under export financing arrangements
        with recourse. If the original debtors fail to pay their obligations
        when due, the Company would be required to repay such amounts. Under
        accounting practices adopted in Brazil, such transactions are classified
        as a reduction of accounts receivable (see Note 6). Under U.S. GAAP,
        these transactions are recorded gross as accounts receivable and bank
        loans. As a consequence, current assets and liabilities under U.S. GAAP
        would be increased by R$ 31.5 and R$ 43.4 at December 31, 2003 and 2002,
        respectively. This GAAP difference has no net income or equity effect.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"><FONT size="2" face="serif">n)</FONT></TD>
    <TD colspan="2"><FONT size="2" face="serif">Financial statement note disclosures</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2"><FONT size="2" face="serif">Under accounting practices adopted
        in Brazil, in general, certain information is required to be disclosed
        in the notes to the financial statements. The additional disclosures
        required by U.S. GAAP, which are relevant to the accompanying financial
        statements, are included herein.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"><FONT size="2" face="serif">o)</FONT></TD>
    <TD colspan="2"><FONT size="2" face="serif">New accounting pronouncements</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2"><FONT size="2" face="serif"><u>SFAS 149, &#147;Amendment
          of Statement No. 133 on Derivative Instruments and Hedging Activities&#148;</u></FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2"><FONT size="2" face="serif">In April 2003, the Financial
        Accounting Standards Board (&quot;FASB&quot;) issued SFAS 149, &#147;Amendment
        of Statement No. 133 on Derivative Instruments and Hedging Activities&#148;,
        which amends and clarifies accounting for derivative instruments, including
        certain derivative instruments embedded in other contracts, and hedging
        activities under SFAS 133, &#147;Accounting for Derivative Instruments
        and Hedging Activities&#148;. SFAS 149 clarifies the circumstances under
        which a contract with an initial net investment meets the characteristic
        of a derivative as discussed in SFAS 133. In addition, SFAS 149 clarifies
        when a derivative contains a financing component that warrants special
        reporting in the statement of cash flows. SFAS 149 amends certain other
        existing pronouncements, resulting in more consistent reporting of contracts
        that are derivatives in their entirety or that contain embedded derivatives
        that warrant separate accounting. SFAS 149 is effective for contracts
        entered into or modified after June 30, 2003 and for relationships designated
        after June 30, 2003 and is to be Applied prospectively. The adoption
        of SFAS 149 did not have any impact on the Company&#146;s financial statements.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2"><FONT size="2" face="serif"><u>SFAS 150, &#147;Accounting
          for Certain Financial Instruments with Characteristics of both Liabilities
          and Equity&#148;</u></FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2"><FONT size="2" face="serif">In May 2003, FASB issued SFAS
        150, &#147;Accounting for Certain Financial Instruments with Characteristics
        of both Liabilities and Equity&#148;. SFAS 150 modifies the accounting
        for certain financial instruments that, under previous guidance, issuers
        could account for as equity. The statement requires that those instruments
        be classified as liabilities in statements of financial position. SFAS
        150 affects an issuer&#146;s accounting for three types of freestanding
        financial instruments, namely:</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign="top">&#149;</TD>
    <TD width="85%"><FONT size="2" face="serif">Mandatory redeemable shares,
        which the issuing company is obligated to buy back in exchange for cash
        or other assets.</FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT size="2" face="serif">F-39</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<TABLE width="100%"  border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD colspan="4"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign="top">&#149;</TD>
    <TD width="85%"><FONT size=2 face="serif">Instruments, other than outstanding
        shares, that do or may</FONT> <FONT size=2 face="serif">require the issuer
        to buy back some of its shares in exchange for</FONT> <FONT size=2 face="serif">cash
        or other assets. These instruments include put options and</FONT> <FONT size=2 face="serif">forward
        purchase contracts.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&#149;</TD>
    <TD><FONT size=2 face="serif">Obligations that can be settled with shares,
        the monetary value</FONT> <FONT size=2 face="serif">of which is fixed,
        tied solely or predominantly to a variable</FONT> <FONT size=2 face="serif">such
        as a market index, or varies inversely with the value of the</FONT> <FONT size=2 face="serif">issuers&#146; shares.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top"><FONT size=2 face="serif">SFAS 150 does not
        Apply to features embedded in financial instruments that are not derivatives
        in their entirety. In addition to its requirements for the classification
        and measurement of financial instruments within its scope, SFAS 150 also
        requires disclosures about alternative ways of settling those instruments
        and the capital structure of entities, all of whose shares are mandatorily
        redeemable. SFAS 150 is effective for financial instruments entered into
        or modified after May 31, 2003 and, otherwise, is effective at the beginning
        of the first interim period beginning after June 15, 2003. It is to be
        implemented by reporting the cumulative effect of a change in an accounting
        principle for financial instruments created before the issuance date
        of the statement and still existing at the beginning of the interim period
        of adoption. Restatement is not permitted. The adoption of SFAS 150 did
        not have any impact on the Company&#146;s financial statements. </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top"><FONT size=2 face="serif"><u>FIN 45, &#147;Guarantor&#146;s
          Accounting and Disclosure Requirements for Guarantees, Including Indirect
          Guarantees of Indebtedness of Others&#148;</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top"><FONT size=2 face="serif">In November 2002,
        FASB issued Interpretation No. 45 ("FIN 45"), &#147;Guarantor&#146;s
        Accounting and Disclosure Requirements for Guarantees, Including Indirect
        Guarantees of Indebtedness of Others&#148;. FIN 45 requires certain disclosures
        to be made by a guarantor in its interim and annual financial statements
        about its obligations under certain guarantees that it has issued. It
        also requires a guarantor to recognize, at the inception of a guarantee,
        a liability for the fair value of the obligation undertaken in issuing
        the guarantee. The disclosure requirements of FIN 45 are effective for
        interim and annual periods ending after December 15, 2002. The initial
        recognition and initial measurement requirements of FIN 45 are effective
        prospectively for guarantees issued or modified after December 31, 2002.
        The adoption of FIN 45 did not have a material impact on the Company&#146;s
        financial statements, as discussed in Note 24.I.l. </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top"><FONT size=2 face="serif"><u>FIN 46, &#147;Consolidation
          of Variable Interest Entities&#148;</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top"><FONT size=2 face="serif">In January 2003, FASB
        issued FASB Interpretation No. 46 (&#147;FIN 46&#148;), Consolidation
        of Variable Interest Entities&#148;, an Interpretation of APB No. 51.
        FIN 46 requires certain variable interest entities to be consolidated
        by the primary beneficiary of the entity&#146; if the equity investors
        in the entity did not have the characteristics of a controlling financial
        interest or did not have sufficient equity at risk for the entity to
        finance its activities without additional subordinated financial Support
        from other parties. FIN 46 was effective for all new variable interest
        entities created or acquired after January 31, 2003. However, during
        October 2003, FASB deferred the effective date of FIN 46 until the end
        of the first interim or annual period ending after December 15, 2003.
        This deferral did not affect the implementation date for many foreign
        private issuers, which continued to be the beginning of the first annual
        period ending after December 15, 2003. </FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-40</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<br>
<TABLE width="100%"  border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD colspan="4"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colspan="2" valign="top"><P><FONT size=2 face="serif">In December 2003,
          FIN 46 was substantially revised and a new interpretation FIN 46 (revised)
          was issued. FASB partially delayed FIN 46&#146;s effective date (for
          most public companies) until no later than the end of the first reporting
          period ending after March 15, 2004. The delay notwithstanding, public
          companies must Apply either FIN 46 or FIN 46R to special-purpose entities
          (SPEs) no later than the end of the first reporting period ending after
          December 15, 2003. FIN 46R did not have any impact on the Company&#146;s
          operations in 2003, and it is expected that it will not have any impact
          on the Company&#146;s operations in 2004.</FONT></P></TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-41</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries </FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign="top"><font size="2">II - </font></td>
    <td width="90%"><font size="2"> Reconciliation of the differences between
        U.S. GAAP and accounting practices adopted in Brazil in net income </font></td>
  </tr>
</table>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="52%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><FONT size=2 face="serif">Note 24.I. </FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">2003</FONT></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">2002</FONT></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">2001</FONT></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="52%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR size="1" noshade></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR size="1" noshade></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Net income as reported
        under accounting practices adopted in Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">246.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">222.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">132.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Reversal of revaluation
        adjustments:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">b)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation
        of property, plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Minority
        interests</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Inflation accounting:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">a)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Property,
        plant and equipment - incremental depreciation</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(4.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Inventories
        and other nonmonetary assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Minority
        interests</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Different criteria for:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Equity method
        of accounting</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">d)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">31.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(7.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Cancellation
        of subsidiaries&#146; treasury stock</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        charges expensed:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">c)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cost</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(38.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(43.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(21.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated
        amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">39.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">35.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">7.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation
        of interest costs capitalized during construction</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">e)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Reversal
        of goodwill amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to accounting for derivative instruments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">and
        hedging activities</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">j)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">67.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(50.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other individually
        insignificant adjustments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">i), 1)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=center>
      <HR size="1" noshade></TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=center>
      <HR size="1" noshade></TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=center>
      <HR size="1" noshade></TD>
    <TD align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">72.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(28.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(18.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">f)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(25.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">9.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Minority
        interests</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">40.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(10.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(10.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to business combinations</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to acquisition of minority interest in</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno
        S.A. - Industria e Comercio</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(13.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(10.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to the acquisition of SPGas Distribuidora</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">de
        Gas S.A.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to the acquisition of Canamex Quimicos</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">S.A.
        de C.V.</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Effect on
        minority interest arising from difference in acquisition dates</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(55.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Net income under U.S.
        GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">288.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">143.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">123.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=52% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Basic earnings per thousand
        shares under U.S. GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">(in accordance
        with SFAS 128) - R$:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">h)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Basic
        earnings per thousand common shares</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.03</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.28</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.23</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=52% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Basic
        earnings per thousand preferred shares</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.43</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.51</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.55</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%"  border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">Dilutive earning (losses) per thousand
        shares have not been disclosed, since the Company has no dilutive shares.
        The calculation of earnings per thousand shares is summarized in Note
        24.V.a).</FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-42</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width="100%"  border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD colspan="3"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" valign="top"><FONT size=2 face="serif">III -</FONT></TD>
    <TD width="90%" valign="top"><FONT size=2 face="serif">Reconciliation of
        the differences between U.S. GAAP and accounting practices adopted in
        Brazil in stockholders&#146; equity </FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><font size="2">Note 24.I</font>
        <hr noshade size=1>
        <font size="2"></font></TD>
    <TD align="center"><font size="2">&nbsp;</font></TD>
    <TD align=center><font size="2">2003</font>
        <hr noshade size=1>
    </TD>
    <TD align=center><font size="2">&nbsp;</font></TD>
    <TD align="center"><font size="2">&nbsp;</font></TD>
    <TD align=center><font size="2">2002</font>
        <hr noshade size=1>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=center>&nbsp;</TD>
    <TD width=54% align=left> <FONT size=2 face="serif">Stockholders&#146; equity
        as reported under accounting practices adopted in Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,356.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1,191.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left><FONT size=2 face="serif">Reversal of revaluation
        adjustments:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">b)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Property,
        plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(36.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(47.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">2.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority
        interests</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">2.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">3.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(31.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(41.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> <FONT size=2 face="serif">Inflation accounting:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">a)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Property,
        plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">32.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">37.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Other nonmonetary
        assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">3.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">4.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">35.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">41.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> <FONT size=2 face="serif">Deferred tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(12.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(14.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> <FONT size=2 face="serif">Minority interests</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(1.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">22.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">26.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left><FONT size=2 face="serif">Different criteria for:</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% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Equity
        method of accounting</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">d)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(4.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(6.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Cancellation
        of subsidiaries&#146; treasury stock</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(4.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(5.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        charges:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">c)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cost</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(195.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(152.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated
        amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">126.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">86.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Capitalization
        of interest costs during construction:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">e)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cost</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">12.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated
        amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(10.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(9.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Reversal
        of goodwill recorded at SPGas before acquisition</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(7.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Reversal
        of goodwill amortization of SPGas acquisition under BR GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to accounting for derivative instruments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">j)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">21.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(46.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other individually
        insignificant adjustments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">i), l)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(60.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(121.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">22.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">44.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Minority
        interests</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">5.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">9.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(32.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(67.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade>
      </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=center>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
<TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>

      </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=center>

    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Fair value
        adjustments relating to business combinations:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">6.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">7.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp;&nbsp;<FONT size=2 face="serif">Deferred
        tax effect</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(2.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(2.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">4.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">5.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Fair value
        adjustments relating to acquisition of minority interest in</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% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Oxiteno
        S.A. - Industria e Comercio</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(36.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(39.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">7.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(28.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(31.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Adjustments
        relating to the acquisition of SPGas Distribuidora de Gas S.A.:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Fair
        value adjustments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(10.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">3.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=center>&nbsp;</TD>
    <TD width=54% align=left> <FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif"></FONT>&nbsp;&nbsp;Goodwill
        difference between U.S. GAAP and accounting practices</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% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;adopted
        in Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">14.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Minority
        interest</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">6.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Adjustments
        relating to the acquisition of Canamex Quimicos S.A. de C.V.:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">g)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Fair
        value adjustments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=center>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Goodwill
        difference between U.S. GAAP and Accounting practices</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% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;adopted
        in Brazil</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Available-for-sale
        securities (temporary unrealized losses)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">i)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(2.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(8.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Deferred
        tax effects</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">0.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">2.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(1.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">(5.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=54% align=left> <FONT size=2 face="serif">Stockholders&#146; equity
        under U.S. GAAP</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">1,294.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT size=2 face="serif">1,076.5</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=54% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-43</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="3" valign=top nowrap><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD colspan="2" valign=top nowrap> <FONT size=2 face="serif">IV</FONT> <FONT size=2 face="serif">-
        Statement of changes in stockholders&#146; equity in accordance with
        U.S. GAAP</FONT> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="60%" align=center>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="6%" align=center>&nbsp;</TD>
    <TD width="2%" align=center></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="6%" align=center>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="60%" align=center>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=center><FONT size=2 face="serif">2003</FONT></TD>
    <TD width="2%" align=center></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="6%" align=center><FONT size=2 face="serif">2002</FONT></TD>
    <TD width="2%" align=center></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="6%" align=center><FONT size=2 face="serif">2001</FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="60%" align=center>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=left><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=left><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=left><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left><FONT size=2 face="serif">Stockholders&#146; equity
        under U.S. GAAP as of</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">beginning
        of the year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,076.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">748.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">854.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Additional
        paid-in capital</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">288.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">143.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">123.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Dividends
        and interest on own capital</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(72.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(65.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(229.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Acquisition of treasury
        shares:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Unrealized
        losses (gains) on available-for-sale</FONT> <FONT size=2 face="serif">equity
        securities, net of tax</FONT></TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">3.9</FONT> </TD>
    <TD width="2%" align=left> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width="2%" align=left> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">(0.2</FONT> </TD>
    <TD width="2%" align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Unrealized
        losses on available-for-sale debt securities, net of tax</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Issuance
        of common and preferred shares</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">248.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left><FONT size=2 face="serif">Stockholders&#146; equity
        under U.S. GAAP as of the end of the year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,294.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,076.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">748.5</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Comprehensive income
        (under SFAS 130):</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">288.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">143.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">123.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Unrealized
        losses (gains) on available-for-sale</FONT> <FONT size=2 face="serif">equity
        securities, net of tax</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">3.9</FONT> </TD>
    <TD width="2%" align=left> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width="2%" align=left> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">(0.2</FONT> </TD>
    <TD width="2%" align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp; <FONT size=2 face="serif">Unrealized
        losses on available-for-sale</FONT> <FONT size=2 face="serif">debt securities,
        net of tax</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width="2%" align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=left> </TD>
    <TD width="2%" align=left> </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="6%" align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left><FONT size=2 face="serif">Total comprehensive income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">291.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">144.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">122.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Accumulated other comprehensive
        income (loss)</FONT> <FONT size=2 face="serif">as of the end of the year</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD colspan="2"><FONT size=2 face="serif">V - Additional disclosures required
        by U.S. GAAP</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> &nbsp; &nbsp; </TD>
    <TD width="5%"><FONT size=2 face="serif">a)</FONT>&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">Earnings per share</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">The following table provides a
        reconciliation of the numerators and denominators used in computing earnings
        per share and the allocation of distributed and undistributed income
        between common and preferred stockholders under the two-class method
        of computing earnings per share as required by SFAS 128.</FONT> </TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-44</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><FONT size=2 face="serif">2003</FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="6%" align=center><FONT size=2 face="serif">Common</FONT></TD>
    <TD align=center></TD>
    <TD align="center">&nbsp;</TD>
    <TD width="6%" align=center><FONT size=2 face="serif">Preferred</FONT></TD>
    <TD width="2%" align=center></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="6%" align=center><FONT size=2 face="serif">Total</FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Distributed income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">51.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">20.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">72.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Undistributed income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">154.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">61.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">216.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">206.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">81.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">288.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left><FONT size=2 face="serif">Weighted average shares
        outstanding</FONT> <FONT size=2 face="serif">(in thousands)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">51,264,622</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">18,426,647</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">69,691,269</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Earnings per thousand
        shares - whole R$</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.03</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.43</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="60%" align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=left></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="7" align=center> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="7" align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">Common</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">Preferred</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Distributed income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">46.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">18.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">65.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Undistributed income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">55.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">23.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">78.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">101.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">42.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">143.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Weighted average shares
        outstanding</FONT> <FONT size=2 face="serif">(in thousands)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">44,624,317</FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,721,317</FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">61,345,634</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> &nbsp; &nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD align=right>
      <HR size="1" noshade>
    </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <HR size="1" noshade>
    </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Earnings per thousand
        shares - whole R$</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.28</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.51</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="60%" align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="7" align=center> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD></TD>
    <HR size="1" noshade>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">Common</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">Preferred</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Distributed income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">60.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">26.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">87.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Distributed reserves</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">87.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">37.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">125.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Supplementary dividends
        from net income for</FONT> <FONT size=2 face="serif">the year ended December
        31, 2000</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="serif">12.2</FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5.4</FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">17.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>
      <HR size="1" noshade>
    </TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Total distributions</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">159.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">69.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">229.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Distributions from retained
        earnings</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(75.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(31.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(106.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">84.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">38.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">123.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Weighted average shares
        outstanding (in</FONT> <FONT size=2 face="serif">thousands)</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">37,984,013</FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,015,987</FONT> </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">53,000,000</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=60% align=left> <FONT size=2 face="serif">Earnings per thousand
        shares - whole R$</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.23</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.55</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=60% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="90%"> <FONT size=2 face="serif">Concentrations of credit risk</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">Financial instruments which potentially
        subject the Company to credit risk are cash and cash equivalents, short-term
        investments and trade receivables. Based on the factors described below,
        the Company considers the risk of counterparty default to be minimal.</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-45</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="3" valign=top nowrap><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">The Company manages its credit risk with respect
        to cash equivalents by investing only in liquid instruments with highly-rated
        financial institutions. In addition, investments are diversified in several
        institutions, and credit limits are established for each individual institution. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Credit risk from accounts receivable is managed
        following specific criteria for each of the segments in which the Company
        operates, as follows: </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif"><u>Chemical segment (Oxiteno)</u></FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Oxiteno&#146;s customers for its commodity
        chemicals are principally chemical companies, surface coating producers
        and polyester resin producers, and customers for its specialty chemicals
        comprise a variety of industrial and commercial enterprises. No single
        customer or group accounts for more than 10% of total revenue. Management
        believes that by distributing its products to a variety of markets it
        is able to protect itself, to a certain extent, from the effects of negative
        trends in any particular market. Oxiteno acts as a member of a Credit
        Committee of the Brazilian chemical manufacturers which meets monthly
        to review the financial position of clients showing past-due accounts. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Historically, the Company has not experienced
        significant losses on trade receivables. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif"><u>Gas segment (Ultragaz)</u></FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Ultragaz sells its products to the retail,
        commercial and industrial markets. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Sales to the retail market are carried out
        directly by Ultragaz using cash terms, from which no significant credit
        risk exists, or through outside distributors. Credit risk in sales to
        outside distributors is reduced due to the large customer base, the ongoing
        control procedures that monitor the creditworthiness of distributors,
        and by short-term payment (23 days on average) that permit continuous
        monitoring of distributors&#146; compliance. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Sales to the commercial and industrial markets
        are made to customers, which have signed a credit agreement with the
        Company and have provided personal guarantees or collateral. Periodic
        monitoring of these accounts is performed by specific staff with the
        Support of financial information systems.</FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">No single customer or group accounts for more
        than 10% of total revenue. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Historically, the Company has not experienced
        significant losses on trade receivables.</FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif"><u>Logistic segment (Ultracargo)</u></FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">The main customers of Ultracargo are chemical
        companies. The average-term payment is 25 days. </FONT></TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD valign=top nowrap>&nbsp;</TD>
    <TD><FONT size=2 face="serif">Historically, the Company has not experienced
        significant losses on trade receivables. </FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-46</FONT><B></B></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD colspan="3" valign=top nowrap><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif"><u>Company is dependent on few
          major Suppliers</u></FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">The Company is dependent on third-party
        manufacturers for all of its Supply of ethylene and LPG. In 2003, 2002
        and 2001, products purchased from the Company&#146;s three largest Suppliers
        accounted for Approximately 72%, 74% and 72% of cost of sales and services,
        respectively. The Company is dependent on the ability of its Suppliers
        to provide products on a timely basis and on favorable pricing terms.
        The loss of certain principal Suppliers or a significant reduction in
        product availability from principal Suppliers could have a material adverse
        effect on the Company. The Company believes that its relationship with
        its Suppliers is satisfactory.</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="5%"><FONT size=2 face="serif">c)</FONT></TD>
    <TD width="90%"> <FONT size=2 face="serif">Impairment of long-lived assets</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">The Company reviews the carrying
        value of property, plant, and equipment for impairment whenever events
        and circumstances indicate that the carrying value of an asset may not
        be recoverable from the estimated future cash flows expected to result
        from its use and eventual disposition. In cases where undiscounted expected
        future cash flows are less than the carrying value, an impairment loss
        is recognized equal to an amount by which the carrying value exceeds
        the fair value of assets. The factors considered by management in performing
        this assessment include current operating results, trends, and prospects,
        as well as the effects of obsolescence, demand, competition, and other
        economic factors.</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">No impairment has been recorded
        in the consolidated financial statements as of December 31, 2003.</FONT> </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> &nbsp; &nbsp; &nbsp; </TD>
    <TD width="5%"><FONT size=2 face="serif">d)</FONT></TD>
    <TD width="90%"> <FONT size=2 face="serif">Impairment of goodwill</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">Under U.S. GAAP financial statements,
        goodwill consists of the excess of the cost paid for the acquisitions
        of SPGas and Canamex over the net of the fair value assigned to assets
        acquired and liabilities assumed of these companies.</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">The Company has recorded the following
        amounts of goodwill under the U.S. GAAP financial statements:</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=40% align=center> <FONT size=2 face="serif">Description</FONT> </TD>
    <TD width=40%>&nbsp;</TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">2003</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=40%>&nbsp;</TD>
    <TD width=9%>&nbsp;</TD>
    <TD width=11% align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Gas segment (Ultragaz):</FONT> </TD>
    <TD width=40%>&nbsp;</TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=11% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
        on the acquisition of SPGas</FONT> </TD>
    <TD width=40%>&nbsp;</TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">39.9</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">Chemical segment (Oxiteno):</FONT> </TD>
    <TD width=40%>&nbsp;</TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=11% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
        on the acquisition of Canamex</FONT> </TD>
    <TD width=40%>&nbsp;</TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=11% align=right> <FONT size=2 face="serif">2.6</FONT> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">As mentioned in Note 24.g), goodwill
        is not amortized and should be tested for impairment. The first impairment
        test will be made in 2004, considering that the acquisitions were concluded
        in the second semester of 2003. </FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-47</FONT></P>
<BR>
<BR>
<HR size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="3"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">e)</FONT></TD>
    <TD><FONT size=2 face="serif">Intangible assets subject to amortization </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">The Company&#146;s intangible assets subject
        to amortization are mainly composed of software and commercial property
        rights. These intangible assets are classified as other property, plant
        and equipment (see Note 10). </FONT></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="42%" align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align=center>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="42%" align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align=center><FONT size="2" face="serif">2003</FONT></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="42%" align=left></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align=center><HR size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Software</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Commercial<BR>
      property<BR>
      rights</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Gross</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">40.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">17.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">70.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Accumulated amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(10.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(10.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(21.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Net</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">29.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">11.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">49.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="42%" align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="10" align=center> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan=10 align=left><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Software</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Commercial<BR>
      property<BR>
      rights</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Gross</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">8.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">19.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">40.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Accumulated amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(3.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(0.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(10.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">(13.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=42% align=left> <FONT size=2 face="serif">Net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">5.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">11.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">9.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">26.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=42% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right>
      <HR size="2" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"><FONT size=2 face="serif">Aggregate amortization expense
        for the above intangible assets amounted to R$ 21.1, R$ 13.8 and R$ 8.7
        for the years ended December 31, 2003, 2002 and 2001, respectively.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">The estimated aggregate amortization expense
        for the next five years is as follows: </FONT></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD WIDTH="10%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">2004</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">11.2</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">2005</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10.7</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">2006</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10.4</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">2007</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">6.6</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">2008</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">Thereafter</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">10.1</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width=10% align=right><HR size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">49.3</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD width=10% align=right><HR size="2" noshade></TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="90%"> <FONT size=2 face="serif">Fair value of financial instruments</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">The fair value of foreign cash
        and cash equivalents, receivables from foreign customers, net of advances
        on export contracts and import transactions payable Approximates to their
        book value as disclosed in Note 17. Fair values of investment in foreign
        currency and swaps are R$ 416.6 and R$ 334.4 at December 31, 2003 and
        2002, respectively, and fair values of foreign currency financings are
        R$ 449.5 and 357.9 at December 31, 2003 and 2002, respectively.</FONT> </TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-48</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR>
    <TD colspan="3" valign=top nowrap><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries</FONT></TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="90%"> <FONT size=2 face="serif">Environmental issues</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">The Company and its subsidiaries
        are subject to federal, state and local laws and regulations relating
        to the environment. These laws generally provide for control of air and
        effluent emissions and require responsible parties to undertake remediation
        of hazardous waste disposal sites. Civil penalties may be imposed for
        noncompliance. The Company provides for remediation costs and penalties
        when a loss is probable and the amount is reasonably determinable. It
        is not presently possible to estimate the amount of all remediation costs
        that might be incurred or penalties that may be imposed; however, management
        does not presently expect that such costs and penalties, to the extent
        not previously provided for, will have a material effect on the Company&#146;s
        consolidated financial position or results of operations.</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT size=2 face="serif">h)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="90%"> <FONT size=2 face="serif">Financial income and expenses,
        net</FONT> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="58%" align=left></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="58%" align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=6% align=center> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=center> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="58%" align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Interest on cash and
        cash equivalents</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">105.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">102.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">121.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Interest from customers</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Interest on loans</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(56.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(49.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(49.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Bank charges</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(6.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(7.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Monetary variation,
        net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(67.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(70.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">CPMF, PIS, COFINS and
        IOF taxes on financial</FONT> </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">transactions</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(35.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(32.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(29.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="58%" align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="58%" align=left> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(57.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">28.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(31.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="58%" align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=6% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" valign=top nowrap> &nbsp; &nbsp; </TD>
    <TD width="5%"><FONT size=2 face="serif">i)</FONT>&nbsp;</TD>
    <TD width="90%"> <FONT size=2 face="serif">Supplementary information - valuation
        and qualifying accounts for accounts receivable (see Note 6)</FONT> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=left></TD>
    <TD width="76%" align=left></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center nowrap> <FONT size=2 face="serif">Allowance for</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center> <FONT size=2 face="serif">doubtful</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center> <FONT size=2 face="serif">accounts</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Balance as of December
        31, 2000</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">3.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Additions - costs and
        expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">7.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Deductions - trade accounts
        receivable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">(2.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Balance as of December
        31, 2001</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">9.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Additions - costs and
        expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">9.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Deductions - trade accounts
        receivable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">(7.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Balance as of December
        31, 2002</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">11.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Additions - costs and
        expenses (*)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">31.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Deductions - trade accounts
        receivable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">(25.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;</TD>
    <TD width=76% align=left> <FONT size=2 face="serif">Balance as of December
        31, 2003</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">17.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left></TD>
    <TD width=76% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=center>
      <HR size="2" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp; </TD>
    <TD width="2%" valign="top"><FONT size=2 face="serif">(*)</FONT> </TD>
    <TD width="88%"><FONT size=2 face="serif">Include transfer of valuation allowances
        for doubtful accounts previously recorded at SPGas Distribuidora de Gas
        S.A. in the amount of R$ 11.2.</FONT></TD>
  </TR>
</TABLE>
<P align="center"><FONT size=2 face="serif">F-49</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<BR>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR>
    <TD COLSPAN="2"><FONT SIZE=2 FACE="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries </FONT></TD>
  </TR>
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE=2 FACE="serif">j) &nbsp;</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">Statement of cash flows </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD> <FONT SIZE=2 FACE="serif">Accounting practices adopted in Brazil do
        not require the presentation of a statement of cash flows as required
        by U.S. GAAP. Changes in working capital are presented in the statement
        of changes in financial position. U.S. GAAP requires the presentation
        of a statement of cash flows describing the Company&#146;s cash flows
        from operating, financing and investing activities. Statements of cash
        flows derived from the information based on accounting practices adopted
        in Brazil information are as follows (the reconciling items to U.S. GAAP
        under item II relate exclusively to operating activities). </FONT></TD>
  </TR>
</TABLE>
<br>
<TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% align=CENTER> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=CENTER> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">CASH FLOWS FROM OPERATING
        ACTIVITIES</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Net income</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">246.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">222.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">132.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Adjustments to reconcile
        net income</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">to
        cash provided by operating activities:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation
        and amortization</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">146.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">121.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">102.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Amortization
        of negative goodwill</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(8.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gain
        on sale of property, plant and equipment</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">7.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">25.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">21.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Foreign
        exchange and indexation losses on liabilities</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(54.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">118.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">74.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allowance
        (realization of provision) for losses on permanent assets</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">40.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity
        in earnings (losses) of affiliated companies</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Proposed
        dividends and interest on capital (gross)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
        income and social contribution taxes</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(15.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
        long-term taxes</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">10.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Loss
        (gain) on change in ownership percentage</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority
        interest</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">54.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">73.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Decrease
        (increase) in operating assets:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Short-term
        investments</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Trade
        accounts receivable</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(9.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(122.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(10.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Recoverable
        taxes</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(39.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
        receivables</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(31.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Inventories</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(20.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(11.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(8.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Prepaid
        expenses</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Increase
        (decrease) in operating liabilities:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Suppliers</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(24.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">16.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accrued
        interest</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Salaries
        and related charges</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">8.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">14.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.5</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Taxes</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income
        and social contribution taxes</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(2.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net
        cash provided by operating activities</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">311.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">468.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">339.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">CASH FLOWS FROM INVESTING
        ACTIVITIES</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Additions to short-term
        investments</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(40.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Additions to investments</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Business combinations,
        net of cash acquired</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(134.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Additions to property,
        plant and equipment</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(171.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(168.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(145.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Additions to deferred
        charges</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(51.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(51.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(57.4</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Acquisition of minority
        interests</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(212.6</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(13.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Proceeds from sales
        of property, plant and equipment</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">15.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">9.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(7.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Net cash used in investing
        activities</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(391.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(427.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(206.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
    <TD width=6% align=center>
      <HR size="1" noshade></TD>
    <TD width="2%" align=left> </TD>
  </TR>
</TABLE>
<DIV align="center"><FONT SIZE="2">F-50</FONT><br>
    <br>
</DIV>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<FONT SIZE=2 FACE="serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT><br>
<TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="76%" align=left></TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% align=CENTER> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=CENTER> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=CENTER><HR size="1" noshade></TD>
    <TD width=2% align=CENTER></TD>
    <TD width=6% align=CENTER><HR size="1" noshade></TD>
    <TD width=2% align=CENTER></TD>
    <TD width=6% align=CENTER><HR size="1" noshade></TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=center>&nbsp;</TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">CASH FLOWS FROM FINANCING
        ACTIVITIES</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Short-term debt, net</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">19.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">55.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(51.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Long-term loans:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Issuances</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">264.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">97.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">54.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Repayments</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(119.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right><FONT size=2 face="serif">(98.2</FONT> </TD>
    <TD width=2% align=LEFT><FONT SIZE=2 FACE="serif">)</FONT></TD>
    <TD width=6% align=right><FONT SIZE=2 FACE="serif">(85.3</FONT></TD>
    <TD width=2% align=left><FONT SIZE=2 FACE="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Loans from affiliated
        companies:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Issuances</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">20.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">14.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Repayments</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(86.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(16.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(5.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Dividends paid</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(80.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(60.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(244.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(7.9</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right><FONT size=2 face="serif">(51.4</FONT></TD>
    <TD width=2% align=LEFT><FONT SIZE=2 FACE="serif">) </FONT></TD>
    <TD width=6% align=right><FONT SIZE=2 FACE="serif">(11.2</FONT> </TD>
    <TD width=2% align=left><FONT SIZE=2 FACE="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Net cash provided by
        (used in) financing activities</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">10.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(59.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(339.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Net decrease in cash
        and cash equivalents</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(69.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(18.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(206.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Cash and cash equivalents
        at the beginning of the year</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">637.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">656.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">862.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Cash and cash equivalents
        at the end of the year</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">568.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">637.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">656.0</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">
      <HR size="2">
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right>
      <HR noshade size="2">
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="2">
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">SUPPLEMENTAL DISCLOSURE
        OF CASH FLOW INFORMATION</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Cash paid during the
        year for:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest,
        net of amounts capitalized</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">51.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">46.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">38.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Taxes
        on income</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">25.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">52.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">20.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> <FONT size=2 face="serif">Noncash investing and
        financing activities:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=LEFT> <FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT> Direct
        supplier financing of acquisition of property, plant and equipment</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Capital
        contribution with investments in subsidiaries - Gipoia</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Participa&ccedil;&otilde;es
        Ltda.</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">38.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=LEFT> <FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; Acquisition
        of minority interest with issuance of shares - Oxiteno S.A. -</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Industria
        e Comercio</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">191.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Acquisition
        of businesses:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fair
        value of assets acquired</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">232.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fair
        value of liabilities assumed</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(93.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Purchase
        price</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">138.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cash
        acquired</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(3.8</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Purchase
        price, net of cash acquired</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">134.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=76% align=left> </TD>
    <TD width=6% align=center><hr noshade size=2>
    </TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=right><hr noshade size=2>
    </TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=right><hr noshade size=2>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<DIV align="center"><BR>
    <br>
    <FONT SIZE="2">F-51</FONT><br>
</DIV>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR>
    <TD COLSPAN="2"><FONT SIZE=2 FACE="serif">Ultrapar Participa&ccedil;&otilde;es
        S.A. and Subsidiaries </FONT></TD>
  </TR>
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT SIZE=2 FACE="serif">k) </FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">Segment information</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD> <FONT SIZE=2 FACE="serif">Financial information about each of the Company&#146;s
        reportable segments based on records in accordance with accounting practices
        adopted in Brazil is as follows: </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD width="76%" align=left></TD>
    <TD WIDTH="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD width="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
    <TD WIDTH="6%" align=right>&nbsp;</TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% align=CENTER> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=CENTER> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=center> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=center> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Net revenue from sales
        to unassociated companies:</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,622.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,942.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,380.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,237.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">956.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">832.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">140.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">96.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">71.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,000.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,994.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,284.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Intersegment:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">36.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">35.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">33.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right><HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Eliminations</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">43.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">42.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">40.3</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left>&nbsp;</TD>
    <TD width="6%" align=left></TD>
    <TD width="2%" align=left></TD>
    <TD width="6%" align=left></TD>
    <TD width="2%" align=left></TD>
    <TD width="6%" align=left></TD>
    <TD width="2%" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Net revenues:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,622.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,942.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,381.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,237.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">956.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">832.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">177.1</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">131.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">105.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.4</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Eliminations</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(43.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(42.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(40.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,000.3</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,994.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,284.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <FONT size=2 face="serif">Operating profit before
        financial income (expenses):</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">113.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">143.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">101.1</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">207.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">199.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">146.6</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">24.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">17.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">27.4</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.7</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4.8</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3.8</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">351.6</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">365.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">278.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Financial
        income (expenses), net</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(57.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">28.5</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(31.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Nonoperating
        income (expenses), net</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.0</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(44.1</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(17.0</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Equity
        in losses of affiliated companies</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(0.5</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(1.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1.9</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(56.7</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(17.3</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">(46.2</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=LEFT> <FONT size=2 face="serif">Income before taxes
        and minority interests</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">294.9</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">348.2</FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">232.7</FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2% align=left> </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT SIZE="2" FACE="serif">F-52</FONT></P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% ALIGN="CENTER">&nbsp; </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% ALIGN="CENTER">&nbsp; </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=CENTER>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Additions to property,
        plant and equipment according to:</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Accounting
        practices adopted in Brazil:</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">78.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">86.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">97.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">51.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">49.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">36.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">40.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">35.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">11.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">171.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">171.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">145.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=LEFT> <FONT size=2 face="serif">&nbsp; &nbsp;U.S. GAAP:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">78.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">86.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">97.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">51.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">49.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">36.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">40.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">35.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">11.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">-</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">171.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">171.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">145.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Depreciation and amortization
        charges according to:</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Accounting
        practices adopted in Brazil:</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">95.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">76.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">61.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">36.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">32.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">30.2</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">15.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">11.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">9.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.8</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">146.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">121.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">102.4</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=LEFT> <FONT size=2 face="serif">&nbsp; &nbsp;U.S. GAAP:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">47.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">42.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">36.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">34.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">30.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">28.6</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">16.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">12.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">10.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">98.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">85.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">74.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Identifiable assets
        - accounting practices adopted in</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=LEFT> <FONT size=2 face="serif">&nbsp; &nbsp;BR GAAP:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,010.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">828.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,075.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,021.1</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">269.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">129.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">52.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">149.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,408.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,127.9</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Identifiable assets
        - accounting practices adopted in</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=LEFT> <FONT size=2 face="serif">&nbsp;&nbsp; U.S. GAAP:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">965.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">735.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,093.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">1,031.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">273.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">133.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">11.4</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">104.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,343.6</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,004.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><hr noshade size=2>
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
</TABLE>
<DIV align="center"><BR>
    <br>
    <FONT SIZE="2">F-53</FONT><br>
</DIV>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><P><FONT size=2 face="serif">Additional information about business segments
          can be found in Note 16. </FONT></P></TD>
  </TR>
</TABLE>
<br>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD width="84%" align=left></TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width=6% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% ALIGN="CENTER">&nbsp; </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% align=CENTER>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> <FONT size=2 face="serif">Investments in equity
        investees - accounting practices adopted in Brazil:</FONT> </TD>
    <TD width="6%" align=left>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">6.9</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">0.2</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> <FONT size=2 face="serif">Total consolidated</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">5.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">7.1</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=left> </TD>
    <TD width=6% align=right><HR SIZE="1" NOSHADE COLOR="#000000">
        <HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -12px">
    </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR SIZE="1" NOSHADE COLOR="#000000">
        <HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -12px">
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="serif">l)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD> <FONT size=2 face="serif">Geographical area information</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD> <FONT size=2 face="serif">All long-lived assets are located in Brazil,
        except for long-lived assets located in Mexico, in the amount of R$ 18.9,
        as of December 31, 2003.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="serif">The Company generates revenues from operations
        in Brazil and, as from December, 2003, from Mexico, as well as from exports
        of products to clients located in foreign countries as shown below: </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2003</FONT> </TD>
    <TD width=2% ALIGN="CENTER">&nbsp; </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2002</FONT> </TD>
    <TD width=2% ALIGN="CENTER">&nbsp; </TD>
    <TD width=6% align=CENTER> <FONT size=2 face="serif">2001</FONT> </TD>
    <TD width=2% align=CENTER>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right>
      <HR size="1" noshade>
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=center> <FONT size=2 face="serif">&nbsp;</FONT></TD>
    <TD width=2% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Gross sales:</FONT> </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Brazil</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,182.0</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3,505.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,595.7</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Latin
        America, other than Brazil</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">162.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">98.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">107.8</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Far East</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">168.2</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">97.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">84.0</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Europe</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">42.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">55.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">31.4</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">North
        America</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">21.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">19.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">33.3</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">27.5</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">18.7</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">10.3</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">
      <HR size="1" noshade>
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> <FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">4,603.8</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">3,795.3</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right> <FONT size=2 face="serif">2,862.5</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=left> </TD>
    <TD width=6% align=right><FONT size=2 face="serif">
      <HR size="1" noshade color="#000000">
      <HR size="1" noshade color="#000000" style="margin-top: -12px">
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><FONT size=2 face="serif">
      <HR size="1" noshade color="#000000">
      <HR size="1" noshade color="#000000" style="margin-top: -12px">
    </FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=6% align=right><HR size="1" noshade color="#000000">
        <HR size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE WIDTH="95%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="5%"><FONT SIZE=2 FACE="serif">m)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">Research and development expenses</FONT></TD>
  </TR>
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD> <FONT SIZE=2 FACE="serif">Total research and development expenses amounted
        to R$ 13.4, R$ 10.9 and R$ 10.2 for the years ended December 31, 2003,
        2002 and 2001, respectively. </FONT></TD>
  </TR>
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT SIZE=2 FACE="serif">n)</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif"> Employee severance fund and termination payments </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">The Company is required to contribute 8% of
        each employee&#146;s gross pay to an account maintained in the employee&#146;s
        name in the Government Severance Indemnity Fund (FGTS). No other contributions
        to the FGTS are required. Additionally, effective September 2001, the
        Company is required to pay an additional tax equal to 0.5% of gross pay.
        Contributions are expensed as incurred. </FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<DIV align="center"><FONT size=2 face="serif">F-54</FONT> </DIV>
<HR WIDTH="100%" SIZE=3 NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P>&nbsp;</P>
<P align="left"><FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT> </P>
<div align="left">
  <BLOCKQUOTE>&nbsp;
  </BLOCKQUOTE>
</div>
<BLOCKQUOTE><P align="left"> <FONT size=2 face="serif">Under Brazilian law, the Company is also required
      to pay termination benefits to employees who have been dismissed. The amount
      of the benefit is calculated as 40% of the accumulated contributions made
      by the Company to the FGTS during the employee&#146;s period of service.
      Additionally, effective September 2001, the Company is required to pay
      a social tax of 10% of these accumulated contributions. The Company does
      not accrue for these termination costs before a decision to terminate has
      been made, since the benefits are neither probable nor reasonably estimable.
      Actual termination costs paid on dismissal totaled R$ 3.4, R$ 3.0 and R$
      3.8 for the years ended December 31, 2003, 2002 and 2001, respectively. </FONT></P>
</BLOCKQUOTE>
<P> <FONT size=2 face="serif"></FONT>
<P ALIGN="center"> <FONT size=2 face="serif">F-55</FONT></P>
<BR>
<BR>
<HR WIDTH="100%" SIZE=3 NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<BR>
<BR>
<P>
<U><FONT size=2 face="serif">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></U></P>
<P>
<FONT size=2 face="serif">To the Board of Directors and Stockholders of<br>
Ultrapar
Participa&ccedil;&otilde;es S.A. </FONT></P>
<P>
<U><FONT size=2 face="serif">S&atilde;o Paulo - SP - Brazil</FONT></U><FONT size=2 face="serif"> </FONT></P>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">We have reviewed the accompanying consolidated balance sheet of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries (Ultrapar) as of September 30, 2004, and the related consolidated statements of income and changes
in financial position for each of the nine-month periods ended September 30, 2004 and 2003 and changes in stockholders&#146; equity for the nine-month period ended September 30, 2004, all expressed in Brazilian reais. These interim financial
statements are the responsibility of Ultrapar&#146;s management.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures
and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the
objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">Based on our reviews, we are not aware of any material modifications that should be made to such consolidated interim financial statements for them to be in conformity with accounting practices adopted in
Brazil.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries
(Ultrapar) as of December 31, 2003, and the related consolidated statements of income, stockholders&#146; equity, and changes in financial position for the year then ended (not presented herein); and in our report dated January 30, 2004, except for
Note 24 as to which the date is March 19, 2004, for Note 23.b) as to which the dates are April 16, 2004 and April 30, 2004 and for Note 23.c) as to which the date is May 18, 2004, we expressed an unqualified opinion on those consolidated financial
statements.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">Accounting practices adopted in Brazil vary in certain significant respects from accounting principles generally accepted in the United States of America (U.S. GAAP). The application of the latter would have affected the
determination of net income for each of the nine-month periods ended September 30, 2004 and 2003, and the determination of stockholders&#146; equity at September 30, 2004 and December 31, 2003 to the extent summarized in Note 24.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
  <FONT align="left" size=2 face="serif">October 29, 2004, except for Note 24 as to which
  the date is November 26, 2004.</FONT></P>

<P align="left"> <br>
    <FONT SIZE="2">/s/ Deloitte Touche Tohmatsu <br>
    <br>
  Deloitte Touche Tohmatsu <br>
  Auditores Independentes </FONT></P>

<div align="center"><BR>
    <FONT size=2 face="serif">F-56</FONT>
  <br>
  <br>
</div>
<HR WIDTH="100%" SIZE=3 NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U></P>
<P>
<FONT size=2 face="serif">CONSOLIDATED BALANCE SHEETS AS OF<br>
SEPTEMBER 30, 2004
AND DECEMBER 31, 2003 (In millions of Brazilian reais - R$)</FONT></P>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><font size="2">ASSETS</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">September 30,<br>
    2004
  </FONT></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">December  31,<br>
2003</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR ALIGN="LEFT" WIDTH="8%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">CURRENT ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">569.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">568.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Short-term investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">41.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">366.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">322.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">175.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">137.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">85.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">115.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% 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">25.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">32.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,253.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,220.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">LONG-TERM ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Long-term investment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34.3</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">68.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">61.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Escrow deposits</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">13.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8.5</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% 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">16.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">142.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">83.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">PERMANENT ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Investments:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">6.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">27.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">27.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Property, plant and equipment, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,024.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">968.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Deferred charges, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">94.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">102.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,152.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,104.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">TOTAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">LIABILITIES</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">September 30,<br>
    2004 </FONT></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">December 31,<br>
    2003</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR ALIGN="LEFT" WIDTH="15%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">CURRENT LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">372.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">381.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Suppliers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">82.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">90.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">86.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">74.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">12.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Dividends payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">41.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">6.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% 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">16.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">575.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">632.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">LONG-TERM LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">306.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">31.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">28.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Other taxes and contributions - contingent liability</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">49.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">40.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% 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">1.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">375.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">386.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">36.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">32.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">STOCKHOLDERS' EQUITY</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Revaluation reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">16.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Profit reserves</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">677.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">677.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Treasury shares</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(9.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(2.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">Retained earnings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">213.5</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,356.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="72%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">TOTAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="72%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
</TABLE>
<div align="center"><BR>
    <FONT size=2 face="serif">F-57</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<br>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% align=left>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left>&nbsp;</TD>
  <TD width=10% align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">CONSOLIDATED STATEMENTS OF INCOME</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003</FONT>
        </TD>
        <TD width=10% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">(In millions of Brazilian reais - R$, except for per share data)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
</TR>
<TR>
        <TD colspan="2"><HR noshade size=1>
        </TD>
  </TR>
</TABLE>
<BR>
<table width=95% border=0 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">September 30,</FONT> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="4" align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2">2004</font></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">GROSS SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,903.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,450.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Taxes on sales and services, rebates, discounts and returns</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(339.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(520.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">NET SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2,738.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2,329.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">GROSS PROFIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">825.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">600.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(144.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(114.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(166.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(134.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Management compensation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(4.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(94.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(71.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(403.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(320.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">OPERATING INCOME BEFORE FINANCIAL ITEMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Financial expenses, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(35.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(43.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Nonoperating (expenses) income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(12.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(47.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(43.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">INCOME BEFORE INCOME AND SOCIAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">CONTRIBUTION TAXES, EQUITY IN EARNINGS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">OF AFFILIATED COMPANIES AND MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">374.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">236.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(133.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(93.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Benefit of tax holidays</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">64.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">38.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(65.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(45.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">INCOME BEFORE EQUITY IN EARNINGS (LOSSES) OF</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">AFFILIATED COMPANIES AND MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">308.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">191.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Equity in losses of associated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(4.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">NET INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">NET EARNINGS PER THOUSAND SHARES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">(BASED ON ANNUAL WEIGHTED AVERAGE OF SHARES OUTSTANDING ) - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4.39</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2.69</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="80%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<div align="center"><FONT size=2 face="serif">F-58</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<br>
<br>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% align=left>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></U>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2004</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">(In millions of Brazilian reais - R$)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
</TR>
<TR>
        <TD width="90%">
          <HR noshade size=1>
        </TD>
        <TD width="10%"><HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<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 align=left></TD>
  <TD>&nbsp;</TD>
  <TD rowspan="3" align=center><FONT size=2 face="serif">Revaluation<br>
    reserve
of subsidiary
and<br>
affiliated companies </FONT></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">Profit reserves</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD rowspan="2" align=left>&nbsp;</TD>
  <TD rowspan="2">&nbsp;</TD>
  <TD rowspan="2" align=center><font size="2">Capital</font></TD>
  <TD rowspan="2" align="center"><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align=center><font size="2">Capital<br>
    reserve</font></TD>
  <TD rowspan="2" align=center><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align="center"><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align=center><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align="center"><font size="2">&nbsp;</font></TD>
  <TD colspan="5" align=center><font size="2">&nbsp;</font>
    <HR noshade size=1>    <font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align="center"><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align=center><font size="2">Retained<br>
    earnings</font></TD>
  <TD rowspan="2" align=center><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align="center"><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align=center><font size="2">Treasury<br>
    shares</font></TD>
  <TD rowspan="2" align=center><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align="center"><font size="2">&nbsp;</font></TD>
  <TD rowspan="2" align=center><font size="2">Total</font></TD>
  <TD rowspan="2" align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center><font size="2">Legal</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <font size="2">Retention<br>
of profits</font><BR></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2">Unrealized<br>
profits</font></TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2003 (PARENT COMPANY)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">17.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">551.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">85.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,360.3</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Acquisition of treasury shares</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% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Realization of revaluation reserve</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% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=1% align=left>
<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">-</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">1.1</FONT>
        </TD>
        <TD width=1% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Income and social contribution taxes on realization of revaluation</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% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">reserve of subsidiaries</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% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </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">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Net income</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% align=left>

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=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=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=1% align=left>

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

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Appropriation of net income:</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% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Interim dividends payable (R$ 1,33 per thousand common and</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% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">preferred shares)</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% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </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">-</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(92.4</FONT>
        </TD>
        <TD width=1% align=left>
<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% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(92.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="28%">
        </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%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="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="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">BALANCES AT SEPTEMBER 30, 2004 (PARENT COMPANY)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">16.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">551.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">85.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">213.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(6.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,565.8</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">Sale of treasury shares (see Note 14.g))</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">(1.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

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

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="28%">
        </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%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="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="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=28% align=left>
<FONT size=2 face="serif">BALANCES AT SEPTEMBER 30, 2004 (CONSOLIDATED)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">664.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">16.7</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">40.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">551.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">85.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">213.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(9.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
</TR>
<TR>
        <TD width="28%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%"><HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="1%">
        </TD>
        <TD width="10%">
<HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">
        </TD>
        <TD width="6%">
<HR noshade size=2>
        </TD>
        <TD width="1%">&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">F-59</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<br>
<br>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% align=left>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">(In millions of Brazilian reais - R$)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
</TR>
<TR>
        <TD width="90%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">SOURCES OF FUNDS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="4" align=center><FONT size=2 face="serif">September 30,</FONT>
    </TD>
        <TD width=2% align=left>

        </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></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">2004</FONT></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif"> 2003</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Operations-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Items not affecting working capital:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity in losses of affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<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">131.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">105.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Long-term interest and monetary variations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(30.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(10.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Net book value of permanent assets written off</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other long-term taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance (realization of provision) for losses on permanent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">485.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">265.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Third parties-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Increase in long-term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Decrease in long-term assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Long-term financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">271.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">249.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">271.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">252.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Total sources</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">756.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">517.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">USES OF FUNDS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Permanent assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">166.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">219.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">197.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">285.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Dividends</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">92.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Transfer from long-term to current liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">314.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">231.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Decrease in long-term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Increase in long-term assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Acquisition of treasury shares</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Taxes on realization of revaluation reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Decrease in minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">375.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">256.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Total uses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">665.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">574.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">91.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(57.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">REPRESENTED BY</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Current assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">At the end of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,253.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,209.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">At the beginning of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,220.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,186.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Current liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">At the end of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">575.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">548.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">At the beginning of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">632.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">468.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(57.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">80.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">91.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(57.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="76%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<div align="center"><FONT size=2 face="serif">F-60</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<p><br>
</p>
<p> <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries </FONT></p>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=90% align=left>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">AS OF SEPTEMBER 30, 2004 AND DECEMBER 31, 2003 AND FOR THE NINE-MONTH</FONT>
        </TD>
        <TD width=10% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">PERIODS ENDED SEPTEMBER 30, 2004 AND 2003</FONT>
        </TD>
        <TD width=10% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">(Amounts in millions of Brazilian reais - R$, unless otherwise stated)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
</TR>
<TR>
        <TD width="90%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">OPERATIONS</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148; or &#147;Ultrapar&#148;) is a holding company organized under the laws of the Federative Republic of Brazil, and which, through its ownership of various
operating subsidiaries, is engaged in the distribution of Liquefied Petroleum Gas (LPG) in Brazil (Ultragaz), the production and sales of chemicals (Oxiteno), and logistics services of chemicals and fuels (Ultracargo).</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">PRESENTATION OF THE FINANCIAL STATEMENTS</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">These financial statements were prepared in accordance with accounting practices adopted in Brazil, which include the indexation of permanent assets and stockholders&#146; equity through December 31, 1995.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">In the Company&#146;s opinion, all adjustments necessary for a fair presentation of the unaudited results of operations for the nine-month periods ended September 30, 2004 and 2003 are included. All such adjustments are
accruals of a normal and recurring nature. The results of operations for the nine-months period ended September 30, 2004 are not necessarily indicative of the results of operations to be expected for the full year. The accompanying consolidated
financial statements are unaudited and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2003, as appearing in the Company&#146;s Annual Report on Form 20-F filed on June 25, 2004.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">The presentation of the consolidated financial statements is consistent with the presentation of the published financial statements of the Company in Brazil, from which the financial information was extracted, except for
certain reclassifications and changes in terminology within the consolidated balance sheets and the consolidated statements of income, which have been made to conform the previously published financial statements to the presentation included
herein.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD>
<FONT size=2 face="serif">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">The accounting practices adopted in Brazil to record transactions and prepare the financial statements comply with those prescribed by Brazilian corporate law and specific standards established by the Brazilian Securities
Commission (CVM), which differ in certain respects from accounting principles generally accepted in the United States of America (U.S. GAAP). See Note 24 for further discussions of the differences and the reconciliations of stockholders&#146; equity
and net income under both sets of principles.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">Summary of significant accounting policies followed in the preparation of the consolidated financial statements are described in the annual consolidated financial statements.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-61 </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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="serif">3.1</font><font size=2 face="sans-serif">&nbsp;</font></td>
    <td width="90%"><font size=2 face="serif">Consolidation principles </font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">The consolidated financial statements include
        the accounts of the Company and all of the subsidiaries in which the
        Company directly or indirectly controls more than 50% of the voting share
        capital, as listed below. Intercompany investments, asset and liability
        balances, income and expenses, as well as the effects arising from significant
        intercompany transactions, have been eliminated. Minority interest in
    subsidiaries is presented separately in the financial statements. </font></td>
  </tr>
</table>
<br>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=55% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center>
          <FONT size=2 face="serif">Ownership - %</FONT>
    </TD>
        <TD width=2% align=left></TD>
</TR>
<TR>
  <TD width="11%"></TD>
        <TD width="55%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan="7">
<HR noshade size=1>
        </TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=55% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center>
          <FONT size=2 face="serif">September 30,</FONT>
    </TD>
        <TD width=2% align=left></TD>
</TR>
<TR>
  <TD width="11%"></TD>
  <TD width="55%"> </TD>
  <TD> </TD>
  <TD colspan="7">
    <HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=55% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center> <FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left></TD>
  <TD width="55%" align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=55% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Unaudited</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Unaudited</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left></TD>
  <TD width="55%" align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=55% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">Direct</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">Indirect </FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD align=center> <FONT size=2 face="serif">Direct</FONT> </TD>
        <TD align="center">&nbsp; </TD>
        <TD align=center> <FONT size=2 face="serif">Indirect </FONT> </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="11%" align=left>&nbsp;</TD>
  <TD width="55%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">87</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">86</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">87</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">86</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">LPG International Inc.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">93</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Terminal Qu&iacute;mico de Arat&uacute; S.A. - Tequimar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Barrington S.L.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &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=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Oxiteno International Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Overseas Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><font size=2 face="serif">On August 8, 2003, the Company
        acquired, through its subsidiary Companhia Ultragaz S.A., the LPG distribution
        operation of Shell Petroleum N.V. in Brazil (SPG&aacute;s Distribuidora
        de G&aacute;s Ltda.). The disbursement for this acquisition was R$ 170.6,
        for the purchase of 100% of this company&#146;s shares and the extinguishment
        of its debts. The 2003 financial statements include the account balances
        and transactions of the company since its acquisition in August 2003.
        This acquisition generated goodwill of R$ 24.4, which was based on the
        expected future profitability of the company, and is being amortized
    over a period of five years, starting August 2003. </font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">On December 4, 2003, the Company acquired,
        through its subsidiary Barrington S.L, the chemical business of the Berci
        Group in Mexico (CANAMEX - Canamex Qu&iacute;micos S.A. de C.V.). The
        cost of this acquisition was US$ 10.3 million, free of debt. The 2003
        financial statements include the account balances and transactions of
    the company since its acquisition in December 2003.</font></td>
  </tr>
</table>

<P>&nbsp;</P>
<P align="center"><FONT size=2 face="serif">F-62</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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"> <FONT size=2 face="serif">On December 31, 2003, the Company
        merged the subsidiaries Ultratecno Participa&ccedil;&otilde;es Ltda.
        into Ultragaz Participa&ccedil;&otilde;es Ltda., Ultracargo Participa&ccedil;&otilde;es
        Ltda. into Oleoqu&iacute;mica do Nordeste Ltda., and the latter into
        Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es
        Ltda. (new name of Ultraqu&iacute;mica Participa&ccedil;&otilde;es Ltda.),
    in order to reduce costs. </FONT></td>
  </tr>
</table>
<br>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">CASH AND CASH EQUIVALENTS</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">Cash equivalents consist of investments, contracted with banks of good standing, and include fixed income securities and funds linked to interbank deposit (CDI) rates, which 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=11% align=left></TD>
        <TD width=67% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">September<br>
30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">December</FONT> <br><FONT size=2 face="serif">31, 2003</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=67% align=left>

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% 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">480.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">489.5</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% 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">43.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.6</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Cash</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.7</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=67% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">569.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">568.8</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Investments made by the indirect subsidiary Oxiteno Overseas Co. in money market funds and debt securities.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">SHORT AND LONG-TERM INVESTMENTS</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2>
<FONT size=2 face="serif">Short and long-term investments relate to the amount invested by the indirect subsidiary Oxiteno Overseas Co. in debt securities of U.S. and European Corporations.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2>
<FONT size=2 face="serif">Long-term investment is represented by a debt security of a European Corporation denominated in U.S. dollars, bearing interest of 6-month U.S. dollar LIBOR plus 3.25% per annum and maturing on September 27,
2009.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2>
<FONT size=2 face="serif">Short-term investments are classified as available for sale. Long-term investment is classified as held to maturity.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">6.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">TRADE ACCOUNTS RECEIVABLE</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD align=center> <FONT size=2 face="serif">September<br>
    30, 2004</FONT> </TD>
  <TD>&nbsp; </TD>
  <TD align=center> <FONT size=2 face="serif">December</FONT> <br>
      <FONT size=2 face="serif">31, 2003</FONT> </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left> </TD>
  <TD>&nbsp; </TD>
  <TD align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
  <TD>&nbsp; </TD>
  <TD align=left> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Local customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">357.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">299.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% 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">129.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">71.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% 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">(100.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% 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">(19.6</FONT></U>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(17.3</FONT></U>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=67% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">366.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">322.3</FONT></U>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">F-63</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<p><br>
  <br>
</p>
<p> <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
    and Subsidiaries</FONT>   </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"><font size=2 face="serif">7.</font><font size=2 face="sans-serif">&nbsp; </font></td>
    <td width="95%"><font size=2 face="serif">INVENTORIES</font></td>
  </tr>
</table>
<br>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=6% align=left></TD>
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">September</FONT> <br><FONT size=2 face="serif">30, 2004</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">December </FONT><FONT size=2 face="serif">31,<br>
</FONT><FONT size=2 face="serif">2003</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left></TD>
        <TD width=72% align=left>

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

        </TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% 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">84.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">78.4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% 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">23.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22.7</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% 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">52.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.4</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Supplies and cylinders for resale</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left></TD>
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">175.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">137.7</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">8.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">RECOVERABLE TAXES</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="95%">
<FONT size=2 face="serif">Represented, substantially, by credit balances of State Value-Added Tax (state VAT - ICMS), Federal Excise Tax (IPI), and prepaid income and social contribution taxes, which can be offset against future taxes
payable.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">September</FONT> <br>
        <FONT size=2 face="serif">30, 2004</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">December </FONT><FONT size=2 face="serif">31,<br>
    </FONT><FONT size=2 face="serif">2003</FONT> </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64.2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">State Value-Added Tax (State VAT - ICMS)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40.7</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Federal Excise Tax (IPI)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.8</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left></TD>
        <TD width=72% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">85.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">115.5</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">9.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">INVESTMENTS IN AFFILIATED COMPANIES</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="95%">
<FONT size=2 face="serif">A summary of financial information for the Company&#146;s equity investments is as follows:</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">September 30, 2004</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">December 31, 2003</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxicap<br>
  </FONT><FONT size=2 face="serif">Ind&uacute;stria de<br>
  </FONT><FONT size=2 face="serif">Gases Ltda.</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Qu&iacute;mica da<br>
  </FONT><FONT size=2 face="serif">Bahia<br>
  </FONT><FONT size=2 face="serif">Ind&uacute;stria e<br>
  </FONT><FONT size=2 face="serif">Com&eacute;rcio S.A.</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxicap<br>
    </FONT><FONT size=2 face="serif">Ind&uacute;stria de<br>
  </FONT><FONT size=2 face="serif">Gases Ltda.</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Qu&iacute;mica da<br>
    </FONT><FONT size=2 face="serif">Bahia<br>
    </FONT><FONT size=2 face="serif">Ind&uacute;stria e<br>
  </FONT><FONT size=2 face="serif">Com&eacute;rcio S.A.</FONT></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=44% align=left>
<FONT size=2 face="serif">Number of shares or quotas held</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">125</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,174,501</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">125</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3,174,501</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=44% align=left>
<FONT size=2 face="serif">Adjusted net equity - R$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">3.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=44% align=left>
<FONT size=2 face="serif">Ownership - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">45.56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">45.56</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<br>
<table width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><FONT size=2 face="serif">Nine-month periods
    ended</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><FONT size=2 face="serif">September 30, 2004</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><FONT size=2 face="serif">September 30, 2003</FONT> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=right><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=right><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Oxicap<br>
      </FONT><FONT size=2 face="serif">Ind&uacute;stria de<br>
    </FONT><FONT size=2 face="serif">Gases Ltda.</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Qu&iacute;mica da<br>
      </FONT><FONT size=2 face="serif">Bahia<br>
      </FONT><FONT size=2 face="serif">Ind&uacute;stria e<br>
    </FONT><FONT size=2 face="serif">Com&eacute;rcio S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Oxicap<br>
      </FONT><FONT size=2 face="serif">Ind&uacute;stria de<br>
    </FONT><FONT size=2 face="serif">Gases Ltda.</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Qu&iacute;mica da<br>
      </FONT><FONT size=2 face="serif">Bahia<br>
      </FONT><FONT size=2 face="serif">Ind&uacute;stria e<br>
    </FONT><FONT size=2 face="serif">Com&eacute;rcio S.A.</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=44% align=left><FONT size=2 face="serif">Net income for the period
    - R$</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif">0.8</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"> 0.9</FONT></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=10% align=right> <FONT size=2 face="serif"> -</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">F-64</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>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center> <font size=2 face="serif">Nine- month period ended
    September 30, 2004</font> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center> <HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center>
    <FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center>
    <HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Oxicap<br>
  </FONT><FONT size=2 face="serif">Ind&uacute;stria de<br>
  </FONT><FONT size=2 face="serif">Gases Ltda.</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
  </FONT><FONT size=2 face="serif">Bahia<br>
  </FONT><FONT size=2 face="serif">Ind&uacute;stria e<br>
  </FONT><FONT size=2 face="serif">Com&eacute;rcio S.A.</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Other</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Total</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <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 align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=center>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Changes in investments:</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>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=right>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at beginning of year</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=center>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Capital increase</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</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=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=center>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Equity pick-up</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</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=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <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 align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=right>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at end of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.1</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> <font size=2 face="serif">Nine-month periods
        ended September 30, 2003</font> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center>
      <HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center> <FONT size=2 face="serif">Unaudited</FONT></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center>
      <HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Oxicap<br>
      </FONT><FONT size=2 face="serif">Ind&uacute;stria de<br>
    </FONT><FONT size=2 face="serif">Gases Ltda.</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Qu&iacute;mica da<br>
      </FONT><FONT size=2 face="serif">Bahia<br>
      </FONT><FONT size=2 face="serif">Ind&uacute;stria e<br>
    </FONT><FONT size=2 face="serif">Com&eacute;rcio S.A.</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Other</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Total</FONT></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <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 align=left></TD>
  </TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">Changes in investments:</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% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=right>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at beginning of year</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=right>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Equity pick-up</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</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=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=right>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Write-off</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=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <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 align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=right>&nbsp;</TD>
        <TD width=42% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;Balance at end of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD> <TD width="95%">
<FONT size=2 face="serif">In the financial statements, the investments 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 their financial statements as of August 31, 2004 and 2003 for the nine-month periods ended September 30, 2004 and 2003, respectively.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">10.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%">
<FONT size=2 face="serif">PROPERTY, PLANT AND EQUIPMENT, NET</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">September 30, 2004</FONT></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">December 31, 2003</FONT> </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD colspan="5" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD colspan="5" align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD colspan="5" align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Annual<br>
  </FONT><FONT size=2 face="serif">depreciation<br>
  </FONT><FONT size=2 face="serif">rates - %</FONT> </TD>
  <TD align=center></TD>
  <TD align=center> <FONT size=2 face="serif">Cost,<br>
  </FONT><FONT size=2 face="serif">including<br>
  </FONT><FONT size=2 face="serif">revaluation</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Accumulated<br>
  </FONT><FONT size=2 face="serif">depreciation</FONT> </TD>
  <TD align=center></TD>
  <TD align=center> <FONT size=2 face="serif">Net</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Cost,<br>
    </FONT><FONT size=2 face="serif">including<br>
  </FONT><FONT size=2 face="serif">revaluation</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Accumulated<br>
  </FONT><FONT size=2 face="serif">depreciation</FONT> </TD>
  <TD align=center></TD>
  <TD align=center> <FONT size=2 face="serif">Net</FONT></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.9</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.9</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4
<FONT size=2 face="serif">to 5</FONT> </FONT>
        </TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">370.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(133.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">237.7</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">356.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(123.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">233.7</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5 to 10</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">656.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(316.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">339.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">610.0</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(286.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">323.8</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">330.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(155.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">175.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">380.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(192.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">188.0</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">20 to 30</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">140.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(97.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">43.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">127.4</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(86.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41.3</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(6.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.2</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Construction in progress</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">95.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">95.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.3</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46.3</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=30% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.5 to 30</FONT>
        </TD>
        <TD width=1% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(50.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">117.6</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(39.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">78.5</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left></TD>
        <TD width=30% align=left>

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

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

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,782.7</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(758.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,024.5</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,700.8</FONT>
        </TD>
        <TD width=1%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(732.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">968.6</FONT>
        </TD>
        <TD width=1% align=right>&nbsp;</TD>
</TR>
</TABLE><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><font size=2 face="serif">Property, plant and equipment include
        net capitalized interest cost of R$ 5.6 and R$ 6.0 as of September 30,
    2004 and December 31, 2003, respectively. </font></td>
  </tr>
</table>

<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">F-65</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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><font size=2 face="serif">Construction in progress refers
        mainly to the construction of TIS - Santos Intermodal Terminal and Montes
        Claros Intermodal Terminal, both investments of the subsidiary Terminal
        Qu&iacute;mico de Arat&uacute; S.A. - Tequimar, and renovations of the
        industrial complexes of other subsidiaries. </font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td> <font size=2 face="serif">Other comprises computer equipment in the
        amount of R$ 17.9 (as of December 31, 2003 -R$ 19.6), software in the
        amount of R$ 29.0 (as of December 31, 2003 - R$ 29.9) and commercial
        property rights, mainly those described below. </font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><ul>
        <li> <font size=2 face="serif">On July 11, 2002, the indirect subsidiary
            Terminal Qu&iacute;mico de Arat&uacute; S.A. - Tequimar</font> <font size=2 face="serif">won
            the auction and signed a contract for use of the site on which it
            operates the Arat&uacute;</font> <font size=2 face="serif">Terminal
            for another 20 years, renewable for the same period. The amount paid
            by</font> <font size=2 face="serif">Tequimar was R$ 12.0 and is being
            amortized over 40 years, equivalent to annual</font> <font size=2 face="serif">amortization
            of R$ 0.3.<br>
                    <br>
                  </font></li>
        <li> <font size=2 face="serif">Further, the subsidiary Terminal Qu&iacute;mico
            de Arat&uacute; S.A. - Tequimar has a lease contract</font> <font size=2 face="serif">of
            the area adjacent to the Santos harbor for a period of 20 years,
            which allows it to</font> <font size=2 face="serif">build, operate
            and exploit the terminal, intended for the receiving, storage, movement</font> <font size=2 face="serif">and
            distribution of liquid bulk. The price paid by Tequimar was R$ 3.8
            and will be</font> <font size=2 face="serif">amortized over a period
            of 20 years, from the beginning of its operations, expected for</font> <font size=2 face="serif">November
            2004.</font></li>
    </ul></td>
  </tr>
</table>
<br>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">11.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%">
<FONT size=2 face="serif">DEFERRED CHARGES, NET</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="95%">
<FONT size=2 face="serif">Represented substantially by costs incurred in the implementation of systems modernization projects - R$ 1.8 (as of December 31, 2003 - R$ 3.2), amortizable over five to ten years, and for the installation of Ultrasystem
equipment at customers&#146; locations - R$ 54.5 (as of December 31, 2003 - R$ 56.8), to be amortized over the periods of the LPG supply contracts with these customers. Deferred charges also includes the goodwill from the acquisition of SPG&aacute;s
Distribuidora de G&aacute;s Ltda., as described in Note 3.1.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-66</FONT>
  <br>
  <br>
</div>
<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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"> <font size=2 face="serif">12.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width="95%"><FONT size=2 face="serif">FINANCING</FONT></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="serif">a) </font></td>
    <td width="90%"> <FONT size=2 face="serif"> Composition</FONT> </td>
  </tr>
</table>
<BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Description</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Sept.</FONT> <FONT size=2 face="serif">2004</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Dec.</FONT> <FONT size=2 face="serif">2003</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Index/</FONT> <FONT size=2 face="serif">Currency</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Annual</FONT> <FONT size=2 face="serif">interest<br>
  </FONT><FONT size=2 face="serif">rate
    - %</FONT></TD>
  <TD align=center></TD>
  <TD align=center><FONT size=2 face="serif">Maturity and amortization</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Foreign currency:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Working capital loan</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">0.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">Mex$+TIIE(*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">2.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Semiannually to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34.3</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=center>
<FONT size=2 face="serif">US$ + LIBOR</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">2.00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Semiannually to 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Eurobonds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">164.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">173.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">3.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Semiannually to 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Advances on foreign exchange</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">24.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 1.7 to 2.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Maximum of 54 days</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">National Bank for Economic and</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social Development</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">UMBNDES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(BNDES)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">23.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">23.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">(**)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 8.8 to 10.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Export prepayments, net of</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Monthly, semiannually and</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;linked operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">162.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">205.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 4.2 to 6.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">annually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Subtotal Export prepayments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">394.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">438.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Unrealized losses on swap</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">64.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">55.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Subtotal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">459.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">494.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Local currency</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">National Bank for Economic and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Social Development</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">(BNDES)Local currency:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">135.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">159.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">TJLP</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 3.0 to 3.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=center>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">National Bank for Economic and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Social Development</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">(BNDES)Local currency:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">15.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">-</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">IGP-M</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">6.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">FINAME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">28.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">TJLP</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">From 1.8 to 4.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Onlending operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">19.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">TJLP</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">(2.0)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
</TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Subtotal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">196.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">193.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Total financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">655.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">687.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Current liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">372.4</FONT></TD>
        <TD width=2% align=left><font size=2 face="serif">) </font></TD>
        <TD width=10% align=right><FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">381.6</FONT></TD>
        <TD width=2% align=left><font size=2 face="serif">)</font> </TD>
        <TD width=10% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Long-term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">306.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

        </TD>
        <TD width=15% align=left>

        </TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="85%">
<FONT size=2 face="serif">TIIE = Mexican break-even interbank interest rate.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="85%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(**)</FONT>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width="85%">
<FONT size=2 face="serif">UMBNDES = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing the composition of BNDES&#146; debt in foreign currency, 84% of which is linked to the U.S. dollar.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="85%">&nbsp;</TD>
</TR></TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size=2 face="serif">b)</font>&nbsp;</td>
    <td width="90%"> <FONT size=2 face="serif">Annual maturities of long-term
    financing</FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
</table>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">2004</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">Unaudited</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=right>&nbsp;</TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Oct/05 to Sept/06</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">135.3</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=right>&nbsp;</TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Oct/06 to Sept/07</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">59.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=right>&nbsp;</TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Oct/07 to Sept/08</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.3</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=right>&nbsp;</TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Oct/08 to Sept/09</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">283.1</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Eurobonds</FONT>      </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">In June 1997, the subsidiary Companhia Ultragaz S.A. issued Eurobonds in the total amount of US$ 60 million, maturing in 2005, with put/call options in 2002, and guaranteed by Ultrapar Participa&ccedil;&otilde;es S.A. and
Ultragaz Participa&ccedil;&otilde;es Ltda. In June 2002, the subsidiary LPG International Inc. exercised the call option for these securities using funds from a loan in the same amount, maturing in August 2004. However, in</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-67</FONT>
  <br>
  <br>
</div>
<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>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">January 2004, the subsidiary LPG International
      Inc. issued Eurobonds in the total amount of US$ 60 million, maturing in
      June 2005 and with an annual interest rate of 3.5% . The funds from the
    issuance were used to settle the loan. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">The Eurobonds are guaranteed by the Company
      and its subsidiary Ultragaz Participa&ccedil;&otilde;es Ltda., which are
      subject to covenants that provide for restrictions on, among other things,
      its ability to incur indebtedness, pay dividends and other distributions,
      and conduct merger and acquisition transactions. None of these covenants
    have restricted our ability to conduct our business. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Collateral</FONT>     </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">A part of 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> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">September</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">30, 2004</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">Unaudited</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=79% align=left>
<FONT size=2 face="serif">Amount of borrowings secured by:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Shares of affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=79% align=left>
 &nbsp;<FONT size=2 face="serif">Minority stockholders&#146; guarantees</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=79% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD> <TD width="5%">&nbsp;</TD>
<TD width="90%"> <FONT size=2 face="serif">Other loans are collateralized by guarantees and
    promissory notes issued by the Company and by the future flow of exports.
    The Company is responsible for sureties and guarantees offered on behalf
    of its subsidiaries, amounting to R$ 686.8 as of September 30, 2004.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%">&nbsp;</TD>
<TD width="90%"> <font size=2 face="serif">The subsidiaries issued guarantees to financial
    institutions related to amounts owed to those institutions by some of their
    customers (vendor financing). Should any subsidiary be requested to make
    any payment related to these guarantees, the subsidiary may recover the amount
    paid directly from its customers through trade collection. Maximum future
    payments related to these guarantees amount to R$ 38.1 as of September 30,
    2004, with maturities ranges from 30 to 210 days. As of September 30, 2004,
    the Company has not recorded any liability related to these guarantees.</font> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">13.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2>
<FONT size=2 face="serif">STOCKHOLDERS&#146; EQUITY</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Capital</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width="90%">
<FONT size=2 face="serif">The Company is a public corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 69,691,268,828 shares without par value, consisting of
51,264,621,778 common and 18,426,647,050 preferred shares.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width="90%">
<FONT size=2 face="serif">As of September 30, 2004, 3,705,347,000 preferred shares were outstanding in the U.S. market, in the form of American Depositary Receipts (ADRs).</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-68</FONT>
  <br>
  <br>
</div>
<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
Subsidiarie</FONT></P>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <FONT size=2 face="serif">Preferred shares are not convertible into common
      shares, do not entail voting rights and have priority in capital redemption,
    without premium, in the event of liquidation of the Company. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <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 equalizing
    the dividends of common and preferred shares. </FONT></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Treasury shares</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The Company was authorized to acquire its own shares at market price, without capital reduction, to be held in treasury and subsequent disposal, in accordance with the provisions set forth by Brazilian Securities Commission
(CVM) Instruction No. 10, of February 14, 1980, and No. 268, of November 13, 1997.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">During the nine-month period ended September 30, 2004, 219,600,000 preferred shares were acquired at the average cost of R$ 30.19 (whole Brazilian reais) per thousand shares, with a minimum cost of R$ 27.50 (whole Brazilian
reais) and a maximum cost of R$ 34.80 (whole Brazilian reais) per thousand shares.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">As of September 30, 2004, the consolidated financial statements record 327,700,000 preferred shares and 6,616,000 common shares in treasury, which were acquired at the average cost of R$ 28.08 (whole Brazilian reais) and R$
19.30 (whole Brazilian reais) per thousand shares, respectively.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The market price of shares issued by the Company on September 30, 2004 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R$ 45.99(whole Brazilian reais) per thousand shares.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Capital reserve</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The capital reserve in the amount of R$ 1.1 reflects the gain on disposal of shares issued by the Company and held in treasury by some of the Company&#146;s subsidiaries, at the price of R$ 34.87 (whole Brazilian reais) per
thousand shares. These shares were provided to executives of these subsidiaries, as described in Note 22.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Revaluation reserve</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">This reserve reflects the revaluation write-up of assets of subsidiaries and affiliated companies, and is realized based on depreciation, write-off or sale of these revalued assets, including the related tax
effects.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">In some cases, taxes on the revaluation reserve of certain subsidiaries and affiliated companies are recognized only on realization of this reserve since the revaluation occurred prior to the publication of CVM Resolution
No. 183/95. Deferred tax charges on these reserves total R$ 7.9 (as of December 31, 2003 - R$ 7.6).</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-69</FONT>
  <br>
  <br>
</div>
<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>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Profit reserves</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Legal reserve</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Under Brazilian corporate law, the Company is required to appropriate 5% of annual earnings to a legal reserve, until the balance reaches 20% of capital stock. This reserve may be used to increase capital or absorb losses,
but may not be distributed as dividends.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Reserve for retention of profits</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<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 realization of the revaluation reserve.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Unrealized profit reserve</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">This reserve is established in conformity with article 197 of Brazilian corporate law, based on the equity in subsidiaries and affiliated companies. The realization of the reserve normally occurs on receipt of dividends,
sale and write-off of investments.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Dividends and appropriation of net income</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">According to the Company&#146;s bylaws, stockholders are entitled to a minimum annual dividend of 50% of adjusted net income, calculated under the terms of accounting practices adopted in Brazil.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">As of September 30, 2004 the Company prepaid interim dividends in the amount of R$ 92.4 (R$ 1.33 (whole Brazilian reais) per thousand common and preferred shares).</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Reconciliation of stockholders&#146; equity - parent company and consolidated</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=67% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">September <br>
30, 2004</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">December</FONT> <br><FONT size=2 face="serif">31, 2003</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left></TD>
        <TD width=67% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,565.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,360.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Capital reserve arising from sale of treasury shares to</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
 &nbsp;<FONT size=2 face="serif">subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,356.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">F-70</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>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">14.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%">
<FONT size=2 face="serif">FINANCIAL EXPENSES, NET</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">Nine-month periods<br>
    ended September 30,</FONT> <FONT size=2 face="serif">&nbsp;    </FONT> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">2004 </FONT></TD>
  <TD align=center></TD>
  <TD align=center><FONT size=2 face="serif">2003</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited </FONT></TD>
  <TD align=center></TD>
  <TD align=center><FONT size=2 face="serif">Unaudited </FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Interest on cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">83.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Interest from customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Interest on loans</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(33.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Bank charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(9.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Monetary variation, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(25.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(55.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">CPMF, PIS, COFINS and IOF taxes on financial transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(20.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(26.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=72% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(35.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">15.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">NONOPERATING INCOME (EXPENSES), NET</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">Refers principally to the result on sales of permanent assets, especially cylinders, for the nine-month periods ended September 30, 2004 and 2003.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">16.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">RECONCILIATION OF EBITDA</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD>
<FONT size=2 face="serif">As recommended by the CVM in its annual orientation document for the preparation of financial statements, the Company is presenting its method for calculating EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization), as shown in the table below:</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center> <FONT size=2 face="serif">September 30, 2004</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">September</FONT> <br>
    <FONT size=2 face="serif">30, 2003</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="9" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Ultragaz</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Ultracargo</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Other</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Consolidated</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Consolidated</FONT></TD>
</TR>
<TR>
  <TD></TD>
  <TD> </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Operating income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">117.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">281.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">19.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">3.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif"> <FONT size=2 face="serif">(+) Depreciation and</FONT> amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">87.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">27.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">12.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">128.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">104.8</FONT>
        </TD>
</TR>
<TR>
  <TD width="6%"></TD>
        <TD width="40%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%"><HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">205.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">309.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">31.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">17.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%">
<FONT size=2 face="serif">SEGMENT INFORMATION</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="95%">
<FONT size=2 face="serif">The Company has three reportable segments: gas, chemical and logistics. The gas segment distributes LPG to retail, commercial and industrial consumers, mainly in the South, Southeast and Northeast regions of Brazil. The
chemical segment produces primarily ethylene oxide, ethylene glycols, ethanolamines and glycol ethers. The logistics segment operates storage and transportation, mainly in the Southeast and Northeast regions of the country. Reportable segments are
strategic business units that offer different products and services. Each of the reportable segments has a senior officer responsible for managing the segment. Intersegment sales are transacted at prices that approximate those that the selling
entity is able to obtain on external sales. The principal financial information regarding each of the Company&#146;s reportable segments is as follows:</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-71</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>
<table width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center> <FONT size=2 face="serif">2004</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">2003</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Unaudited</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Ultragaz</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Ultracargo</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Other</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Consolidated</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Consolidated</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD> </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Net sales</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,241.7</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">1,210.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">112.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Operating income before</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
 &nbsp;<FONT size=2 face="serif">financial items</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">117.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">281.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">19.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">3.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">205.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">309.3</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">31.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">4.6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">550.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">384.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Total assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">1,037.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">1,178.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">302.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">31.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD> <TD colspan=2>
<FONT size=2 face="serif">Disclosures of segments in accordance with U.S. GAAP are made in Note 24.V.i.).</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">18.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2>
<FONT size=2 face="serif">RISKS AND FINANCIAL INSTRUMENTS</FONT>        </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD> <TD colspan=2>
<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 demand behavior, competition, technological
innovation and significant structural changes in industry, among others) are addressed by the Company&#146;s management model. Economic- -financial risks mainly reflect customer default and macroeconomic variables such as exchange and interest
rates, as well as the characteristics of the financial instruments used by the Company. These risks are managed through control policies, specific strategies and the determination of limits, as follows:</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width="90%">
<FONT size=2 face="serif">Customer default - These risks are managed by specific policies for accepting customers and credit analysis, and are mitigated by diversification of sales. Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio and Oxiteno
Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio held R$ 2.3 and Ultragaz Participa&ccedil;&otilde;es Ltda. held R$ 21.9 in allowances for doubtful accounts as of September 30, 2004.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width="90%">
<FONT size=2 face="serif">Interest rates - The Company and its subsidiaries adopt conservative policies to obtain and invest funds and to minimize the cost of capital. The temporary cash investments of the Company and its subsidiaries substantially
comprise transactions linked to the interbank deposit (CDI) rates, as described in Note 4. A portion of the financial assets is intended for foreign currency hedges, as mentioned below. Funds obtained originate from BNDES financing and from abroad,
as mentioned in Note 12.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width="90%">
<FONT size=2 face="serif">Exchange rate - The Company&#146;s subsidiaries use foreign currency swap instruments (mainly U.S. dollar to CDI) available in the financial market to cover assets and liabilities in foreign currency, with the objective of
reducing the effects of exchange rate variation in their results. Such swaps have amounts, periods and indexes equivalent to the assets and liabilities in foreign currency, to which they are linked. The following summary shows the assets and
liabilities in foreign currency, translated into Brazilian reais at September 30, 2004:</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-72</FONT>
  <br>
  <br>
</div>
<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>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Book value</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">September</FONT> <br>
    <FONT size=2 face="serif">30, 2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
<FONT size=2 face="serif">Assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
 &nbsp;<FONT size=2 face="serif">Investment in foreign currency and swaps</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">323.1</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
 &nbsp;<FONT size=2 face="serif">Cash and banks and foreign cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">107.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
 &nbsp;<FONT size=2 face="serif">Receivables from foreign customers, net of advances on export contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28.2</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">459.2</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
<FONT size=2 face="serif">Liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
 &nbsp;<FONT size=2 face="serif">Foreign currency financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">394.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
 &nbsp;<FONT size=2 face="serif">Import payables</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">403.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=6% align=left>&nbsp;</TD>
        <TD width=84% align=left>
<FONT size=2 face="serif">Net asset position</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">55.4</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD> <TD colspan=2>
<FONT size=2 face="serif">Given the characteristics of the financial instruments described above, management believes that the net market values approximate the net book values of these financial instruments. The exchange rate variation related to
cash and banks, temporary cash investments and investments of foreign subsidiaries was recorded as financial expenses in the statement of income for the nine-month period ended September 30, 2004, in the amount of R$ 1.1 (nine-month period ended
September 30, 2003 - financial expense in the amount of R$ 22.1). Other financial instruments recorded in the interim financial statements as of September 30, 2004 were determined in conformity with the accounting criteria and practices described in
the respective notes.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">19.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2>
<FONT size=2 face="serif">CONTINGENCIES AND COMMITMENTS</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD> <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Civil, tax and labor lawsuits</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width="90%">
<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 a class action lawsuit 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 decision of the Federal Supreme Court (STF) on the bargaining, as well as the status of the individual lawsuit of the subsidiary, management believes that a
reserve is not necessary as of September 30, 2004.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width="90%">
<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
lawsuits filed by victims of the explosion claiming damages from Ultragaz for the loss of economic benefit and for pain and suffering, (ii) reimbursement of expenses of the administration company of the shopping mall and its insurance company, and
(iii) class action lawsuit seeking indemnification for material damages and pain and suffering for all the victims injured and deceased.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-73</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">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
        that have been judged to date. Further, Ultragaz also believes that its
        insurance coverage is sufficient to cover the aggregate amount of all
    claims filed. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">The Company and its subsidiaries obtained
        injunctions to pay PIS and COFINS (taxes on revenues) without the changes
        introduced by Law No. 9718/98 in its original version. The questioning
        refers to the levy of these taxes on gains other than revenues. The unpaid
        amounts were recorded in the financial statements of the Company and
        its subsidiaries, totaling R$ 32.9 (as of December 31, 2003 - R$ 30.5)
    . </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"> <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.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">The potential losses on these discussions
        are accrued in long-term liabilities as other taxes and contributions
    and deferred income and social contribution taxes. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">In the third quarter, an accrual of R$ 6.8
        was recognized for the ICMS tax assessment of the subsidiary Oxiteno
        S.A., under judgment at the administrative level. The subsidiary currently
    awaits a decision on its appeal filed in July 2004. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><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></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">Although there is no assurance that the Company
        will prevail in all cases, management does not believe that the ultimate
        resolution of unaccrued tax, civil and labor contingencies will have
        a material effect on the Company&#146;s financial position or results
    of operations. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">Escrow deposits and provisions are summarized
    below: </FONT></td>
  </tr>
</table>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">September 30, 2004</FONT></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">December 31, 2003</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">Unaudited</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Escrow<br>
deposits</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Provision</FONT> <br>
    <FONT size=2 face="serif">made</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Escrow<br>
  deposits</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Provision</FONT> <br>
      <FONT size=2 face="serif">made</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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=11% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Social contribution taxes on net income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Labor claims</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">10.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">7.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">PIS and COFINS on other gains</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">32.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">30.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">6.8</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=11% align=left>&nbsp;</TD>
        <TD width=53% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">3.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">5.2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">2.4</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">6.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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=11% align=left></TD>
        <TD width=53% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">13.1</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">49.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">9.9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT size=2 face="serif">40.9</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <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><BR>
<P align="center">
<FONT size=2 face="serif">F-74</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>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Take-or-pay commitments</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The subsidiary Terminal Qu&iacute;mico de Arat&uacute; S.A. - Tequimar has contracts with CODEBA - Companhia Docas do Estado da Bahia and Complexo Industrial Portu&aacute;rio Governador Eraldo Gueiros, in connection with
its harbor facilities in Arat&uacute; and Suape, respectively. Such contracts establish minimum cargo movement of 1,000,000 tons per year for Arat&uacute;, effective through 2022, and 250,000 tons per year for Suape, effective through 2027. If
annual movement is less than the minimum required, the subsidiary is required to pay the difference between the actual movement and the minimum contractual movement using the harbor rates in effect at the date established for payment. As of
September 30, 2004, such rates were R$ 3.67 and R$ 3.44 per ton for Arat&uacute; and Suape, respectively. The Company has been in compliance with the minimum cargo movement since the inception of the contracts.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio has a supply contract with Braskem S.A., effective through 2012, which establishes a minimum annual ethylene consumption level. The minimum purchase commitment and
the actual demand for the years ended September 30, 2004 and 2003, expressed in tons of ethylene, are summarized below. If the minimum purchase commitment is not met, the subsidiary is liable for a fine of 40% of the current ethylene price for the
quantity not purchased.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="3" align=center> <FONT size=2 face="serif">Minimum<br>
    </FONT><FONT size=2 face="serif">purchase<br>
      </FONT><FONT size=2 face="serif">commitment</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">Actual demand for the<br>
  </FONT><FONT size=2 face="serif">nine-month
    periods ended<br>
  </FONT> <FONT size=2 face="serif">September 30,</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD rowspan="2" align=center>&nbsp;</TD>
  <TD rowspan="2" align=left>&nbsp;</TD>
  <TD rowspan="2">&nbsp;</TD>
  <TD rowspan="2" align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=center><font size=2 face="serif">2004</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <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>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&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=11% align=center>&nbsp;</TD>
        <TD width=59% align=left>
<FONT size=2 face="serif">In tons</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">137,900</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">232,761</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">140,570</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <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>
</TR>
</TABLE><BR>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%">
<FONT size=2 face="serif">Insurance coverage for subsidiaries</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD> <TD width="90%">
<FONT size=2 face="serif">The subsidiaries maintain insurance policies in amounts considered sufficient to cover potential losses from damage to assets, as well as for civil responsibility for involuntary, material and/or physical damages caused to
third parties arising from their industrial and commercial operations, considering the nature of their activities and the advice of their insurance consultants.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-75</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>

<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P><font size=2 face="serif">20.</font>&nbsp; <font size=2 face="serif">RELATED
  COMPANIES</font> </P>

<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><font size=2 face="serif">September 30, 2004</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><font size=2 face="serif">Unaudited</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Loans</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Trade accounts</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=right><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Assets</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Liabilities</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Receivable</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Payable</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de Equipamentos de</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp;<FONT size=2 face="serif">Processamentos de Dados e Servi&ccedil;os Correlatos</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&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">5.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">7.6</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Agip do Brasil S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Supergasbras distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&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">1.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&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">6.1</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Cia. Termel&eacute;trica do Planalto Paulista - TPP</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Plenog&aacute;s - Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">0.9</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Total at December 31, 2003</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.8</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.0</FONT>
        </TD>
        <TD width=2% align="left">&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">10.7</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><font size=2 face="serif">Nine-month period ended<br>
  </font> <font size=2 face="serif">September 30, 2004</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Transactions</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD rowspan="3" align=center><font size=2 face="serif">Financial</font> <font size=2 face="serif"><br>
Income</font> <font size=2 face="serif"> <br>
(expenses)</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Sales</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Purchases</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">71.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2% align="left">&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">5.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Agip do Brasil S.A.</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.1</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2% align="left">&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">1,565.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">65.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">287.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Supergasbras Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.0</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Cia. Termel&eacute;trica do Planalto Paulista - TPP</FONT>
        </TD>
        <TD width=2% align="left">&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">-</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,931.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=63% align=left>
<FONT size=2 face="serif">Total - Nine-month periods ended September 30, 2003</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,785.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<blockquote>
  <p align="left">
    <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 indexed based on the Brazilian long-term interest rate (TJLP). The other
    loans do not have financial charges. Transactions refer principally to purchases of raw material, other materials and storage services, carried out at usual market prices and conditions. </FONT></p>
  <p align="left">
    <FONT size=2 face="serif">The loan agreement with Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda. results from the sale of shares issued by Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio to the Company,
  so as to avoid the reciprocal shareholdings resulting from the corporate restructuring conducted in October 2002. </FONT></p>
</blockquote>
<P align="center">
<FONT size=2 face="serif">F-76</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">21.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD colspan=2 align="left">
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>   </TD>
  </TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD><TD width="5%" align="left">&nbsp;</TD>  <TD width="90%" align="left">
<FONT size=2 face="serif">The Company and its subsidiaries recognize tax assets and liabilities, which do not expire, arising from tax loss carryforwards, temporary add-backs, revaluation of property, plant and equipment, and others. The tax credits
are based on continued operating profitability. Management expects to realize these tax credits over a maximum period of three years. Deferred income and social contribution taxes are presented in the following principal categories:</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">September</font> <font size=2 face="serif"><br>
30, 2004</font> <font size=2 face="serif"><br>
</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">December</font> <font size=2 face="serif"><br>
31, 2003</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Long-term assets:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes on:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accruals that are tax deductible only when expenses are incurred</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">58.1</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income and social contribution tax loss carryforwards</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.2</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61.4</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Long-term liabilities:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes on:</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Revaluation of property, plant and equipment</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.1</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income earned abroad</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26.6</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28.7</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Income tax reconciliation</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Income and social contribution taxes are reconciled to statutory tax rates as follows:</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>

<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Nine-month periods ended</font> <font size=2 face="serif"><br>
September 30,</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2004</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=center></TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Income before taxes, equity in subsidiaries and affiliated</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">companies and minority interest</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">374.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">236.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Official tax rates - %</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Income and social contribution taxes at official rate</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(127.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(80.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Adjustments to the effective tax rate:</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Nondeductible expenses/nontaxable revenues</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Adjustments to estimated income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Income and social contribution taxes before tax credits</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(130.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(84.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Tax credits:</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Workers&#146; meal program (PAT)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Benefits of tax holidays</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Income and social contribution taxes per statement of income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(65.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(45.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(133.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(93.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Benefits of tax holidays</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">F-77</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Tax loss carryforwards</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Tax loss carryforwards may be used to offset up to 30% of taxable income for future periods and do not expire.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Tax exemption</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The following indirect subsidiaries have partial or total exemption from income tax in connection with a government program for the development of the Northeast Region of Brazil, as follows:</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif"><u>Subsidiary</u></font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=center><font size=2 face="serif"><u>Bases</u></font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><font size=2 face="serif">Exemption<br>
  </font> <font size=2 face="serif"><u>- %</u></font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><font size=2 face="serif">Expiration<br>
  </font> <font size=2 face="serif"><u>date</u></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Cama&ccedil;ari plant</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Mataripe base (*)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Juazeiro base</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2004</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Suape base</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Ilh&eacute;us base</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Aracaju base</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Caucaia base</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Terminal Qu&iacute;mico de Arat&uacute; S.A. - Tequimar</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Arat&uacute; Terminal (*)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">Suape Terminal</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">(acetic acid</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">and butadiene</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=50% align=left>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=18% align=left>
<FONT size=2 face="serif">byproducts)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">In December 2003, the tax exemption of these units expired and requests were filed with the Northeast Development Agency (ADENE), the agency in charge of managing this tax incentive program, requesting a 75% reduction in
income tax. On April 30, 2004, the Northeast Development Agency (ADENE) issued reports approving the income tax reduction for the Mataripe and Aratu units of the subsidiaries Bahiana Distribuidora de G&aacute;s Ltda. and Terminal Qu&iacute;mico de
Aratu S.A. - Tequimar until 2013 and 2012, respectively. These reports were submitted for approval by the Federal Revenue Service on June 29, 2004 and August 24, 2004, respectively, and the Federal Revenue Service should issue its opinion within 120
days. If such opinion is not issued after this period, the reductions are considered as approved (net income for the nine-month period ended September 30, 2004 does not take into consideration these income tax reductions). Should they not be
approved by the Federal Revenue Service, the income tax reduction of these units will be 25% until 2008 and 12.5% from 2009 to 2013.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Tax benefits from the income tax reduction for activities eligible for tax incentives were recorded in a specific capital reserve account in stockholders&#146; equity of the beneficiary subsidiaries, and recognized in the
Company&#146;s Equity in subsidiaries and affiliated companies.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-78</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">22.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=2 face="serif">STOCK OPTION PLAN</FONT>      </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">At the Extraordinary Stockholders&#146; Meeting held on November 26, 2003, a benefit plan was approved for management of the Company and its subsidiaries, which provides for: (i) the initial grant 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 from the initial concession provided that the professional relationship between
the beneficiary and the Company and subsidiaries is not interrupted. The total value granted to executives in September 2004, including taxes, was R$ 5.0. This value is being amortized over a period of ten years.</FONT>     </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">23.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=2 face="serif">EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN</FONT>     </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">The Company and its subsidiaries offer benefits to their employees, such as life insurance, health care and pension plan. In addition, loans for the acquisition of vehicles and personal computers are available to employees
of certain subsidiaries. These benefits are recorded on the accrual basis and terminate at the end of the employment relationship.</FONT>       </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">In August 2001, the Company and its subsidiaries began to provide a defined contribution pension plan to their employees. Adoption of this plan, managed by Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia
Complementar, was approved at the Board of Directors&#146; Meeting on February 15, 2001. Under the terms of the plan, the basic contribution of each participating employee is defined annually by the participant between 0% and 11% of his/her salary.
The sponsoring companies provide a matching contribution in an identical amount as the basic contribution. As participants retire, they may opt to receive monthly: (i) a percentage varying between 0.5% and 1.0% of the fund accumulated in their name
at Ultraprev, or (ii) a fixed monthly amount that will deplete the fund accumulated in the participant&#146;s name during a period of 5 to 25 years. Accordingly, neither the Company nor its subsidiaries assume responsibility for guaranteeing the
levels of amounts or periods of receipt for the participants who retire under this plan. As of September 30, 2004, the Company and its subsidiaries contributed R$ 2.9 (as of September 30, 2003 - R$ 2.4) to Ultraprev, which was charged to income. The
total number of participating employees as of September 30, 2004 was 5.4 (as of September 30, 2003 - 5.0), with no participants retired to date. Additionally, Ultraprev has 1 active participant and 33 former employees receiving benefits according to
the policies of a previous plan.</FONT> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">24.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width="95%" align="left">
<FONT size=2 face="serif">SUMMARY AND RECONCILIATION OF THE DIFFERENCES BETWEEN ACCOUNTING PRACTICES ADOPTED IN BRAZIL AND ACCOUNTING</FONT>    </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA (U.S. GAAP)</FONT>      </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">I - Description of GAAP differences</FONT>    </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD> <TD width="95%" align="left">
<FONT size=2 face="serif">The consolidated financial statements of the Company are prepared in accordance with accounting practices adopted in Brazil, which comply with those prescribed by Brazilian corporate law and specific standards established
by the Brazilian Securities Commission (CVM). A detailed description of the Company&#146;s accounting policies that comply with accounting practices adopted in Brazil, which differs significantly from generally accepted</FONT>      </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%" align="left">&nbsp;</TD>
</TR></TABLE>
<P align="center">
<FONT size=2 face="serif">F-79</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD colspan=2 align=left>
<FONT size=2 face="serif">accounting principles in the United States of America (U.S. GAAP), is included
in the notes </FONT>
<FONT size=2 face="serif">to the consolidated financial statements for the year ended December 31, 2003, which are</FONT>
<FONT size=2 face="serif">included in the Company&#146;s 2003 Annual Report on Form 20-F. The following is a general</FONT>
<FONT size=2 face="serif">description of these differences:</FONT>    </TD>
  </TR>
<TR valign="top">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=5% align=left>
<FONT size=2 face="serif">a)</FONT>
    </TD>
        <TD width=90% align=left>
          <p><FONT size=2 face="serif">Inflation accounting</FONT>
          </p>
          <p><FONT size=2 face="serif">As discussed in Note 2, the consolidated financial statements account for the effects of</FONT>
            <FONT size=2 face="serif">inflation through December 31, 1995. Under U.S. GAAP, Brazil was considered to be a</FONT>
            <FONT size=2 face="serif">highly inflationary economy until July 1, 1997, and the recognition of the effect of</FONT>
            <FONT size=2 face="serif">inflation was required until December 31, 1997.</FONT>
          </p>
          <p><FONT size=2 face="serif">In determining amounts under U.S. GAAP, the effects of inflation for the years ended</FONT>
              <FONT size=2 face="serif">December 31, 1996 and 1997 were determined using the &#147;&#205;ndice Geral de Pre&ccedil;os
              -</FONT>
              <FONT size=2 face="serif">Disponibilidade Interna - IGP-DI&#148; index, which is widely-accepted
              and respected index</FONT>
              <FONT size=2 face="serif">published monthly by the Funda&ccedil;&atilde;o Get&uacute;lio
              Vargas.</FONT>
          </p>
          <p><FONT size=2 face="serif">Through December 31, 1995, the Company used indexes established by the government</FONT>
            <FONT size=2 face="serif">to restate balances and transactions for purposes of its corporate law financial</FONT>
            <FONT size=2 face="serif">statements. Such indexes do not necessarily represent changes in general price levels, as</FONT>
            <FONT size=2 face="serif">would be required under U.S. GAAP.</FONT>
          </p>
          <p><FONT size=2 face="serif">Because the Company&#146;s management believes that the &#147;&#205;ndice Geral de Pre&ccedil;os
                -</FONT>
              <FONT size=2 face="serif">Disponibilidade Interna - IGP-DI&#148; is an appropriate and
              consistent measure of the</FONT>
            <FONT size=2 face="serif">general price inflation in Brazil and, because of its availability, for U.S. GAAP purposes,</FONT>
            <FONT size=2 face="serif">the Company adopted the IGP-DI for restatement of its financial statements through</FONT>
            <FONT size=2 face="serif">December 31, 1995, replacing the government-mandated index. This procedure is</FONT>
            <FONT size=2 face="serif">consistent with the recommendation by the Brazilian Task Force (organized under the</FONT>
            <FONT size=2 face="serif">AICPA International Practices Task Force to review the issue of the appropriate index to</FONT>
            <FONT size=2 face="serif">be used for preparing price-level adjusted financial statements of Brazilian companies</FONT>
            <FONT size=2 face="serif">filing with the SEC) of using the IGP-M or IGP-DI for such purposes. Thus, all</FONT>
            <FONT size=2 face="serif">nonmonetary assets and liabilities were restated using the IGP-DI since the inception of</FONT>
            <FONT size=2 face="serif">the Company, through December 31, 1997.</FONT>
          </p></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=5% align=left valign="top">
<FONT size=2 face="serif">b)</FONT>
    </TD>
        <TD width=90% align=left valign="top">
          <p><FONT size=2 face="serif">Reversal of fixed asset revaluations and related deferred tax liabilities</FONT>
          </p>
          <p><FONT size=2 face="serif">For U.S. GAAP reconciliation purposes, the revaluation of fixed assets and the related</FONT>
            <FONT size=2 face="serif">deferred tax effects recorded in the financial statements prepared in accordance with</FONT>
            <FONT size=2 face="serif">accounting practices adopted in Brazil have been eliminated in order to present fixed</FONT>
            <FONT size=2 face="serif">assets at historical cost less accumulated depreciation. Accordingly, the depreciation on</FONT>
            <FONT size=2 face="serif">such revaluation charged to income has also been eliminated for U.S. GAAP</FONT>
            <FONT size=2 face="serif">reconciliation purposes.</FONT>
          </p></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=5% align=left valign="top">
<FONT size=2 face="serif">c)</FONT>
    </TD>
        <TD width=90% align=left valign="top">
          <p><FONT size=2 face="serif">Deferred charges</FONT>
          </p>
          <p><FONT size=2 face="serif">Accounting practices adopted in Brazil permit the deferral of research and development</FONT>
            <FONT size=2 face="serif">costs and of preoperating expenses incurred in the construction or expansion of a new</FONT>
            <FONT size=2 face="serif">facility until the facility begins commercial operations. Deferred charges are amortized</FONT>
            <FONT size=2 face="serif">over a period of five to ten years.</FONT>
          </p></TD>
</TR>
</TABLE>
<div align="center"><BR>
    <FONT size=2 face="serif">F-80</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
  <TD width="5%" align="left" nowrap>&nbsp;</TD>
  <TD width="5%" align="left" nowrap>&nbsp;</TD>
  <TD width="90%" align="left"><font size=2 face="serif">For U.S. GAAP reconciliation purposes, such amounts do not meet the conditions
      established for deferral and, accordingly, have been charged to income and the related amortization
    under accounting practices adopted in Brazil has been reversed.</font></TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left" nowrap>&nbsp;</TD>
  <TD width="5%" align="left" nowrap>&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left" nowrap>&nbsp;</TD>
        <TD width="5%" align="left" nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Investments in affiliated companies</FONT>    </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">As from 1996, Brazilian corporate law allows certain less than 20%-owned affiliated companies in which an investor owns more than 10% of voting stock to be accounted for on the equity method. In addition, certain more than
20% and less than 50%-owned affiliated companies deemed not significant in relation to their parent company are accounted for at cost.</FONT>   </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">For U.S. GAAP reconciliation purposes, less than 20%-owned affiliated companies have been accounted for on the basis of cost and more than 20% and less than 50%-owned affiliated companies have been accounted for on the
equity method for all years presented.</FONT>   </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
        <TD width="5%" align="left" nowrap>&nbsp;</TD>
        <TD width="5%" align="left" nowrap>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Capitalization of interest in relation to construction in progress</FONT>     </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, prior to January 1, 1996 the Company was not required to capitalize the interest cost of borrowed funds as part of the cost of the related asset. Under U.S. GAAP, capitalization
of borrowed funds during construction of major facilities is recognized as part of the cost of the related assets.</FONT>       </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP, interest on construction-period borrowings denominated in foreign currencies is capitalized using contractual interest rates, exclusive of foreign exchange or monetary correction gains or losses. Interest
on construction-period borrowings denominated in Brazilian reais is capitalized.</FONT> </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
        <TD width="5%" align="left" nowrap>&nbsp;</TD>
        <TD width="5%" align="left" nowrap>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Income taxes</FONT>   </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil and U.S. GAAP, the liability method of accounting for income taxes is followed.</FONT>   </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, the Company recognizes deferred income taxes based on the combined income tax of 34%. Such combined income tax rate includes 25% of income tax and 9% of social contribution
tax.</FONT>     </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
        <TD width="5%" align="left" nowrap>&nbsp;</TD>
        <TD width="5%" align="left" nowrap>
<FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Acquisitions and business combinations</FONT> </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, assets and liabilities of acquired entities are reflected at book values. Goodwill is amortized on a straight-line basis over the periods estimated to be benefited.</FONT>     </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP, business combinations are accounted for by the purchase method utilizing fair values. Goodwill is not amortized and should be tested for impairment. An impairment test of goodwill is performed annually or
more frequently if events or changes in circumstances indicate that the goodwill might be impaired. Such impairment test is performed utilizing a two-step method. The first step compares the fair value of a reporting unit with its carrying amount,
including goodwill. If the carrying amount of a</FONT>  </TD>
</TR>
<TR valign="top">
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-81</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE -->
<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%" align="left" valign="top">&nbsp;</td>
    <td width="90%" align="left" valign="top"><p><font size=2 face="serif">reporting unit exceeds its
          fair value, the second step is performed to measure the amount of impairment loss, if any.
          The second step compares the implied fair value of reporting unit goodwill with the carrying
          amount of that goodwill. </font></p>
      <p> <font size=2 face="serif">For U.S. GAAP reconciliation purposes, fair values have been assigned
          to acquired assets and liabilities in business combinations in accordance with U.S. practices
          applicable to each specific transaction. </font></p>
      <p> <font size=2 face="serif">Under Brazilian corporate law, purchases by subsidiaries of treasury
          stock from minority stockholders are initially recorded at cost. Upon cancellation of these
          shares, the difference between cost and the related book value of the subsidiary&#146;s stockholders&#146; equity
          is recorded by the parent company and in the consolidated financial statements as a capital
          gain or loss. Direct purchases by the parent company of the subsidiaries&#146; stock from minority
          stockholders are recorded at cost, with the difference between cost and the related book value
          of the subsidiaries&#146; stockholders&#146; equity recorded as a capital gain or loss by the
          parent company and in the consolidated financial statements. </font></p>
      <p> <font size=2 face="serif">Under U.S. GAAP, purchases of treasury stock by subsidiaries from
          minority stockholders and direct purchases by the parent company of the subsidiaries&#146; stock
          from minority stockholders are recorded as step acquisitions under the purchase method, with
          assignment of the purchase price to the underlying assets and liabilities based on their fair
          values and recording of goodwill to the extent that the purchase price exceeds the proportionate
          amount of the net fair value of the assets and liabilities. No gain or loss is recognized upon
          either purchase or cancellation of the shares. </font></p>
      <p> <font size=2 face="serif"><u>Acquisition of SPG&aacute;s Distribuidora de G&aacute;s Ltda.
            (&#147;SPG&aacute;s&#148;) - 2003</u></font> </p>
      <p> <font size=2 face="serif">As mentioned in Note 3.1, on August 8, 2003, the Company acquired
          100% of the outstanding common shares of SPG&aacute;s. The results of SPG&aacute;s operations
          have been included in the consolidated financial statements since that date. SPG&aacute;s is
          a distributor of LPG in Brazil. As a result of this acquisition, the Company is expected to
          be the leading distributor of LPG in Brazil. </font></p>
      <p> <font size=2 face="serif">The cost of acquisition included the purchase price amounting to
          R$ 107.9 net of the debt settled and other direct costs amounting to R$ 1.1. </font></p>
      <p> <font size=2 face="serif">Under U.S. GAAP, the Company has recorded such acquisition based
          on the fair value of the assets acquired and liabilities assumed, and determined goodwill in
          accordance with the purchase method of accounting prescribed by Statement of Financial Accounting
          Standards (&#147;SFAS&#148;) 141, &#147;Business Combinations&#148;, which is completed and
          resulted in the identification of goodwill as shown below. </font></p>
      <p> <font size=2 face="serif">The following table summarizes the estimated fair values of the assets
    acquired and liabilities assumed at the date of acquisition:</font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="serif">F-82</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=80% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">R$</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
  <TD width=80% align=left>&nbsp;</TD>
  <TD width=8% align=right><HR noshade size=1></TD>
  <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
  <TD width=80% align=left>&nbsp;</TD>
  <TD width=8% align=right>&nbsp;</TD>
  <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Current assets</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">27.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">98.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Other assets</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Total assets acquired</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">152.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Current liabilities, including short-term debt of R$ 62.7</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">73.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Long-term liabilities</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Liabilities assumed</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">83.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Net assets</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Interest acquired</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Net assets acquired</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Total cost of acquisition</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">109.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Goodwill recorded under U.S. GAAP</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">39.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Goodwill recorded under accounting practices adopted in Brazil</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(24.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Other direct costs recorded as deferred charges for accounting practices adopted</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">in Brazil</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Goodwill difference between U.S. GAAP and accounting practices adopted in</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Brazil (see the stockholders&#146; equity reconciliation)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.4</FONT>
        </TD>
        <TD width=2% align=left>

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

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%" align="left" valign="top">&nbsp;</td>
    <td width="90%" align="left" valign="top"><p><font size=2 face="serif">The purchase price allocation
          did not result in the identification of any intangible assets related to this acquisition. </font></p>
      <p> <font size=2 face="serif">The full amount of goodwill related to this business combination
          was assigned to the gas segment. This goodwill is not deductible for tax purposes. </font></p>
      <p> <font size=2 face="serif"><u>Acquisition of Canamex Qu&iacute;micos S.A. de C.V. (&#147;Canamex&#148;)
            - 2003</u></font> </p>
      <p> <font size=2 face="serif">As mentioned in Note 3.1, on December 4, 2003, the Company acquired
          100% of the outstanding common shares of Canamex. The results of Canamex&#146;s operations
          have been included in the consolidated financial statements since that date. Canamex is engaged
          in the production and sales of chemicals in Mexico. As a result of the acquisition, the Company
          is expected to expand its activities outside of Brazil. </font></p>
      <p> <font size=2 face="serif">The cost of acquisition was R$ 32.3, composed of purchase price amounting
          to R$ 30.5 and other direct costs amounting to R$ 1.8. The net assets acquired amounted to
          R$ 29.7, composed of net assets of R$ 39.7 and liabilities assumed of R$ 10.0.</font></p>
      <p> <font size=2 face="serif">The Company has recorded such acquisition based on the fair value
          of assets acquired and liabilities assumed and determined goodwill in accordance with the purchase
          method of accounting prescribed by SFAS 141, which is completed and resulted in the identification
    of goodwill amounting to R$ 2.6. This goodwill is not deductible for tax purposes.</font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="serif">F-83</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">h)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Earnings per share</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, it is permitted to determine earnings per share based upon the weighted average number of shares outstanding during each year that earnings are reported.</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP, earnings per share are determined based upon the weighted average number of shares outstanding during the period, giving retroactive effect to stock splits. Entities whose capital structures include
nonconvertible securities that may participate in dividends with common stock according to a predetermined formula should use the two-class method of computing earnings per share as described in SFAS 128, &#147;Earnings per Share&#148;. The
calculation of earnings per share under U.S. GAAP is shown in Note 24.V.a).</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">i)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Available-for-sale securities</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif"><u>Equity securities</u></FONT>       </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, available-for-sale equity securities are generally carried at cost, less provision charged to the statement of operations if a loss in value is considered to be other than
temporary.</FONT>       </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">For U.S. GAAP reconciliation purposes, available-for-sale equity securities have been recorded at estimated market value, and the resulting adjustments, in the amount of R$ 7.5 (income), R$ 1.3 (loss) as of September 30,
2004 and 2003, respectively, net of deferred tax effects and minority interest, when applicable, have been recognized as a separate component of stockholders&#146; equity until realization. During the years presented, no securities classified under
U.S. GAAP as available-for-sale were disposed of.</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif"><u>Debt securities</u></FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, available-for-sale debt securities are generally carried at cost, plus interest income earned less provisions, when applicable, charged to the statement of operations to reduce
its carrying value to market value.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">For U.S. GAAP reconciliation purposes, available-for-sale debt securities have been recorded at estimated market value, and the resulting adjustment, in the amount of R$ 0.5 (loss) as of September 30, 2004, (September 30,
2003 - 0.2 (loss)) has been recognized as a separate component of stockholders&#146; equity, net of deferred tax effects, until realization. During the nine-month period ended September 30, 2004, the total amount of debt securities classified under
U.S. GAAP as available-for-sale disposed of was &#147;de minimis&#148;.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">j)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Accounting for derivative financial instruments</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">In the Company&#146;s financial statements prepared in accordance with accounting practices adopted in Brazil, derivative financial instruments are recorded at net settlement price as determined on each balance sheet
date.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP, effective January 1, 2001, all derivative financial instruments must be reported at fair value on each balance sheet date and classified as derivative asset or liability. Also under U.S. GAAP, the
requirements for a derivative instrument to qualify</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-84</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>&nbsp;</P>
<table width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left"><font size=2 face="serif">for hedge accounting and deferral of gains and losses are more restrictive
    than under Brazilian corporate law.</font></TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">k)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Accounting for stock plan</FONT>      </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">As mentioned in Note 22, the Company approved a stock plan on November 26, 2003. Based on the provisions of this plan, on December 17, 2003 the Company granted 104,000,000 restricted shares to two executives. The grant-date
fair value of these shares is R$ 34.87 (whole Brazilian reais) per thousand shares. These executives have the right to receive dividends on these shares provided that the professional relationship between them and the Company and its subsidiaries is
not interrupted. These shares will cliff vest after ten years of the initial award.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under Brazilian GAAP, the Company records compensation costs from its stock plan similarly to the requirements of APB Opinion No. 25, &#147;Accounting for Stock Issued to Employees&#148;, using the intrinsic value of the
award. Compensation cost is charged to earnings on a straight-line basis.</FONT>        </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">No adjustments are included in the U.S. GAAP reconciliation related to the Company&#146;s stock plan since the Company applies APB Opinion No. 25 to account for the plan for U.S. GAAP purposes. The Company has not disclosed
the pro forma information required under SFAS 123, &#147;Accounting for Stock-based Compensation&#148;, as amended by SFAS 148, &#147;Accounting for Stock-based Compensation - Transition and Disclosure&#148;, since the results of using the fair
value method to record compensation expense would be the same as under the intrinsic value method.</FONT>       </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">For U.S. GAAP purposes, dividends declared under these unvested restricted shares are accounted for initially as a charge to retained earnings. If the restricted shares do not vest, all previously declared dividends
associated with the restricted shares are reversed from retained earnings and charged to compensation expense. As of September 30, 2004, accumulated dividends declared under these unvested restricted amounts to R$ 0.2.</FONT>       </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">l)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Fair value of guarantees under FIN 45</FONT>  </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, the Company is not required to record any liability related to guarantees given to third parties unless contingent obligations to make future payments under the guarantees are
probable.</FONT>        </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, as of September 30, 2004, the Company has not recorded any liability related to these guarantees, as disclosed in Note 12d.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP, for the year ended September 30, 2004, the Company recognizes, at the inception of a guarantee (issued or modified after September 30, 2003), a liability for the fair value of the obligation undertaken in
issuing guarantees in accordance with FIN 45, &#147;Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others&#148;. In the event that, at inception of the guarantee, the Company
is required to recognize a liability under SFAS 5, &#147;Accounting for Contingencies&#148;, the liability initially recognized would be the greater of: (a) the amount of fair value of the value of the obligation undertaken in issuing</FONT>       </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-85</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE -->
<br>
<br>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>&nbsp;
</P>
<P>&nbsp;</P>
<table width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left"><font size=2 face="serif">guarantee, or (b) the contingent liability amount required to be recognized
    at inception of the guarantee by applying SFAS 5.</font></TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left"><font size=2 face="serif">Under U.S. GAAP, the Company recorded as of September 2004, a liability
      of R$ 0.9 (R$ 0.6 - net of income tax effects) and as of December 2003 R$ 0.5 (R$ 0.3 - net of
      income tax effects) related to these guarantees issued after December 31, 2002 based on their fair
    values.</font></TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">m)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Translation adjustments - CANAMEX</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, assets and liabilities of foreign subsidiaries are translated into Brazilian reais at the exchange rate in effect at the end of the reporting period, and revenues, expenses,
gains and losses are translated into Brazilian reais at the exchange rates prevailing in the end of each month. The resulting net translation gains and losses are reported, net of tax, in the income statement as &#147;other operating income
(loss)&#148;.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP, the functional currency of Canamex Quimicos S.A. de C.V. (&#147;Canamex&#148;), one of its foreign subsidiaries, was determined to be Mexican Pesos by the Company&#146;s management. As a consequence, the
financial statements of Canamex are translated into Brazilian reais in accordance with the criteria set forth in Statement of Financial Accounting Standards n&ordm; 52 (SFAS 52). Under these criteria, assets and liabilities are translated into
Brazilian reais at the exchange rate in effect at the end of the reporting period, and revenues, expenses, gains and losses are translated into Brazilian reais at the average rates prevailing during the respective months. The net translation gain or
loss resulting from this translation process is excluded from income and presented as a cumulative translation adjustments (CTA) in other comprehensive income (loss) as separate component of stockholders' equity.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">As a result of this difference, the net translation gains and losses, net of tax, reported in the income statement under accounting practices adopted in Brazil was reclassified to accumulated other comprehensive income
(loss) in shareholders' equity under U.S. GAAP. Such difference has no total shareholders&#146; equity effect.</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">n)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Classification of export notes</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company has discounted with financial institutions certain notes under export financing arrangements with recourse. If the original debtors fail to pay their obligations when due, the Company would be required to repay
such amounts. Under accounting practices adopted in Brazil, such transactions are classified as a reduction of accounts receivable (see Note 6). Under U.S. GAAP, these transactions are recorded gross as accounts receivable and bank loans. As a
consequence, current assets and liabilities under U.S. GAAP would be increased by R$ 100.6 and R$ 31.5 at September 30, 2004 and December 31 2003, respectively. This GAAP difference has no net income or equity effect.</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">o)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Financial statement note disclosures</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under accounting practices adopted in Brazil, in general, certain information is required to be disclosed in the notes to the financial statements. The additional disclosures</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-86</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>
<FONT size=2 face="serif">required by U.S. GAAP, which are relevant to the accompanying financial statements, are included herein. </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">II</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">- Reconciliation of the differences between U.S. GAAP and accounting practices adopted in Brazil in net income</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Nine-month periods<br>
  </font> <font size=2 face="serif">ended September 30,</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Note 24.I</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2004</font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Net income as reported under accounting practices adopted in Brazil</FONT>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">304.7</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">187.4</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="65%" align="left"><font size="2">&nbsp;</font>

        </TD>
    <TD width="8%" align="center"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Reversal of revaluation adjustments:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">b)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Depreciation of property, plant and equipment</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.2</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.0</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interests</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.6</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.5</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Inflation accounting:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">a)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Property, plant and equipment - incremental depreciation</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Inventories and other nonmonetary assets</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interests</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Different criteria for:</FONT>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Equity method of accounting</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">d)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.6</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Cancellation of subsidiaries&#146; treasury stock</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred charges expensed:</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">c)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Cost</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(28.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(29.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Accumulated amortization</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30.5</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.0</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Depreciation of interest costs capitalized during construction</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">e)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Reversal of goodwill amortization</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.4</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.0</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value adjustments relating to accounting for derivative instruments</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">and hedging activities</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">j)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(10.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61.1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Translation adjustment - CANAMEX</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">m)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.8</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Other individually insignificant adjustments</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">i), l)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.3</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">62.0</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">f)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(22.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interests</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34.6</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="65%" align="left"><font size="2">&nbsp;</font>

        </TD>
    <TD width="8%" align="center"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value adjustments relating to business combinations</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value adjustments relating to acquisition of minority interest in</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.6</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.9</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value adjustments relating to the acquisition of SPG&aacute;s
      Distribuidora</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">de G&aacute;s Ltda.</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interests</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">.</font>

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

        </TD>
        <TD width=8% align=right><font size="2">.</font>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="65%" align="left"><font size="2">&nbsp;</font>

        </TD>
    <TD width="8%" align="center"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value adjustments relating to the acquisition of Canamex
      Qu&iacute;micos</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">S.A. de C.V.</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred tax effects</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">Effect on minority interest arising from difference in acquisition dates</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Net income under U.S. GAAP</FONT>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">305.2</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222.5</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="65%" align="left"><font size="2">&nbsp;</font>

        </TD>
    <TD width="8%" align="center"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Basic earnings per thousand shares under U.S. GAAP</FONT>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp;<FONT face="serif">(in accordance with SFAS 128) - R$:</FONT></font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">h)</FONT>
        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right><font size="2">&nbsp;</font>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Basic earnings per thousand common shares</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.11</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Basic earnings per thousand preferred shares</FONT></font>
        </TD>
        <TD width=8% align=center><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align="left"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.42</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">F-87</FONT></P>

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




<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">Dilutive earnings (losses) per thousand shares have not been disclosed, since the Company</FONT>
<FONT size=2 face="serif">has no dilutive shares. The calculation of earnings per thousand shares is summarized in</FONT>
<FONT size=2 face="serif">Note 24.V.a).</FONT>
        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="95%" align="left">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=95% align=left>
<FONT size=2 face="serif">III - Reconciliation of the differences between U.S. GAAP and accounting practices adopted</FONT>&nbsp;<FONT size=2 face="serif">in Brazil in stockholders&#146; equity</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center><font size=2 face="serif">Note 24.I</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="serif">September<br>
    30, 2004</font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><font size=2 face="serif">December<br>
      31,
    2003</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size=2 face="serif">Unaudited</font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity as reported under accounting practices adopted in Brazil</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,562.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,356.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Reversal of revaluation adjustments:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">b)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(34.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(36.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Minority interests</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(30.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(31.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Inflation accounting:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">a)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Other nonmonetary assets</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(11.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Minority interests</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">20.9</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Different criteria for:</FONT>
        </TD>
        <TD width=8% align=center>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Equity method of accounting</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">d)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Cancellation of subsidiaries&#146; treasury stock</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred charges:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">c)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cost</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(223.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(195.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated amortization</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">157.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">126.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Capitalization of interest costs during construction:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">e)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Cost</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accumulated amortization</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(11.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(10.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Reversal of goodwill recorded at SPG&aacute;s before acquisition</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(7.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Reversal of goodwill amortization of SPG&aacute;s acquisition under BR GAAP</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Fair value adjustments relating to accounting for derivative instruments</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">j)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Other individually insignificant adjustments</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">i), l)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(61.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(60.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21.6</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Minority interests</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(35.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(32.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Fair value adjustments relating to business combinations:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred tax effect</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Fair value adjustments relating to acquisition of minority interest in</FONT>
        </TD>
        <TD width=8% align=center>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno S.A. &#150; Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(32.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(36.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(26.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(28.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Adjustments relating to the acquisition of SPG&aacute;s Distribuidora de G&aacute;s Ltda.:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fair value adjustments</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(8.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(10.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Goodwill difference between U.S. GAAP and accounting practices</FONT>
        </TD>
        <TD width=8% align=center>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">adopted in Brazil</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Adjustments relating to the acquisition of Canamex Qu&iacute;micos S.A. de C.V.:</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">g)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Fair value adjustments</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.8</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Goodwill difference between U.S. GAAP and accounting practices</FONT>
        </TD>
        <TD width=8% align=center>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">adopted in Brazil</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="65%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="center">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Available-for-sale securities - temporary unrealized gain (loss)</FONT>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="serif">i)</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
 &nbsp;<FONT size=2 face="serif">Deferred tax effects</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=65% align=left>

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

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity under U.S. GAAP</FONT>
        </TD>
        <TD width=8% align=center>

        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,506.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,294.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=center></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<P align="center">
<FONT size=2 face="serif">F-88</FONT></P>

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




<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><FONT size=2 face="serif"> </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap><font size=2 face="serif">IV -</font></TD>
  <TD width="90%" align="left"><font size=2 face="serif">Statement of changes in stockholders&#146; equity and comprehensive income</font></TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Statement of changes in stockholders&#146; equity for the nine-month period ended September 30, 2004</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity under U.S. GAAP as of January 1, 2004</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,294.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="80%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Additional paid-in-capital</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Net income for the nine-month period</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">305.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Dividends and interest on own capital</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(92.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Acquisition of treasury shares</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(6.9</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Unrealized losses (gains) on available-for-sale</FONT>
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">equity securities, net of tax</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Unrealized losses on available-for-sale</FONT>
        </TD>
        <TD width=8% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">debt securities, net of tax</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
 &nbsp;<FONT size=2 face="serif">Translation adjustment for the nine-month period - CANAMEX, net of tax</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="80%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=80% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity under U.S. GAAP as of September 30, 2004</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,506.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="left" valign="top">&nbsp;</td>
    <td width="5%" align="left" valign="top"><font size=2 face="serif">b)</font></td>
    <td width="90%" align="left" valign="top"><font size=2 face="serif">Comprehensive income for the
    nine-month periods ended September 30, 2004 and 2003</font></td>
  </tr>
</table>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Nine-month periods<br>
  </font> <font size=2 face="serif">ended September 30,</font> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2004</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=center></TD>
  <TD align=center><FONT size=2 face="serif">Unaudited</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Comprehensive income (under SFAS 130):</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">305.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Unrealized gains on available-for-sale equity securities, net of</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">tax</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Unrealized losses on available-for-sale debt securities, net of</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">tax</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.2</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Translation adjustment - CANAMEX, net of tax</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Total comprehensive income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">310.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">225.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<font size=2 face="serif"> </font>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
</TD>
    <TD width=5% align=left><font size=2 face="serif">V -</font></TD>
    <TD width=90% align=left><font size=2 face="serif">Additional disclosures required by U.S. GAAP</font></TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
</TD>
        <TD width=5% align="left"><font size=2 face="serif">a)</font>
        </TD>
        <TD width=90% align=left>
<FONT size=2 face="serif">Earnings per share</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%" align="left">&nbsp;

        </TD>
    <TD width="5%" align="left">&nbsp;</TD>
    <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=5% rowspan="4" align="left">&nbsp;
        </TD>
        <TD width=90% rowspan="4" align=left>
<FONT size=2 face="serif">The following table provides a reconciliation of the numerators and denominators used</FONT>
<FONT size=2 face="serif">in computing earnings per share and the allocation of distributed and undistributed</FONT>
<FONT size=2 face="serif">income between common and preferred stockholders under the two-class method of</FONT>
<FONT size=2 face="serif">computing earnings per share as required by SFAS 128.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
  </TR>
</TABLE>
<div align="center"><BR>
  <FONT size=2 face="serif">F-89</FONT>  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>




<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><font size=2 face="serif">Nine-month periods ended<br>
  </font> <font size=2 face="serif">September 30, 2004</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><font size=2 face="serif">Unaudited</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Common</font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Preferred</font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Total</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Distributed income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">68.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">92.4</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Undistributed income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">156.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56.3</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">212.8</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">224.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">80.7</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">305.2</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="67%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Weighted average shares outstanding</FONT>
        </TD>
        <TD width=8% align=right>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
 &nbsp;<FONT size=2 face="serif">(in thousands)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,264,622</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,426,647</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69,691,269</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="67%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Earnings per thousand shares - whole R$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.38</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="67%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><font size=2 face="serif">Nine-month periods ended<br>
  </font> <font size=2 face="serif">September 30, 2004</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><font size=2 face="serif">Unaudited</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Common</font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Preferred</font></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><font size=2 face="serif">Total</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="67%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Distributed income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9.4</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.0</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Undistributed income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">135.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">53.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">189.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">159.5</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">63.0</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222.5</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="67%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Weighted average shares outstanding</FONT>
        </TD>
        <TD width=8% align=right>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
 &nbsp;<FONT size=2 face="serif">(in thousands)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,264,622</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,426,647</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69,691,269</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="67%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=67% align=left>
<FONT size=2 face="serif">Earnings per thousand shares - whole R$</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.11</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.42</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.19</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Concentrations of credit risk</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Financial instruments that potentially subject the Company to credit risk are cash and cash equivalents, short-term investments and trade receivables. Based on the factors described below, the Company considers the risk of
counterparty default to be minimal.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company manages its credit risk with respect to cash equivalents by investing only in highly-liquid instruments with highly-rated financial institutions. In addition, investments are diversified in several institutions,
and credit limits are established for each individual institution.</FONT>       </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Credit risk from accounts receivable is managed following specific criteria for each of the segments in which the Company operates, as follows:</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-90</FONT>  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>




<p><FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT>
</p>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%" align="left" valign="top">&nbsp;</td>
    <td width="90%" align="left" valign="top"><p><font size=2 face="serif"><u>Chemical segment (Oxiteno)</u></font><font size=2 face="serif"> </font></p>
      <p> <font size=2 face="serif">Oxiteno&#146;s customers for its commodity chemicals are principally
          chemical companies, surface coating producers and polyester resin producers, and customers
          for its specialty chemicals comprise a variety of industrial and commercial enterprises. No
          single customer or group accounts for more than 10% of total revenue. Management believes that
          by distributing its products to a variety of markets it is able to protect itself, to a certain
          extent, from the effects of negative trends in any particular market. Oxiteno acts as a member
          of a Credit Committee of the Brazilian chemical manufacturers, which meets monthly to review
          the financial position of clients showing past-due accounts. Historically, the Company has
          not experienced significant losses on trade receivables. </font></p>
      <p> <font size=2 face="serif"><u>Gas segment (Ultragaz)</u></font></p>
      <p> <font size=2 face="serif">Ultragaz sells its products to the retail, commercial and industrial
          markets. </font></p>
      <p> <font size=2 face="serif">Sales to the retail market are carried out directly by Ultragaz using
          cash terms, from which no significant credit risk exists, or through outside distributors.
          Credit risk in sales to outside distributors is reduced due to the large customer base, the
          ongoing control procedures that monitor the creditworthiness of distributors, and by short-term
          payment (24 days on average) that permit continuous monitoring of distributors&#146; compliance. </font></p>
      <p> <font size=2 face="serif">Sales to the commercial and industrial markets are made to customers,
          which have signed a credit agreement with the Company and have provided personal guarantees
          or collateral. Periodic monitoring of these accounts is performed by specific staff with the
          support of financial information systems. </font></p>
      <p> <font size=2 face="serif">No single customer or group accounts for more than 10% of total revenue. </font></p>
      <p> <font size=2 face="serif">Historically, the Company has not experienced significant losses
          on trade receivables. </font></p>
      <p> <font size=2 face="serif"><u>Logistics segment (Ultracargo)</u></font></p>
      <p> <font size=2 face="serif">The main customers of Ultracargo are chemical companies. The average-term
          payment is 26 days. </font></p>
      <p> <font size=2 face="serif">Historically, the Company has not experienced significant losses
          on trade receivables. </font></p>
      <p> <font size=2 face="serif"><u>Company is dependent on few major suppliers</u></font></p>
      <p> <font size=2 face="serif">The Company is dependent on third-party manufacturers for all of
          its supply of ethylene and LPG. For the nine-month period ended September 30, 2004 and 2003,
          products purchased from the Company&#146;s three largest suppliers accounted for approximately
          70% and 76% of the cost of sales and services, respectively. The Company is dependent on the
          ability of its suppliers to provide products on a timely basis and on favorable pricing terms.
          The loss of certain principal suppliers or a significant reduction in product availability
          from principal suppliers could have a material adverse effect on the Company. The Company believes
    that its relationship with its suppliers is satisfactory.</font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="serif">F-91</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>




<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Impairment of long-lived assets</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash
flows expected to result from its use and eventual disposal. In cases in which undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair
value of assets. The factors considered by management in performing this assessment include current operating results, trends, and prospects, as well as the effects of obsolescence, demand, competition, and other economic factors.</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">No impairment has been recorded in the consolidated financial statements as of September 30, 2004.</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Impairment of goodwill</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under U.S. GAAP financial statements, goodwill consists of the excess of the cost paid for the acquisitions of SPG&aacute;s and Canamex over the net of the fair value assigned to assets acquired and liabilities assumed of
these companies.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company has recorded the following amounts of goodwill under the U.S. GAAP financial statements:</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Description&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
  <TD align=center><font size=2 face="serif">September<br>
  </font> <font size=2 face="serif">30, 2004</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">December</font> <font size=2 face="serif"><br>
31, 2003</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR align="left" width="90%" size=1 noshade></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right></TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=68% align=left>
<FONT size=2 face="serif">Gas segment (Ultragaz):</FONT>
        </TD>
        <TD width=10% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=68% align=left>
 &nbsp;<FONT size=2 face="serif">Goodwill on the acquisition of SPG&aacute;s</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">39.9</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">39.9</FONT>
        </TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="68%" align="left">&nbsp;

        </TD>
    <TD width="10%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=68% align=left>
<FONT size=2 face="serif">Chemical segment (Oxiteno):</FONT>
        </TD>
        <TD width=10% align=right>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=68% align=left>
 &nbsp;<FONT size=2 face="serif">Goodwill on the acquisition of Canamex</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.6</FONT>
        </TD>
        <TD width=2% align="left">&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.6</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">As mentioned in Note 24I.g.), goodwill is not amortized and is tested for impairment annually.</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Intangible assets subject to amortization</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company&#146;s intangible assets subject to amortization are mainly composed of software and commercial property rights. These intangible assets are classified as other property, plant and equipment (see Note
10).</FONT>     </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><font size=2 face="serif">September 30, 2004</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Software</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Commercial<br>
  </font> <font size=2 face="serif">property<br>
  </font> <font size=2 face="serif">rights</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Other</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Total</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Gross</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">82.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Accumulated amortization</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">15.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">12.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">28.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Net</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">54.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<div align="center"><BR>
    <FONT size=2 face="serif">F-92</FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>




<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=100% align=left>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
        </TD>
</TR>
</TABLE><BR>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><font size=2 face="serif">December 31, 2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Software</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Commercial<br>
    </font> <font size=2 face="serif">property<br>
  </font> <font size=2 face="serif">rights</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Other</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Total</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Gross</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">70.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Accumulated amortization</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">10.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">10.0</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">21.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Net</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><font size=2 face="serif">Aggregate amortization expense for the above intangible
      assets amounted to R$ 7.4 and R$ 4.7 for the nine-month periods ended September 30, 2004 and 2003,
    respectively.</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><font size=2 face="serif">The estimated aggregate amortization expense for
    the next five years is as follows: </font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>

<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD colspan="2" align=center><font size=2 face="serif"><u>2004</u></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD colspan="2" align=center><font size=2 face="serif"><u>Unaudited</u></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="5%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">October to December 2004</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2.9</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">2005</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11.1</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9.7</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">2007</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8.9</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">2008</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5.6</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">2009</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">0.9</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Thereafter</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">14.9</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD colspan="2" align=right><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">54.0</FONT>
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD colspan="2" align=right><HR noshade size=2></TD>
  </TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Fair value of financial instruments</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The fair value of foreign cash and cash equivalents, receivables from foreign customers, net of advances on export contracts and import transactions payable approximates their book value as disclosed in Note 18. Fair values
of investment in foreign currency and swaps are R$ 333.7 and R$ 416.6 at September 30, 2004 and December 31, 2003, respectively, and fair values of foreign currency financings are R$ 400.4 and 449.5 at September 30, 2004 and December 31, 2003,
respectively.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Environmental issues</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company and its subsidiaries are subject to federal, state and local laws and regulations relating to the environment. These laws generally provide for control of air and effluent emissions, and require responsible
parties to undertake remediation of hazardous waste disposal sites. Civil penalties may be imposed for noncompliance. The Company provides for remediation costs and penalties when a loss is probable and the amount is reasonably determinable. It is
not presently possible to estimate the amount of all remediation costs that might be incurred or penalties that may be imposed; however, management does not presently expect that such costs and penalties, to the extent not previously provided for,
will have a material effect on the Company&#146;s consolidated financial position or results of operations.</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-93</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p><br>
  <br>




    <FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></p>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">h)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Statement of cash flows</FONT>        </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Accounting practices adopted in Brazil do not require the presentation of a statement of cash flows as required by U.S. GAAP. Changes in working capital are presented in the statement of changes in financial position. U.S.
GAAP requires the presentation of a statement of cash flows describing the Company&#146;s cash flows from operating, financing and investing activities. Statements of cash flows derived from the information based on accounting practices adopted in
Brazil information are as follows (the reconciling items to U.S. GAAP under item II relate exclusively to operating activities).</FONT> </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">i)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Segment information</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">There are no differences from the last annual report in the basis of segmentation or in the basis of measurement of segment profit or loss.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Financial information about each of the Company&#146;s reportable segments based on records in accordance with accounting practices adopted in Brazil is as follows:</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><font size=2 face="serif">Nine-month periods<br>
  </font> <font size=2 face="serif">ended September 30,</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">2004</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">2003</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align=center></TD>
  <TD align=center><font size=2 face="serif">Unaudited</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Net revenue from sales to unassociated companies:</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Gas</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,241.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,903.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Chemical</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,210.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">923.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Logistics</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">112.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">103.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,564.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Intersegment:</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Gas</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Chemical</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Logistics</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Eliminations</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">37.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Net revenues:</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Gas</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,241.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,903.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Chemical</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,210.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">923.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Logistics</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">144.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">131.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Eliminations</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(37.3</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(33.4</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,564,1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,930.3</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Operating profit before financial income (expenses):</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Gas</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">117.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Chemical</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">281.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">155.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Logistics</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">422.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">279.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<div align="center"><BR>
    <FONT size=2 face="serif">F-94 </FONT><br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>




<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=center><font size=2 face="serif">Nine-month periods<br>
    </font> <font size=2 face="serif">ended September 30,</font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center><font size=2 face="serif">2004</font></TD>
    <TD align=center></TD>
    <TD align=center><font size=2 face="serif">2003</font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center><font size=2 face="serif">Unaudited</font></TD>
    <TD align=center></TD>
    <TD align=center><font size=2 face="serif">Unaudited</font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
    <TD align=right><HR noshade size=1></TD>
    <TD align=left></TD>
  </TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Financial income (expenses), net</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(35.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Nonoperating income (expenses), net</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12.1</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Equity in losses of affiliated companies</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(0.5</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(47,6</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(43.7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Income before taxes and minority interests</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">374,6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">236,1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><font size=2 face="serif">September<br>
    30, 2004</font></TD>
  <TD align=center valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><font size=2 face="serif">December<br>
31, 2003</font></TD>
  <TD align=left valign="bottom"></TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><HR noshade size=1></TD>
  <TD align=center valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><HR noshade size=1></TD>
  <TD align=left valign="bottom"></TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><font size=2 face="serif">Unaudited</font></TD>
  <TD align=center valign="bottom"></TD>
  <TD align=center valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom"></TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom"><HR noshade size=1></TD>
  <TD align=left valign="bottom"></TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom"></TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Identifiable assets - accounting practices adopted in</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">BR GAAP:</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,037.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,010.9</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,178.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,075.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">302.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">269.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52.5</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,549.2</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,408.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Identifiable assets - accounting practices adopted in</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">U.S. GAAP:</FONT>
        </TD>
        <TD width=8% align=right>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Gas</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,000.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">965.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Chemical</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,168.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,093.8</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Logistics</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">301.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">273.0</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22.7</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11.4</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left></TD>
        <TD width=70% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,493.1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,343.6</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR>
  <TD width="10%" align="left">&nbsp;</TD>
        <TD width="70%" align="left">&nbsp;

        </TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left> <FONT size=2 face="serif">Additional information about business segments can be found in Note 17.</FONT>
        </TD>
        <TD width=8% align=right>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">j)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Geographical area information</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">All long-lived assets are located in Brazil, except for long-lived assets located in Mexico, in the amount of R$ 26.5 and R$ 18.9, as of September 30, 2004 and December 31, 2003, respectively.</FONT>       </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-95</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>




<P>
<FONT size=2 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P>
<FONT size=2 face="serif">The Company generates revenues from operations in Brazil and, as from September 2004, from Mexico, as well as from exports of products to clients located in foreign countries as shown below:</FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><font size=2 face="serif">September<br>
    30, 2004</font></TD>
    <TD align=center valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><font size=2 face="serif">December<br>
    31, 2003</font></TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><HR noshade size=1></TD>
    <TD align=center valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><HR noshade size=1></TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=center valign="bottom"><font size=2 face="serif">Unaudited</font></TD>
    <TD align=center valign="bottom"></TD>
    <TD align=center valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><HR noshade size=1></TD>
    <TD align=left valign="bottom"></TD>
    <TD align=right valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom"></TD>
  </TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Gross sales:</FONT>
        </TD>
        <TD width=8% align="right">&nbsp;
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Brazil</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">3,492.6</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">3,133.8</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Latin America, other than Brazil</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">206.6</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">115.5</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Far East</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">139.7</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">122.4</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Europe</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">23.8</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">36.0</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">North America</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">22.1</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">20.6</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">18.5</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">22.5</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><HR noshade size=1></TD>
  <TD align=center valign="bottom">&nbsp;</TD>
  <TD align=center valign="bottom"><HR noshade size=1></TD>
  <TD align=left valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD width=10% align=left>&nbsp;</TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">3,903.3</FONT> </TD>
        <TD width=2% align="left">&nbsp; </TD>
        <TD width=8% align=right> <FONT size=2 face="serif">3,450.8</FONT> </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">k)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Research and development expenses</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Total research and development expenses amounted to R$ 10.9 and R$ 9.8 for the nine- month periods ended September 30, 2004 and 2003, respectively.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2 face="serif">l)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width="90%" align="left">
<FONT size=2 face="serif">Employee severance fund and termination payments</FONT>       </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">The Company is required to contribute 8% of each employee&#146;s gross pay to an account maintained in the employee&#146;s name in the Government Severance Indemnity Fund (FGTS). No other contributions to the FGTS are
required. Additionally, effective September 2001, the Company is required to pay an additional tax equal to 0.5% of gross pay. Contributions are expensed as incurred.</FONT>   </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="5%" align="left">&nbsp;</TD> <TD width="90%" align="left">
<FONT size=2 face="serif">Under Brazilian law, the Company is also required to pay termination benefits to employees who have been dismissed. The amount of the benefit is calculated as 40% of the accumulated contributions made by the Company to the
FGTS during the employee&#146;s period of service. Additionally, effective September 2001, the Company is required to pay a social tax of 10% of these accumulated contributions. The Company does not accrue for these termination costs before a
decision to terminate has been made, since the benefits are neither probable nor reasonably estimable. Actual termination costs paid on dismissal totaled R$ 3.3 and R$ 2.9 for the nine-month periods ended September 30, 2004 and 2003,
respectively.</FONT>    </TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="90%" align="left">&nbsp;</TD>
</TR>
<TR><TD colspan=3 align="left"><HR noshade size=1></TD>
</TR></TABLE>
<div align="center"><FONT size=2 face="serif">F-96</FONT>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>

     <IMG src="p_f1-ii6x2x1.jpg">
     <BR>
<BR><BR>
     <br>
     <br>
</div>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P>
<B><FONT size=5 face="serif">PART II </FONT></B></P>
<P>
<B><FONT size=5 face="serif">Information not required in this prospectus </FONT></B></P>
<P>
<B><FONT size=2 face="serif">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Neither the laws of Brazil nor the Registrant&#146;s by-laws or other constitutive documents provide for indemnification of directors or officers. </FONT></P>
<br>
<P>
<B><FONT size=2 face="serif">ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The securities of the Registrant that were issued or sold by the Registrant within the past three years and not registered with the Commission are described below. All such securities were
issued, subscribed and fully paid for outside the United States, in accordance with Brazilian corporate law. As such, the issuance and subscription of securities described below were not subject to the registration requirements of the Securities
Act.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In January 2004, the Registrant and its subsidiary, Ultragaz, guaranteed a Eurobond issued by another of its subsidiaries, LPG International Inc. in the total amount of U.S.$60 million,
maturing in June 2005 with an annual interest rate of 3.5% . The funds from this issuance were used to pay existing debt. </FONT></P>
<P align="center">
<FONT size=2 face="serif">II-1 </FONT></P>

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

<P>
<B><FONT size=2 face="serif">ITEM 8. EXHIBITS</FONT></B></P>
<P>
<FONT size=2 face="serif">The following documents are filed as part of this Registration Statement: </FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
     <TD colspan="2" align=center><b><font size=1 face="serif">Exhibit</font></b><br>
          <b><font size=1 face="serif">Number</font></b>          </TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="92%" align=left><b><font size=1 face="serif">Description</font></b>          </TD>
</TR>
<TR valign="bottom">
     <TD colspan="2" align=right><hr size=1 color=GRAY noshade></TD>
     <TD width="2%">&nbsp;</TD>
     <TD width="92%" align=left><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Form of Underwriting Agreement.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">3.1</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Bylaws of Ultrapar, as amended on May 22, 2004 (English translation).</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">4.1</FONT>
        </TD>
        <TD width=1% align=left><FONT size=2 face="serif">*</FONT>

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Deposit Agreement among us, The Bank of New York, as
depositary, and all holders and</FONT> <font size=2 face="serif">beneficial
owners of the ADSs, evidenced by the ADRs issued thereunder.</font>
        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

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

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>&nbsp;
</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">5.1</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Opinion of Machado, Meyer, Sendacz e Opice Advogados,
Brazilian counsel of the Registrant, as</FONT> <font size=2 face="serif">to
the legality of the preferred shares.</font>
        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

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

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>&nbsp;
        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">5.2</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Opinion of counsel to the depositary bank as to the legality of the American depositary shares.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">8.1</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Opinion of Davis Polk &amp; Wardwell, as to U.S. tax matters.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">8.2</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Opinion of Machado, Meyer, Sendacz e Opice, as to Brazilian tax matters.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">10.1</FONT>
        </TD>
        <TD width=1% align=left><FONT size=2 face="serif">*</FONT>

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Contract for the supply of ethylene between Braskem and Oxiteno.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">10.2</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Shares Sale and Purchase Agreement related to the sale
and purchase of the entire share capital of Shell G&aacute;s (LPG) Brasil S.A.</FONT>
        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

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

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>&nbsp;
</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">11.1</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Statement regarding computation of per share earnings
(incorporated by reference to note 24(V)(a) to our consolidated financial statements
included in this prospectus).</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
     <TD align=right><FONT size=2 face="serif">15.1</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><font size="2" face="serif">Awareness Letter from Deloitte Touche Tohmatsu
               Auditores Independentes acknowledging the inclusion of their report
               on our unaudited interim consolidated financial statements in
          this registration statement</font>. </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

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

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>&nbsp;
</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">21.1</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">List of subsidiaries (incorporated by reference to
note 3 to our consolidated financial statements</FONT> <font size=2 face="serif">included
in this prospectus).</font>
        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

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

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>&nbsp;
</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">23.1</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Consent of Deloitte Touche Tohmatsu Auditores Independentes.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">23.2</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Consent of PricewaterhouseCoopers Auditores Independentes.</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">23.3</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Consent of Machado, Meyer, Sendacz e Opice Advogados,
Brazilian legal counsel of the</FONT> <font size=2 face="serif">Registrant
(included in Exhibit 8.2).</font>
        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=left>

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

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>&nbsp;
</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">23.4</FONT>
        </TD>
        <TD width=1% align=left>
          <FONT size=2 face="serif">*</FONT>
    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell, U.S. counsel of the Registrant (included in Exhibit 8.1).</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width=5% align=right>
<FONT size=2 face="serif">24.1</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=92% align=left>
<FONT size=2 face="serif">Power of Attorney (included on the signature page to the Registration Statement).</FONT>
        </TD>
</TR>
<TR valign="top">
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3" align=right><hr noshade size=1>          </TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR align="left" valign="top">
  <TD colspan="4"> <font size=2 face="serif">* To be filed by amendment </font></TD>
  </TR>
</TABLE>

<P><B><FONT size=2 face="serif">ITEM 9. UNDERTAKINGS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions
described in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling </FONT></P>
<P align="center">
<FONT size=2 face="serif">II-2 </FONT></P>

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

<P>
<FONT size=2 face="serif">precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such
issue. </FONT></P>
<P>
<FONT size=2 face="serif">The undersigned Registrant hereby also undertakes that: </FONT></P>
 <P STYLE='margin-left:14.0pt;text-indent:-14.0pt'><FONT SIZE="2">1.&nbsp;&nbsp; For
        purposes of determining any liability under the Securities Act, the information
        omitted from the form of prospectus filed as part of this Registration
        Statement in reliance upon Rule 430A and contained in a form of prospectus
        filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under
        the Securities Act shall be deemed to be part of this Registration Statement
        at the time it was declared effective.</font></P>

<P STYLE='margin-left:14.0pt;text-indent:-14.0pt'><FONT SIZE="2">2. &nbsp;&nbsp;For the purpose of determining any liability under the Securities Act, each post effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>
<P align="center">
<FONT size=2 face="serif">II-3 </FONT></P>

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

<P>
<B><FONT size=3 face="serif">Signatures </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of S&atilde;o
Paulo, Brazil on February 2, 2005. </FONT></P>
<div align=right><TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
<TD colspan="3" align=left><font size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.</font></TD>
    </TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">By:</FONT>
        </TD>
        <TD colspan="2" ALIGN="LEFT"><FONT size=2 face="serif">/s/ Paulo Guilherme Aguiar Cunha</FONT></TD>
        </TR>
<TR>
        <TD width="5%">
        </TD>
        <TD colspan="2">
          <HR align="left" width="60%" size=1 noshade>
        </TD>
        </TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
 </TD>
        <TD width=10% ALIGN="LEFT"><font size=2 face="serif">Name:</font>
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=10% ALIGN="LEFT"><font size=2 face="serif">Title:</font>
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Chief Executive Officer</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">By:</FONT>
        </TD>
        <TD colspan="2" ALIGN="LEFT"><FONT size=2 face="serif">/s/ Fabio Schvartsman</FONT></TD>
        </TR>
<TR>
        <TD width="5%">
        </TD>
        <TD colspan="2">
        <HR align="left" width="60%" size=1 noshade>
        </TD>
        </TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
 </TD>
        <TD width=10% ALIGN="LEFT"><font size=2 face="serif">Name:</font>
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
 </TD>
        <TD width=10% ALIGN="LEFT"><font size=2 face="serif">Title:</font>
        </TD>
        <TD width=85% align=left>
<FONT size=2 face="serif">Chief Financial Officer</FONT>
        </TD>
</TR>
</TABLE>
</div><BR>
<P align="center">
<FONT size=2 face="serif">II-4 </FONT></P>

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

<P>
<B><FONT size=3 face="serif">Power of attorney </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">KNOW ALL PERSONS BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints
 Paulo Guilherme Aguiar Cunha, Fabio Schvartsman, Roberto Kutschat Neto, Andr&#233; Covre and Marcello de
Simone, and each of them, individually, as his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead in any and all capacities, to sign this Registration Statement
and any and  all amendments thereto (including post-effective amendments) and
to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto such attorneys-in-fact
and agents  full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that  said attorneys-in-fact and agents, or his substitute,
may lawfully do or cause to be done by virtue hereof. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been
signed by the following persons in the capacities indicated on February 2, 2005. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=32% align=center> <B><FONT size=1 face="serif">Signature</FONT></B>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=center> <B><FONT size=1 face="serif">Position</FONT></B>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<B><FONT size=1 face="serif">Date</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="26%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left><FONT size=2 face="serif">/s/ Paulo Guilherme Aguiar Cunha</FONT>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Chairman and Chief Executive Officer</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">
February 2, 2005</FONT> </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left><FONT size=2 face="serif">/s/ Lucio de Castro Andrade Filho</FONT>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Vice Chairman and Vice President</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif"><FONT size=2 face="serif">February 2, 2005</FONT>     </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Lucio de Castro Andrade Filho</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left><FONT size=2 face="serif">/s/ Fabio Schvartsman</FONT>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Chief Financial Officer</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">
February 2, 2005</FONT> </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Fabio Schvartsman</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left><FONT size=2 face="serif">/s/ Ana Maria Levy Villela Igel</FONT>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">
February 2, 2005</FONT> </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Ana Maria Levy Villela Igel</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>&nbsp;</TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">
February 2, 2005</FONT> </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Renato Ochman</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left><FONT size=2 face="serif">/s/ Nildemar Secches</FONT>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">
February 2, 2005</FONT> </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Nildemar Secches</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>&nbsp;</TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">
February 2, 2005</FONT> </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Paulo Vieira Belott</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
<TR valign="bottom">
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>&nbsp;</TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=32% align=left>
<FONT size=2 face="serif">Director</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>
<FONT size=2 face="serif">February 2, 2005</FONT>       </TD>
</TR>
<TR>
        <TD width="32%">
<HR noshade size=1>     </TD>
        <TD width="5%">
        </TD>
        <TD width="32%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="26%" align="center">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% colspan=3 align=left>
<FONT size=2 face="serif">Olavo Egydio Monteiro de Carvalho</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=26% align=center>

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">II-5 </FONT></P>

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

<P ALIGN="CENTER">
<B><FONT size=2 face="serif">SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements
of the Securities Act, the undersigned, as the duly authorized representative
in the United States of Ultrapar Participa&ccedil;&otilde;es
S.A., has signed this registration statement in the City of Newark,
State of Delaware,
on February 2, 2005.</FONT></P>
<div align=right><TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="3" align=left><font size=2 face="serif">PUGLISI AND ASSOCIATES</font> </TD>
    </TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=3% align=left>
<FONT size=2 face="serif">By:</FONT>
        </TD>
        <TD colspan="2"><font size=2 face="serif">/s/ Donald J. Puglisi</font> </TD>
        </TR>
<TR>
        <TD width="3%">
        </TD>
        <TD colspan="2">
        <HR align="left" width="60%" size=1 noshade>
        </TD>
        </TR>
<TR valign="bottom">
        <TD width=3% align=left>&nbsp;
 </TD>
        <TD width=6%><font size=2 face="serif">Name:</font>
        </TD>
        <TD width=91% align=left><font size=2 face="serif">Donald J. Puglisi</font>
</TD>
</TR>
<TR valign="bottom">
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=6%><font size=2 face="serif">Title:</font>
        </TD>
        <TD width=91% align=left><font size=2 face="serif">Managing Director</font>
</TD>
</TR>
</TABLE>
</div><BR>
<BR>
<P align="center">
<FONT size=2 face="serif">II-6 </FONT></P>
<BR><BR>
<HR noshade align="center" width="100%" size=3>

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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>9
<FILENAME>ex1002.txt
<TEXT>

                                                                   Exhibit 10.2




                       Shares Sale and Purchase Agreement



                              Shell Petroleum N.V.


                                      and


                   Oxiteno Nordeste S.A. Industria e Comercio


                                      and


                            Companhia Ultragaz S.A.


                                  relating to



  the sale and purchase of the whole of the issued share capital of Shell Gas
                               (LPG) Brasil S.A.


<PAGE>


This Shares Sale and Purchase Agreement (the "Agreement") is entered into on,
and is effective as of, this 08 of August, 2003, by and between

Shell Petroleum N. V., a corporation organized and existing under the laws of
The Netherlands, with its principal offices at Carel van Bylandt, Laan, The
Hague, The Netherlands (hereinafter the "Seller"),

AND

Oxiteno Nordeste S.A. Industria e Comercio, a corporation organized and existing
under the laws of the Federative Republic of Brazil, with its principal offices
at Avenida Brigadeiro Luis Antonio, 1343/ 7(degree) andar, Sao Paulo, State of
Sao Paulo (registered in the taxpayers' registry under No. 14.109.664/0002-89)
(hereinafter the "Purchaser"),

AND

Companhia Ultragaz S.A., a corporation organized and existing under the laws of
the Federative Republic of Brazil, with its principal offices at Avenida
Brigadeiro Luis Antonio, 1343/ 9(degree) andar, Sao Paulo, State of Sao Paulo
(registered in the taxpayers' registry under No. 61.602.199/0001-12)
(hereinafter the "Ultra"), having as its objective the sale by the Seller and
the purchase by the Purchaser of the totality of the Shares of the Company (as
defined below).

Seller and Purchaser are also hereinafter referred to individually as a "Party"
and jointly as the "Parties".

WHEREAS:

(A) The Seller is the legal and beneficial owner of the Shares (as defined
below) and is entitled to sell all such Shares to the Purchaser on the terms and
conditions set out in this Agreement;

(B) The Seller agrees to sell to the Purchaser, and the Purchaser agrees to
purchase from Seller, the totality of the Shares for the Purchase Price (as
defined below), and subject to the terms and conditions of this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.      Clause One - Interpretation

1.1     In this Agreement and the Schedules to it:

        "Affiliate"                     means a company, partnership (including
                                        but not limited to "sociedades
                                        anonimas", "sociedades


<PAGE>


                                        simples" and "sociedades simples
                                        limitadas" or "sociedades empresarias
                                        limitadas") or other legal entity which
                                        directly or indirectly controls, or is
                                        controlled by, or which is controlled by
                                        an entity which controls, a Party.
                                        "Control" means the ownership directly
                                        or indirectly of more than fifty (50)
                                        percent of the voting rights in a
                                        company (including, but not limited to
                                        "sociedades anonimas", "sociedades
                                        simples" and "sociedades simples
                                        limitadas" or "sociedades empresarias
                                        limitadas") or other legal entity. With
                                        respect to the Seller, Affiliate shall
                                        also mean its parent companies (the
                                        "Parent Companies") N.V. Koninklijke
                                        Nederlandsche Petroleum Maatschappij,
                                        The "Shell" Transport and Trading
                                        Company Plc, or either of them, and any
                                        company (except Seller) directly or
                                        indirectly controlled by such Parent
                                        Companies or either of them;

        "Audited Financial Statements"  shall have the meaning attributed to it
                                        on Clause 3.2(A)(v) below;

         "Books and Records"            means all Company's accounting books,
                                        tax books, corporate books (including
                                        but not limited to the share register
                                        book, share transfer book, minutes of
                                        the General Shareholder's meeting book,
                                        shareholders' attendance book and
                                        minutes of the executive committee's
                                        meeting book) and any support
                                        documentation used by the Company in
                                        order to prepare such books;

         "Business Day"                 means a day (other than a Saturday or a
                                        Sunday) on which banks are open for
                                        business in Rio de Janeiro and Sao


                                       3
<PAGE>


                                        Paulo, Brazil and in The Hague, The
                                        Netherlands;

         "Business Information"         means all information, know-how and
                                        records (whether or not confidential and
                                        in whatever form held) including
                                        (without limitation) all:


                                        A)  formulas, designs, specifications,
                                            drawings, data, manuals and
                                            instructions;

                                        B)  customer lists, sales, marketing and
                                            promotional information;

                                        C)  business plans and forecasts; and

                                        D)  technical or other expertise
                                            proprietary to the Company;

         "Closing Balance Sheet"        means the balance sheet prepared by the
                                        Company for the period ended on July
                                        31,. 2003;

         "Closing Date"                 means the date this Agreement has been
                                        entered into by and between the Parties,
                                        as indicated in the preamble above,
                                        which will also be the date of
                                        completion of the transactions to convey
                                        ownership and title of the Shares to the
                                        Purchaser against payment by the
                                        Purchaser to Seller of the Purchase
                                        Price;

         "Company"                      means Shell Gas (LPG) Brasil S.A. basic
                                        information concerning which is set out
                                        in Schedule 3 (Basic information about
                                        the Company);

         "Completion"                   means the completion of the sale and the
                                        purchase of the Shares and payment of
                                        the Purchase Price to the account
                                        designated by Seller, as set forth in
                                        Clauses 2, 3, 4 and 5 hereto;

         "Core Business"                means a business activity exercised
                                        directly or indirectly by a Person,
                                        which represents more than 15%


                                       4
<PAGE>


                                        of the consolidated gross income of such
                                        Person;

         "Designated Bank"              means the Brazilian bank designated by
                                        the Seller to close the foreign exchange
                                        transaction for remittance of the due
                                        Purchase Price to the Seller's account
                                        overseas;

         "Disclosure Letter"            means the letter dated August 8, 2003
                                        written by the Seller to the Purchaser
                                        for the purposes of Clause 9
                                        (Purchaser's remedies and Sellers
                                        limitations on liability) and its
                                        attachments, a copy of which is attached
                                        to this Agreement as Schedule 5. For all
                                        the purposes of this Agreement, all
                                        documents delivered with it, listed in
                                        or referred to in any attachment of the
                                        Disclosure Letter shall be considered as
                                        a part of the Disclosure Letter;

         "Encumbrance"                  means any and all liens, charges,
                                        security interests, options, claims,
                                        mortgages, pledges, or agreements,
                                        obligations, understandings or
                                        arrangements or other restrictions on
                                        title or transfer of any nature
                                        whatsoever;

         "Environmental Laws"           has the meaning given in paragraph 21 of
                                        Schedule 1 (Warranties);

         "Environmental Matters"        has the meaning given in paragraph 21 of
                                        Schedule 1 (Warranties);

         "Environmental Permits"        has the meaning given in paragraph 21 of
                                        Schedule 1 (Warranties);

         "Governmental Authority"       means any administrative, judicial or
                                        legislative body, agency, bureau,
                                        commission, court, department or other
                                        instrumentality of any federal, state or
                                        municipal government, of Brazil;


                                       5
<PAGE>


         "Hazardous Material"           has the meaning given in paragraph 21 of
                                        Schedule 1 (Warranties);

         "IPC-A"                        means Indice de Precos ao Consumidor
                                        Amplo, calculated by Instituto
                                        Brasileiro de Geografia e Estatistica;

         "Indebtedness"                 means (i) all indebtedness for borrowed
                                        money (including, without limitation,
                                        indebtedness incurred with financial
                                        institutions, the Seller or Affiliates
                                        of the Seller), (ii) all indebtedness
                                        related to the deferred purchase price
                                        of property or services, (iii) any other
                                        indebtedness that is evidenced by a
                                        note, bond, debenture or similar
                                        instrument, (iv) all obligations under
                                        financing leases, and (v) all
                                        liabilities secured by any lien on any
                                        property;

         "Intellectual Property"        means patents, trade marks, rights in
                                        designs, copyrights and database rights
                                        (whether or not any of these is
                                        registered and including applications
                                        for registration of any of the
                                        aforementioned);

         "LPG"                          means liquefied petroleum gas;

         "Material Adverse Effect"      means an effect which is materially
                                        adverse to (i) the consolidated
                                        financial condition, businesses or
                                        results of operations of a person as a
                                        whole (or, if used with respect thereto,
                                        of such group of persons taken as a
                                        whole) or (ii) the ability of such
                                        person (or group) to consummate the
                                        transactions contemplated in this
                                        Agreement;

         "Nominees"                     means Mr. Aldo Antonio Castelli and Mr.
                                        Alexander Constantijn Maljers;


                                       6
<PAGE>


         "Nominee Shares"               means 16 common shares held by the
                                        Nominees;

         "Proceedings"                  means any proceeding, suit or action
                                        arising out of or in connection with
                                        this Agreement;

         "Property" or "Properties"     means any tangible and/or intangible,
                                        movable and/or immovable property of the
                                        Company, wherever same may be located;

         "Purchase Price"               means the price for which Seller agrees
                                        to sell the Shares to the Purchaser, and
                                        the Purchaser agrees to pay to Seller
                                        for the Shares, in accordance with the
                                        terms and conditions set forth in this
                                        Agreement and as specifically agreed in
                                        Clause 4.1 (Purchase Price) of this
                                        Agreement;

         "Reference Balance Sheet"      means the balance sheet prepared by the
                                        Company for the period ended on the
                                        Reference Date, a copy of which is
                                        attached hereto as Schedule 9;

         "Reference Date"               means April 30, 2003;

         "Relevant Property"            means the Property or Properties
                                        referred to in the Disclosure Letter and
                                        in Schedule 4 (Intellectual Property);

         "Seller's Designated Account"  means the Seller's bank account in New
                                        York, United States of America, as
                                        indicated in writing by Seller to
                                        Purchaser at least 5 (five) Business
                                        Days prior to the payment of any portion
                                        of the Purchase Price, as per Clause
                                        4.1.1. below;

         "Service Agreement"            means the Service Agreement between
                                        Shell Brasil and the


                                       7
<PAGE>


                                        Company, an agreed form of which is
                                        attached herewith as Schedule 11;

         "Service Documents"            means any documents delivered to any
                                        Party for the service of process for any
                                        suit or action related to this
                                        Agreement;

         "Shares"                       means 1.313.745 common shares held by
                                        the Seller and the Nominee Shares, which
                                        are fully subscribed and paid,
                                        representing all the issued shares in
                                        the capital of the Company;

         "Share Purchase Documents"     means this agreement, the Disclosure
                                        Letter, the Trademark License Agreement,
                                        the Service Agreement, and any other
                                        documents referred in or attached to
                                        this Agreement and the Disclosure
                                        Letter;

         "Shell Brasil"                 means Shell Brasil Ltda., a corporation
                                        organized and existing under the laws of
                                        the Federative Republic of Brazil, with
                                        its principal office at Av. Das Americas
                                        4200, bloco 5, rooms 101 through 701,
                                        and bloco 6, rooms 101 through 601, Rio
                                        de Janeiro, State of Rio de Janeiro, the
                                        Federative Republic of Brazil, enrolled
                                        with taxpayers register (CNPJ) under
                                        number 33.453.598/0001-23;

         "Shell Brasil Loan"            has the meaning set forth in Clause
                                        3.2(E) of this Agreement;

         "Subsidiary"                   means at any relevant time any legal
                                        entity in which the Company directly or
                                        indirectly holds at least a majority of
                                        the voting capital;

         "Tax" or "Taxation"            means any taxes, fees, levies, duties,
                                        charges or similar assessments
                                        (including interest, fines, penalties,
                                        monetary adjustments and additions


                                       8
<PAGE>


                                        imposed with respect thereto) imposed by
                                        or payable to any governmental or other
                                        taxing authority, whether federal,
                                        state, municipal or otherwise,
                                        including, without limitation, income,
                                        withholding income tax, tax on
                                        manufactured products, import tax, tax
                                        on distribution or circulation of goods
                                        and services, social security
                                        contributions, social contributions, tax
                                        on financial transactions, provisional
                                        contribution on financial transactions.
                                        tax on real property, tax on services
                                        and other taxes of any kind or nature,
                                        including the contributions related to
                                        the Mandatory Fund for Unemployment
                                        Benefit (Fundo de Garantia por Tempo de
                                        Servico - FGTS);

        "Trademark License Agreement"   means the Trademark License Agreement
                                        between Shell Brasil and the Company for
                                        the purposes of Clause 6, an agreed form
                                        of which is attached herewith as
                                        Schedule 6;

        "Transition Period"             has the meaning set forth in Clause 6.2;

        "Warranties"                    means the warranties set out in Schedule
                                        1 (Warranties) given by the Seller, and
                                        the warranties given by the Purchaser in
                                        Clause 8, and "Warranty" shall be
                                        construed accordingly;

        "Waste"                         has the meaning given in paragraph 21 of
                                        Schedule 1 (Warranties); and

        "Working Hours"                 means 9.00 a.m. to 5.00 p.m. on a
                                        Business Day, local time in Rio de
                                        Janeiro, Brazil, and in The Hague, The
                                        Netherlands.


                                       9
<PAGE>


1.2     In this Agreement, unless otherwise specified:

        (A)     references to Clauses, sub-Clauses, paragraphs, sub-paragraphs,
                attachments and Schedules are to Clauses, sub-Clauses,
                paragraphs, sub-paragraphs of, and attachments and Schedules to,
                this Agreement;

        (B)     a reference to any statute or statutory provision shall be
                construed as a reference to the same as it may have been, or may
                from time to time be, amended, modified or re-enacted except to
                the extent that any amendment or modification made after the
                date of this Agreement would increase or alter the liability of
                the Seller or of the Purchaser under this Agreement;

        (C)     references to a "person" shall be construed so as to include any
                individual, firm, company, government, state or agency of a
                state or any joint venture, association or partnership (whether
                or not having separate legal personality);

        (D)     use of any genders includes the other genders;

        (E)     except as provided for in Clause 16, references to writing shall
                include any modes of reproducing words in a legible and
                ncn-transitory form;

        (F)     headings to Clauses and Schedules are for convenience only and
                do not affect the interpretation of this Agreement;

        (G)     the Schedules and any attachments form part of this Agreement
                and shall have the same force and effect as if expressly set out
                in the body of this Agreement, and any reference to this
                Agreement shall include the Schedules and attachments.

2.      Clause Two - Sale and Purchase

2.1     Subject to the terms and conditions set forth in this Agreement, the
        Seller hereby irrevocably and unconditionally sells to the Purchaser and
        cause the Nominees to sell to the Purchaser, and the Purchaser hereby
        irrevocably and unconditionally purchases from the Seller, the Shares
        for the Purchase Price with all rights and obligations attached or
        accruing to them on the Closing Date.

2.2     The Purchaser shall be entitled to exercise all rights attached or
        accruing to the Shares as from the Closing Date. Except as may be
        expressly provided for in this Agreement, as of the Closing Date the
        Purchaser


                                       10
<PAGE>


        becomes solely responsible for, and assumes, all obligations and
        liabilities in any manner related to the Shares and the ownership
        thereof.

3.      Clause Three - Implementation of Shares Transfer/Procedures on the
        Effective Date

3.1     Immediately before the Closing Date, the Seller has caused the Company
        to:

        (i)     except for the Shell Brasil Loan, settle all invoices payable to
                Affiliates of the Company;

        (ii)    terminate the agreement involving all the secondees, as per the
                list attached to this Agreement as Schedule 7;

        (iii)   cancel the request for Registry n(degree) 824860489 concerning
                the trademark "Shell Gas";

        (iv)    terminate all the powers of attorney granted by the Company
                currently in force, except for those informed in writing by the
                Purchaser to the Seller prior to the Closing Date; and

        (v)     make the provisions set forth in attachment III to the
                Disclosure Letter, as agreed with the Purchaser.

3.2     On or prior to the Closing Date:

        (A)     The Seller has delivered to the Purchaser, who hereby declares
                to have received and to be satisfied with each of the following:

        (i)     original letter of resignation by each of the Company's
                statutory directors, with express relinquishment of any rights
                which they may have under any contract of employment with the
                Company or under any statutory provision including any right to
                damages for wrongful dismissal, redundancy payment or
                compensation for loss of office or unfair dismissal, it being
                understood and agreed that all payments required to be made by
                the Company to such directors (as well as any payment due
                pursuant to any contract) shall be effected by the Company on or
                before the Closing Date;

        (ii)    the Share Transfer Register Book of the Company (Livro de
                Registro de Transferencia de Acoes Nominativas), duly signed by
                an authorized representative of the Seller and by the Nominees,
                reflecting the transfer of the Shares from the Seller and from
                the Nominees and the Share Register Book of the Company (Livro
                de


                                       11
<PAGE>

                Registro de Acoes Nominativas), reflecting the ownership of the
                Shares by the Purchaser;

        (iii)   a copy of the power of attorney (or equivalent document) under
                which the transfer of the Shares is executed on behalf of
                Seller;

        (iv)    all Books and Records of the Company; and

        (v)     audited financial statements of the Company for the accounting
                reference period ended on December 31, 2002, comprising a
                balance sheet, profit and loss account, notes, auditors' and
                directors' reports and a statement of the source and application
                of funds (the "Audited Financial Statements") and the Reference
                Balance Sheet.

        (B)     The Purchaser has delivered to the Seller, who hereby declares
                to have received and to be satisfied with each of the following:

        (i)     a certified copy of the resolution of the directors of the
                Purchaser which authorised the purchase of the Shares for the
                consideration and upon the terms set out in this Agreement;

        (ii)    proof of payment of the Purchase Price in accordance with the
                Seller's payment instructions.

        (C)     The Company (with the express consent of the Purchaser), the
                Purchaser and the Seller, or the relevant Seller's Affiliate,
                have each executed three counterparts of the Trademark License
                Agreement, and have each delivered to the other one duly signed
                counterpart of same.

        (D)     The Seller shall hold a General Meeting of Shareholders of the
                Company in order to approve the change of its corporate name to
                SPGAS Distribuidora de Gas S.A. and appoint the new directors
                indicated by the Purchaser, among other matters.

        (E)     The Purchaser shall pay, as per Shell Brasil's written
                instructions, on behalf of the Company, the outstanding amount
                of principal and accrued interest due under the loan agreement
                entered into between the Company and Shell Brasil on February
                13, 1997 and any other debt owed to Shell Brasil, being the
                total amount due equal to R$ 62.701.000,00 (sixty two million,
                seven hundred and one thousand reais) as of the Closing Date
                (the "Shell Brasil Loan").

        (F)     The Seller shall cause Shell Brasil to enter into a Service
                Agreement with the Company, which shall govern the rendering of
                services by Shell Brasil to the Company.


                                       12
<PAGE>


3.3     No later than 30 days after the Closing Date, the Seller shall:

        (i)     deliver to the Purchaser the instrument terminating the
                agreements for the rendering of services to the Company listed
                in the Schedule 8 to this Agreement duly signed by the
                applicable Affiliate of the Seller; and

        (ii)    cancel all guaranties given by the Company to or on behalf of
                any secondee, officer or director of the Company or any party
                related to the Seller (including, without limitation, any
                Affiliate or Subsidiary of the Seller),

        provided, however, that the Seller shall reimburse and indemnify the
        Purchaser, the Company and/or any of their Affiliates for any amount
        paid or damage suffered by any of them in connection with any of the
        agreements and/or the guaranties mentioned above. The amounts due by the
        Seller under this Clause shall be adjusted by IPC-A from the date on
        which the relevant payment is made or damage is incurred to the date on
        which the Seller reimburse or indemnify the Purchaser, the Company or
        any of their Affiliates.

4.      Clause Four - Purchase Price

4.1     The total consideration for the sale of the Shares (the "Purchase
        Price") shall be the payment by the Purchaser to the Seller of the
        amount of R$ 107.865.000,00 (one hundred and seven million, eight
        hundred and sixty five thousand reais) to be paid on the Closing Date to
        the Seller in accordance with Clause 4.1.1.

4.1.1   Payment of the Purchase Price shall be made by means of the execution of
        a foreign exchange agreement between the Purchaser and the Designated
        Bank which shall include, without limitation, the following information:
        (i) as purpose of the transaction, the acquisition of the Shares by the
        Purchaser; (ii) as currency of the exchange transaction, the US Dollar;
        (iii) as destination of the funds, the Seller's Designated Account; (iv)
        as exchange rate, the exchange rate to be agreed between the Seller and
        the Designated Bank, as informed in writing to the Purchaser by the
        Seller and the Designated Bank before the Closing Date; and (v) any
        other wire or other instructions specifically required in writing by the
        Seller, in order to permit the remittance of any portion of the Purchase
        Price to the Designated Account on the Closing Date, to the extent
        permissible by applicable foreign exchange laws and regulations in force
        from time to time.

4.2     With due regard to Clause 4.1. above, on the Closing Date, the Purchaser
        shall cause the Company to proceed with the registration of the sale of


                                       13
<PAGE>


        Shares to the Purchaser, and the appropriate amendments in the existing
        foreign investment registration, with the Central Bank of Brazil,
        through SISBACEN system, RDE-IED Mode (Eletronic Registration Statements
        - Direct Foreign Investor), for which purpose Seller shall provide on
        the day immediately prior to the Closing Date such RDE-IED number to the
        Purchaser, so as to permit the closing of the foreign exchange contract
        for the remittance of funds by the Purchaser to the Seller.

4.3     Each of the parties shall be exclusively liable for the payment of its
        own Taxes, that may result from the sale, assignment and transfer of the
        Shares as provided hereunder. Should the Purchaser be required by law to
        deduct the withholding income tax in respect to the Purchase Price, the
        Purchaser shall then make such deduction and pay the amount agreed with
        the Seller on its behalf to the respective tax authority. The Purchaser
        shall deliver to the Seller a certified copy of the tax documents
        attesting the collection of such withholding tax within a 30-day period
        following the Closing Date. Should a Party be held liable for a payment
        due by the other party, the other party shall defend, hold harmless and
        indemnify the other Party against which the payment is unduly assessed.

5.      Clause Five - Completion

5.1     Completion of the sale and purchase of the Shares shall take place on
        the Closing Date at the office of the Purchaser located at Av.
        Brigadeiro Luis Antonio, 1343, 7(degree) andar, Sao Paulo, State of Sao
        Paulo, the Federative Republic of Brazil (or in such other place or date
        as may be agreed upon in writing by the parties hereto) and upon all
        actions/procedures referred to in Clause Three above having been
        taken/performed.

5.2     The Parties agree that all licences of Intellectual Property or know-how
        granted by the Seller or an Affiliate of the Seller to the Company which
        are current on the Closing Date shall terminate with effect from the
        Closing Date, and that the Trademark License Agreement shall be entered
        into by and between the Company and the Seller or the relevant Affiliate
        of the Seller, the specific purpose of which is to allow the Purchaser
        to take all necessary measures for the re-branding of all of Company's
        and its customers sites within the term established in the Trademark
        License Agreement. The Parties agree that should the Purchaser not
        re-brand all of Company's and its customers' sites within the term of
        duration of the Trademark License Agreement or fail to comply with any
        other obligation set forth therein, Purchaser will be subject to the
        penalties established therein, without prejudice to any other legal
        remedies available to the Seller.


                                       14
<PAGE>


6.      Clause Six - Use of Trade Marks and Business Names by the
        Purchaser/Company

6.1     The Purchaser agrees that all rights to visual identity, trademarks,
        brand, trade, domain names, corporate or business logos of the Seller or
        of any of the Seller's Affiliates are proprietary to, and shall remain
        vested in, the Seller or the relevant Seller's Affiliates following the
        Closing Date. Except as specifically and exclusively permitted under
        Clauses 6.2, 6.3, 6.4 and 6.5 hereof, following the Closing Date the
        Purchaser and its Affiliates shall refrain from, and shall cause the
        Company to refrain from, using any name including the word "Shell", or
        any name confusingly similar to the word "Shell" for any purpose. The
        Purchaser further agrees to take all necessary measures to cause the
        Company to comply with the provisions of this Clause 6 after the Closing
        Date. Any breach by the Purchaser or the Company of any provision of
        this clause 6 will result in the imposition of a daily penalty in the
        amount of R$50.000,00 per day until such default is cured, without
        prejudice to any other remedies available to the Seller or any of its
        affiliates.

6.2     In relation to the trademarks, trade business names or logos of the
        Seller or any of the Seller"s Affiliates, which appear on any cylinders,
        bulk tanks, vehicles, plants, depots, points of sale, franchisees' sites
        and any other asset, equipment or material which are used by the Company
        and/or its sub-licensees on the Closing Date, the Purchaser has agreed
        that Company enters into the Trademark License Agreement with Shell
        Brasil, which is the licensee of and has the right to grant third
        parties the right to use the relevant trade marks, according to which
        the Company and its sub-licensees may continue to display such trade
        marks, trade, business names, or logos of the Seller or any of the
        Sellers Affiliates on any cylinders, bulk tanks or vehicles, plants,
        depots, points of sale, franchisees' sites and any other asset,
        equipment or material which are used by the Company and/or its
        sub-licensees, as existing on the Closing Date and thereafter for
        specific transition periods set forth in the Trademark License Agreement
        ("the Transition Periods"). During the term of validity of the Trademark
        License Agreement and until no later than the last day of each
        Transition Period, the Purchaser agrees that it shall remove, or shall
        cause the Company or shall take all reasonable legal and/or commercial
        measures to cause its sub-licensees to remove, in the manner set forth
        in the Trademark License Agreement, from all such cylinders, bulk tanks,
        vehicles, plants, depots, points of sale, franchisees' sites and any
        other asset, equipment or material which are used by the Company and/or
        its sub-licensees, or obliterate all trademarks, trade, business names
        or logos of the Seller or any of the Seller's Affiliates which are the
        subject of the Trademark License Agreement on all cylinders, bulk tanks,
        vehicles, plants, depots, points of sale, franchisees' sites and any
        other asset, equipment or material


                                       15
<PAGE>

        which are used by the Company and its sub-licensees. The Purchaser and
        the Company shall hold harmless and indemnify the Seller and any of its
        Affiliates for the cost of all such re-branding activity.

6.3     In order to comply with the requirements of Brazilian regulations, the
        Purchaser shall at its sole responsibility, cost and expenses request
        and obtain all necessary authorisations from the relevant authorities to
        promote the re-branding of all Company customers' sites and facilities
        and for the supply of its products.

6.4     During the term of validity of the Trademark License Agreement as
        referred to in Clause 6.2 above, the Purchaser undertakes that it shall
        procure the following:

        (i)     The Purchaser and the Company shall give Shell Brasil reasonable
                access to the Company's properties and premises, and shall
                require the sub-licensees to give reasonable access to their
                properties and premises, upon reasonable notice from Shell
                Brasil during the timeframes specified in the Trademark License
                Agreement and for three (3) months following the expiry of each
                specific period established in such agreement to check whether
                or not they have complied with Clause 4 of the Trademark License
                Agreement;

        (ii)    In the case of the occurrence of any incident after the Closing
                Date where the Seller's brand or name, or any brand or name of
                any of its Affiliates, is or may be involved, including, without
                limitation, accidents or spills at a site or facility prior to
                its re-branding to a brand other than a Shell brand (an
                "Event"), the Purchaser shall, immediately contact the Sellers
                Public Relations Manager in order to enable the Seller to
                jointly with the Purchaser manage the resolution of such Event,
                including but not limited to the management of any clean-up
                operation, and any publicity and announcement relating to the
                Event. The Purchaser agrees that any failure by the Seller to
                act pursuant to this Clause 6.4 (ii) shall not exonerate the
                Purchaser of its obligations to seek the resolution of such
                event. The Purchaser further agrees and accepts that all costs,
                damages, expenses and liabilities of any kind whatsoever,
                including all compensation required to be paid which relate to
                an Event, shall be at its sole responsibility, and accordingly
                the Purchaser agrees to keep the Seller and any Seller's
                Affiliates always harmless from, and fully indemnified against,
                any such costs, damages, expenses and/or liabilities, which may
                be incurred by the same, including moral damages.

7.      Clause Seven - Seller's Warranties and Undertakings


                                       16
<PAGE>


7.1     Subject to the provisions of Clause 9 below (Purchaser's remedies and
        Sellers limitations on liability), the Seller warrants to the Purchaser
        that each of the Warranties is accurate in all respects on the Closing
        Date, other than any such Warranties that, by their terms, refer to a
        specific date other than the Closing Date, in which case are accurate in
        all respects on such specific date established therein.

7.2     The Purchaser acknowledges, accepts and agrees that it does not rely on
        and has not been induced to enter into this Agreement on the basis of
        any warranties, representations, covenants, undertakings, indemnities or
        other statements whatsoever, other than those expressly set out in this
        Agreement, and acknowledges, accepts and agrees that none of the Seller,
        its Affiliates, the Company, or any of their agents, officers or
        employees have given any such other warranties, representations,
        covenants, undertakings, indemnities or other statements.

7.3     Each of the Warranties shall be construed as a separate and independent
        warranty and (except where expressly provided to the contrary) shall not
        be limited or restricted by reference toor inference from the terms of
        any other Warranty.

7.4     Subject to the provisions of Clause 9 below, the Seller undertakes that
        it will hold the Purchaser and its Affiliates (including, without
        limitation, the Company) (the "Indemnitees - Purchaser") harmless and
        indemnified. and to keep the Indemnitees - Purchaser indemnified from
        and fully protected against all actions, claims, proceedings, loss,
        damage, all payments, costs or expenses imposed against or incurred by
        any of the Indemnitees - Purchaser in relation to or arising, directly
        or indirectly, from or in connection with: (a) any breach of any
        Warranty given by the Seller pursuant to this Agreement; or (b) any
        breach of any covenant or obligation of the Seller pursuant to this
        Agreement. The amounts due to the Indemnitee - Purchaser under this
        Clause shall be adjusted by IPC-A from the date on which the relevant
        final judicial decision or arbitration award is rendered until the date
        on which such payment is made.

7.5     The Seller shall cause Shell Brasil to pay any and all invoices that may
        be received by the Company after the Closing Date to the extent that
        such invoice is related to any agreement entered into by the Company and
        the Seller or any Affiliate or Subsidiary of the Seller, before the
        Closing Date, including, without limitation, agreements for the
        rendering of services.

7.6     In the event a court or judicial order is issued against the Seller or
        any of its Affiliates or Subsidiary which determine the creation of an
        Encumbrance upon all or part of the Shares, the Seller shall require or
        shall cause such Affiliate or Subsidiary to require the competent judge
        or


                                       17
<PAGE>


        court to substitute the Encumbered Shares by another security acceptable
        to such judge or court, to be made by the Seller or such Affiliate or
        Subsidiary, in favour of such competent judge or court.

7.7     The Seller shall cause Shell Brasil to endeavour its best efforts to
        conclude the registration before the Real Estate Registry of the
        transfer of title of the real properties of Duque de Caxias and Madre de
        Deus to the Company and to cancel the lien on the property of Duque de
        Caxias.

8.      Clause Eight- Purchaser's Warranties and Undertakings

8.1     The Purchaser is a company duly organized. validly existing and in good
        standing under the laws of the Federative Republic of Brazil and has the
        requisite corporate power and authority to enter into and perform all
        its obligation performed under this Agreement.

8.2     This Agreement constitutes and the other Share Purchase Documents to be
        executed by the Purchaser and delivered at Completion will, when
        executed, constitute legal, valid and binding obligations of the
        Purchaser in accordance with their respective terms.

8.3     The execution and delivery of, and the performance by the Purchaser of
        its obligations under, this Agreement and the other Share Purchase
        Documents will not:

        (a)     conflict with or result in a breach of any provision of the
                By-laws of the Purchaser;

        (b)     result in a material breach of, or constitute a material default
                under, any instrument or agreement to which the Purchaser is a
                party or by which the Purchaser is bound;

        (c)     result in a material breach of any order, judgment or decree of
                any court or governmental agency to which the Purchaser is a
                party or by which the Purchaser is bound; or

        (d)     require the consent of its shareholders or of any other person
                or Governmental Authority other than the approval by the
                Conseiho Administrativo de Defesa Economica - CADE and the
                consent by the board of directors of the Purchaser, which was
                given on or prior to the Closing Date.

8.4     The Purchaser shall, within 90 (ninety) days after the Closing Date,
        replace Shell Brasil as guarantor in the guarantee given on behalf of
        the Company in the lease agreement for the Company's headquarters. If
        the Seller or any of its Affiliates is required to make any payment
        under such


                                       18
<PAGE>

        guaranty, the Purchaser shall reimburse and indemnify the Seller or
        Shell Brasil for any amount paid or damage suffered forthwith. The
        amounts due by the Purchaser under this Clause shall be adjusted by
        IPC-A from the date on which the relevant payment is made or damage is
        incurred to the date on which the Purchaser reimburse or indemnify the
        Seller or Shell Brasil.

8.5     The Purchaser undertakes that after the Closing Date it will hold the
        Seller and its Affiliates (the "Indemnitees - Seller") harmless and
        indemnified, and to keep the Indemnitees - Seller indemnified from and
        fully protected against all actions, claims, proceedings, loss, damage,
        all payments, costs or expenses imposed against or incurred by any of
        the Indemnitees - Seller in relation to or arising, directly or
        indirectly, from or in connection with: (a) any breach of any warranty
        given by the Purchaser pursuant to this Agreement; or (b) any breach of
        any covenant or obligation of the Purchaser pursuant to this Agreement.
        The amounts due to the Indemnitee - Seller under this Clause shall be
        adjusted by IPC-A from the date on which the relevant final judicial
        decision or arbitration award is rendered until the date on which such
        payment is made.

8.6     The Seller shall not be liable to make any payment under this Agreement
        nor shall the Purchaser exercise any right of set-off or counter-claim
        against or otherwise withhold payment of any sums stated to be payable
        by the Purchaser to the Seller or under any other agreement subsisting
        between them unless and until such liability has been agreed or adjudged
        payable in final legal or arbitration proceedings.

8.7     In the event that the Seller, at any time after the Closing Date, should
        wish to take out insurance against liability under this Ageement, the
        Purchaser undertakes to provide such information as the prospective
        insurer may reasonably require before effecting such insurance.

9.      Clause Nine - Purchaser's Remedies and Seller's Limitations on Liability

9.1     The Purchaser shall not be entitled to claim from the Seller, its
        Affiliates and/or any of their directors, officers, agents and/or
        employees any indemnity resulting from any loss, cost, expenses and/or
        liability (either direct or indirect, and including without limitation
        any loss of profit and/or business interruption) which arise from, is
        connected with or related to, any fact or matter which has been
        originated on a date prior to the Closing Date, even if the effects
        arising therefrom occur after the Closing Date, nor shall the Purchaser
        be entitled to claim that any such fact or matter causes any of the
        Warranties to be breached, if the act or fact that gave rise to such
        loss, cost, expense and/or liability has been disclosed as referred to


                                       19
<PAGE>


        in the Disclosure Letter, in the Audit Financial Statements or in the
        Reference Balance Sheet. Accordingly, the Purchaser shall not have the
        right to claim, and shall keep at all times the Seller and any of its
        Affiliates and/or their directors, officers, agents and/or employees
        harmless from, and fully indemnified against, any such loss, damage,
        cost, expenses and/or liability, to the extent that the act or fact that
        gave rise thereto has been disclosed in the Disclosure Letter, in the
        Audit Financial Statements or in the Reference Balance Sheet, except to
        the extent that such loss, damage, cost, expense and/or liability arise
        from any wilful misconduct (dolo) or fraud of the Seller, its Affiliate,
        and/or any of their officers or directors, agents, and/or employees, in
        which case the limitations of liability of the Seller established in
        Schedule 2 shall apply.

9.1.1   For the avoidance of doubt, the parties agree that the Seller shall
        retain responsibility, within the limitations of liability established
        in Schedule 2 hereto, for any liabilities or claims that may arise in
        the future originating from an act or fact occurred prior to the Closing
        Date, to the extent that: (i) such act or fact that originated such
        liability or claim has not been expressly disclosed or referred to in
        the Disclosure Letter, in the Audit Financial Statements or in the
        Reference Balance Sheet; or (ii) such liability or claim could not have
        been assessed by the Purchaser from the examination of the Disclosure
        Letter, the Audit Financial Statements or the Reference Balance Sheet.

9.1.2   The amounts due to the Indemnitee - Seller under this Clause shall be
        adjusted by IPC-A from the date on which the relevant final judicial
        decision or arbitration award is rendered until the date on which such
        payment is made.

9.2     Notwithstanding the provisions of Clause 9.1 and any other Clause herein
        or item of any Schedule in contrary, the Seller undertakes that it will
        hold the Indemnitees - Purchaser harmless and indemnified, and to keep
        the Indemnitees - Purchaser indemnified from and fully protected against
        all actions, claims, proceedings, loss, damage, all payments, costs or
        expenses imposed against or incurred by any of the Indemnitees -
        Purchaser in relation to or arising, directly or indirectly, from or in
        connection with any of the matters listed in Schedule 10. The amounts
        due to the Indemnitee - Purchaser under this Clause shall be adjusted by
        IPC-A from the date on which the relevant final judicial decision or
        arbitration award is rendered until the date on which such payment is
        made.

9.3     No liability shall attach to the Seller in respect of claims under the
        Warranties (except to the Warranties set forth in paragraphs 1, 2.1, 2.2
        and 4.1 of Schedule 1, to which this Clause 9.3 and the limitations set
        forth in


                                       20
<PAGE>


        Schedule 2 shall not apply) if and to the extent that the limitations
        set out in Schedule 2 (Limitations on the Seller's liability) apply.

9.4     Except with respect to any of the Warranties set forth in paragraphs 1,
        2.1, 2.2 and 4.1 of Schedule 1, if, after the Closing Date, the
        Purchaser becomes aware that there has been any breach of the Warranties
        or any other term of this Agreement, the Purchaser shall not be entitled
        to terminate this Agreement, having as its sole remedy to claim the
        appropriate indemnity subject to the provisions of Schedule 2
        (Limitations on the Seller's Liability) of this Agreement.

9.5     Except as stated expressly in this Clause, this Clause and Schedule 2
        (Limitations on the Seller's liability) shall not limit any other Clause
        of this Agreement and in particular Clause 13 (Remedies and Waivers).

10.     Clause Ten - Access

10.1    The Purchaser shall make available to the Seller any Books or Records of
        the Company (or, if practicable, the relevant parts of those Books or
        Records) which are required by the Seller for the purpose of dealing
        with its Tax affairs and, accordingly, the Purchaser shall, upon being
        given reasonable notice by the Seller and subject to the Seller giving
        such undertaking as to confidentiality as the Purchaser shall reasonably
        require, procure that such Books and Records are made available to the
        Seller for inspection (during Working Hours) and copying (at the Sellers
        expense) for and only to the extent necessary for such purpose and for a
        period of six years from the Closing Date.

10.2    The Seller shall make available to the Purchaser any documents related
        to the Company that are in its possession or in the possession of any of
        its Affiliates and, accordingly, the Seller shall, upon being given
        reasonable notice by the Purchaser, procure that such documents are made
        available to the Purchaser for inspection (during Working Hours) and
        copying (at the Purchaser's expense) for a period of six years from the
        Closing Date.

11.     Clause Eleven - Effect of Completion

        Any provision of this Agreement and any other documents referred to in
        it which is capable of being performed after but which has not been
        performed on or before the Closing Date and all Warranties and covenants
        and other undertakings contained in or entered into pursuant to this
        Agreement shall remain in full force and effect notwithstanding
        Completion.

12.     Clause Twelve - Non-Competition


                                       21
<PAGE>


12.1    Without the express prior written consent of Purchaser, the Seller shall
        not, any time during the five-year period immediately following the
        Effective Date, directly or indirectly, own, manage, control or
        participate in the ownership, management or control of an LPG
        distribution business in the Federative Republic of Brazil and provided,
        that the foregoing shall not:

        (i)     prohibit the Seller from acquiring or in any way being
                associated with, any Person which holds a LPG business in
                Brazil, as long as such LPG business is not the Core Business of
                such Person; or

        (ii)    restrict the Seller's right to own, manage, control or
                participate in the ownership, management or control of a Person
                involved in any upstream or downstream gas business in the
                Federative Republic of Brazil that does not involve LPG
                distribution (as defined by Portaria No. 203/99 issued by
                Agencia Nacional do Petroleo - ANP).

12.1.1  Notwithstanding the foregoing, if the Seller or any Affiliate shall, on
        or before two years from the Closing Date, acquire any Person which
        holds a LPG business in Brazil or in any way associate with any Person
        in the LPG business in Brazil, the Seller shall pay to the Purchaser a
        penalty of R$6.000.000,00.

12.2    Unless otherwise authorized in writing by the Purchaser. the Seller
        agrees that it and its Affiliates will not, for a period of one year
        after the Effective Date, employ any person now employed by the Company,
        which consent shall not be unreasonably withheld.

13.     Clause Thirteen - Remedies and Waivers

13.1    Except as provided in Schedule 2 (Limitations on the Seller's
        liability), no delay or omission by any Party to this Agreement in
        exercising any right, power or remedy provided by law or under this
        Agreement or any other documents referred to in it shall (i) affect that
        right, power or remedy; or (ii) operate as a waiver thereof.

13.2    Except as provided in Schedule 2 (Limitations on the Seller's
        liability), the single or partial exercise of any right, power or remedy
        provided by law or under this Agreement shall not preclude any other or
        further exercise thereof or the exercise of any other right, power or
        remedy.

13.3    Except as otherwise provided in this Agreement, the rights, powers and
        remedies provided in this Agreement are cumulative and not exclusive of
        any rights, powers and remedies provided by law.


                                       22
<PAGE>


13.4    Any and all penalties payable pursuant to this Agreement may be
        collected via specific performance procedures and for that purpose the
        Parties hereby acknowledge and represent that any such penalties shall
        be deemed as a net, certain and undisputable debt (liquidated debt). In
        this regard, this Agreement shall be held and regarded for all purposes
        as an extrajudicial enforcement instrument, pursuant to article 585, II
        of the Brazilian Code of Civil Procedure.

14.     Clause Fourteen - Assignment

14.1    Each Party shall not assign, or purport to assign, all or any part of
        the benefit of, or its rights or benefits under, this Agreement
        (including, without limitation, the Warranties and any causes of action
        arising in connection with any of them), without the prior written
        consent of the other party.

14.2    No sub-contract or arrangement made by or entered into by the Purchaser
        whereby another person is to perform any or all of its obligations under
        this Agreement shall be valid or enforceable against the Seller, unless
        the Seller has given its prior and express written consent to any such
        sub-contract or arrangement.

15.     Clause Fifteen - Further Assurance by Seller

        Insofar as it is reasonably able to do so after Completion, the Seller
        shall, on being required to do so by the Purchaser, do or procure the
        doing of all such acts and/or execute or procure the execution of such
        documents as the Purchaser may reasonably consider necessary for vesting
        the Shares in the Purchaser in accordance with the terms of this
        Agreement.

16.     Clause Sixteen - Entire Aqreement

16.1    The Share Purchase Documents constitute the whole and only agreement
        between the Parties relating to the sale and purchase of the Shares and,
        in entering into the Share Purchase Documents, each Party to this
        Agreement acknowledges that it is not relying upon any Pre-contractual
        statement which is not expressly set out in this Agreement and/or in the
        Share Purchase Documents.

16.2    Except in the case of fraud, no Party shall have any right of action
        against the other Party to this Agreement arising out of or in
        connection with any draft, agreement, undertaking, representation,
        warranty, promise, assurance or arrangement of any nature whatsoever,
        whether or not in writing, relating to the subject matter of the Share
        Purchase Documents made or given by any person at any time prior to the
        date of this


                                       23
<PAGE>


        Agreement except to the extent that it is repeated in the Share Purchase
        Documents.

16.3    This Agreement is signed on an irrevocable and irreversible basis, and
        shall be binding upon or inure to the benefit of the Parties hereto and
        their respective successors and authorized assigns.

16.4    This Agreement may not be amended or modified except in writing and
        executed by both Parties hereto.

17.     Clause Seventeen - Notices

17.1    A notice under this Agreement shall only be effective if it is in
        writing and in the English language. Subject to the other provisions of
        this Clause in respect of notices, faxes are permitted.

17.2    Notices under this Agreement shall be sent to a Party to this Agreement
        at its address or number and for the attention of the individual set out
        below.

        Party                       Address                    Facsimile no.
        -----                       -------                    -------------
        If to the Seller, to:       Av. Das Americas 4200,     55 (21) 3984-8900
                                    bloco 5, rooms 101
                                    through 701,
        Shell Brasil Ltda.          and bloco 6, rooms 101
                                    through 601
        Aft. Legal Counsel          Rio de Janeiro, State
                                    of Rio de Janeiro, the
                                    Federative Republic of
                                    Brazil
        If to the Purchaser, to:    Avenida Brigadeiro Luis    (55 11) 3177-6107
                                    Antonio, 1343/9(degree)
                                    andar -
        Companhia Ultragaz          Assessoria Juridica Sao
                                    Paulo,
        S.A.                        State of Sao Paulo,
        Att.  Legal Counsel         The Federative Republic of
                                    Brazil

        but a Party may change its notice details on giving notice to the other
        Party of the change in accordance with this Clause. That notice shall
        only be effective on the day falling five clear Business Days after the
        notification has been received or such later date as may be specified in
        the notice.

17.3    Any notice given under this Agreement shall, in the absence of earlier
        receipt, be deemed to have been duly given as follows:

        (i)     if delivered personally, on delivery;

        (ii)    if sent by post, upon receipt thereof evidenced by return
                receipt; and


                                       24
<PAGE>


        (iii)   if sent by facsimile, when dispatched, provided the sender is
                able to produce evidence of error-free transmission.

17.4    Any notice given under this Agreement outside Working Hours in the place
        to which it is addressed shall be deemed not to have been given until
        the start of the next period of Working Hours in such place.

17.5    The provisions of this Clause shall not apply in relation to the service
        of Service Documents.

18.     Clause Eighteen - Announcements

18.1    The first announcement concerning the sale of the Shares and any
        announcements concerning the terms and conditions of this Agreement and
        any ancillary document or matter shall not be made by either Party to
        this Agreement without the prior written approval of the other, such
        approval not to be unreasonably withheld or delayed, such approval not
        being necessary if such Party is required to do so by:

        (i)     law, or

        (ii)    any securities exchange or regulatory or governmental body to
                which that Party is subject, wherever situated, whether or not
                the requirement has the force of law,

        in which case the Party concerned shall take all such steps as may be
        reasonable and practicable in the circumstances to notify the contents
        of such announcement to the other Party before making such announcement.

18.2    The restrictions contained in Clause 18.1 above shall apply after
        Completion for a period of five (05) years from the Closing Date.

18.3    Within 90 (ninety) days from the Closing Date, the Purchaser shall cause
        the Company to communicate the change of its corporate name and, when
        applicable, the names of its new representatives and, when applicable,
        the transfer of the Shares, to the Governmental Authorities it is
        registered with, in order to have their records duly updated.

19.     Clause Nineteen - Confidentiality

19.1    Subject to Clause 18, each Party to this Agreement shall treat as
        confidential all information received or obtained as a result of
        entering into or performing this Agreement which relates to:

        (i)     any term, condition. right and/or obligation contained in this
                Agreement;


                                       25
<PAGE>


        (ii)    any matter related to the negotiations which led to the
                execution of this Agreement;

        (iii)   any matter directly or indirectly related to any commercial,
                financial, taxation, legal, strategic, operational, market,
                pricing or any related matters in respect of the other Party,

        being (i), (ii) and (iii) above individually or jointly referred to
        herein as "Confidential Information".

19.2    Notwithstanding the other provisions of this Clause, either Party may
        disclose Confidential Information:

        (i)     if and to the extent required by the law of any relevant
                jurisdiction;

        (ii)    to any securities exchange or regulatory or governmental body or
                court to which that party is subject, wherever situated. whether
                or not the requirement has the force of law;

        (iii)   to its Affiliates, professional advisers, and auditors;

        (iv)    if and to the extent the information has come into the public
                domain through no fault of that Party; or

        (v)     if and to the extent the other Party has given prior written
                consent to the disclosure.

19.3    Any Confidential Information to be disclosed pursuant to Clause 19.2,
        items (i) and (ii) shall be disclosed only after consultation with the
        other Party, and any information to be disclosed pursuant to Clause
        19.2, item (iii) shall be disclosed only after the disclosing Party has
        taken all necessary measures in order to establish confidentiality
        obligations with such persons no less stringent than the ones in this
        Agreement, without prejudice to the disclosing Party's liability to the
        other Party for any unauthorised disclosure of any such information by
        any such persons.

19.4    The validity of the confidentiality obligations under this Agreement
        shall be for a period of five (05) years as of the date hereof,
        irrespective of the continuation of the validity of this Agreement.

19.5    Any breach by any Party of any provision of this Clause 19 will result
        in the imposition of a penalty in the amount of R$100.000,00 per
        individual breach, without prejudice to any other remedies available to
        the other Party.

20.     Clause Twenty - Costs and Expenses


                                       26
<PAGE>


        Except as otherwise stated in any other provision of this Agreement,
        each Party to this Agreement shall pay its own costs and expenses in
        relation to the negotiations related to the sale and purchase of the
        Shares, whether or not such sale and purchase is completed, and the
        preparation, execution and carrying into effect of this Agreement and
        all other documents referred to in it.

21.     Clause Twenty One - Counterparts

        This Agreement may be executed in any number of counterparts, but shall
        not be effective until both Parties have executed the same counterpart.
        Each counterpart shall constitute an original of this Agreement, but all
        the counterparts shall together constitute but one and the same
        instrument.

22.     Clause Twenty Two - Invalidity

        If at any time any provision of this Agreement other than the provisions
        related to payment of consideration for the sale and purchase of the
        Shares or the sale of the Shares is found to be or becomes illegal,
        invalid or unenforceable, that shall not affect or impair the legality,
        validity or enforceability of any other provision of this Agreement.

23.     Clause Twenty Three - Lanquaqe

        Each notice, demand, request, statement, instrument, certificate, or
        other communication under or in connection with this Agreement shall be
        in the English Language.

24.     Clause Twenty Four - Governing Law

        This Agreement shall be governed by, construed, interpreted and applied
        in accordance with the laws of the Federative Republic of Brazil,
        excluding any choice of law rules that would refer the matter to the
        laws of another jurisdiction.

25.     Clause Twenty Five - Dispute Resolution

25.1    Except for the right of the Parties to, at their sole discretion, seek
        remedy from any competent court with jurisdiction for any threatened or
        actual unauthorized disclosure of Confidential Information under the
        terms of this Agreement and for the right of any Party to seek an
        injunction from any competent court with jurisdiction to compel the
        other party to be bound by the arbitration proceeding, through the
        execution of the arbitration commitment ("compromisso arbitrat"),
        pursuant to Law n(degree) 9.307/96, any other dispute, controversy or
        claims related to this Agreement shall be subject to the following
        provisions.


                                       27
<PAGE>


        (A)     Any such dispute, controversy or claim arising out of or in
                relation to or in connection with this Agreement, including
                without limitation any dispute as to the construction, validity,
                interpretation, enforceability or breach of this Agreement,
                shall be exclusively and finally settled by arbitration in
                accordance with the Arbitration rules of the International
                Chamber of Commerce ("ICC"). Any Party may submit such a
                dispute, controversy or claim to arbitration by written notice
                to the other Party.

        (B)     The arbitration shall be heard and determined by three (3)
                arbitrators. Each Party shall appoint an arbitrator of its
                choice within thirty (30) days of the submission of a notice of
                arbitration. The Party-appointed arbitrators shall in turn
                appoint a presiding arbitrator of the tribunal within thirty
                (30) days following the appointment of both Party-appointed
                arbitrators. If the Party-appointed arbitrators cannot reach
                agreement on a presiding arbitrator of the tribunal and/or one
                Party refuses to appoint its arbitrator within said thirty (30)
                day period, the appointing authority for the implementation of
                any such procedures shall be the chairperson (or its equivalent)
                of the Court, who shall appoint independent arbitrators who do
                not have any financial or other interest in the dispute,
                controversy or claim. All decisions and awards by the
                arbitration tribunal shall be made by majority vote.

        (C)     Unless otherwise expressly agreed in writing by the Parties to
                the arbitration proceedings:

                (1)     The arbitration proceedings shall be held in Rio de
                        Janeiro. State of Rio de Janeiro, Federative Republic of
                        Brazil;

                (2)     The arbitration proceedings shall be conducted in the
                        English language and the arbitrator(s) shall be fluent
                        in the English language;

                (3)     The arbitrator(s) shall be and remain at all times
                        wholly independent and impartial;

                (4)     The arbitration proceedings shall be conducted under the
                        Arbitration Rules of the ICC in effect on the date of
                        execution of this Agreement by both Parties;

                (5)     The costs of the arbitration proceedings (including
                        attorneys' fees and costs) shall be borne in the manner
                        determined by the arbitrator;


                                       28
<PAGE>


                (6)     The decision of the majority of the arbitrators shall be
                        reduced to writing; final and binding without the right
                        of appeal; the sole and exclusive remedy regarding any
                        claims, counterclaims, issues or accountings presented
                        to the arbitrators; made and promptly paid in Reais or
                        the US Dollars equivalent in case of any payment due to
                        the Seller, subject to foreign exchange regulations in
                        force at the time of such payment, free of any deduction
                        or offset; and any costs or fees incident to enforcing
                        the award, shall to the maximum extent permitted by law
                        be charged against the Party resisting such enforcement;

                (7)     Consequential, punitive or other similar damages shall
                        not be allowed;

                (8)     The award shall include interest from the date of any
                        breach or violation of this Agreement, as determined by
                        the arbitral award, and from the date of the award until
                        paid in full, at the maximum rate permitted by law;

                (9)     Judgment upon the award may be entered in any court
                        having jurisdiction over the person or the assets of the
                        Party owing the judgment. or application may be made to
                        such court for a judicial acceptance of the award and an
                        order of enforcement, as the case may be;

                (10)    The presiding arbitrator shall not be of the same
                        nationality as any ultimate parent entities of the
                        Parties, unless otherwise agreed;

                (11)    If an arbitrator should die, withdraw or otherwise
                        become incapable of serving, or refuse to serve, a
                        successor arbitrator shall be selected and appointed in
                        the same manner as the original arbitrator;

                (12)    The arbitrators shall take into account principles of
                        legal privilege, such as those involving the
                        confidentiality of communications between a lawyer and a
                        client;

                (13)    The Parties waive any right to seek rulings from any
                        court on issues of law that arise during the arbitration
                        or to challenge the award on the grounds of the
                        interpretation of the law adopted by the arbitrators.

25.2    Notwithstanding the provisions of Clause 25.1 above, exclusively for the
        purposes of obtaining prior, previous, binding or temporary injunction


                                       29
<PAGE>


        orders, as well as for mandatory initiation of the arbitration
        proceeding, the parties hereby elect the Courts of the City of Rio de
        Janeiro, State of Rio de Janeiro, with the exclusion of any other, no
        matter how privileged it may be.

26.     Clause Twenty Six - Agent for Service

        Without prejudice to any other mode of service, the Seller hereby
        irrevocably appoints Shell Brasil as its agent for service of process in
        relation to any proceedings before any court (including arbitration
        tribunals) in the Federative Republic of Brazil in connection with this
        Agreement, with the full power to receive any notice, service of process
        and any other communication on behalf of the Seller for the purposes
        hereof.

27.     Clause Twenty Seven - CADE Submission

        Except as set forth in the last sentence of this Clause 27, the Parties
        agree that the responsibility for submission of the transaction
        contemplated herein to the approval of the Conselho Administrativo de
        Defesa Economica - CADE, the Secretaria de Direito Econdmico - SDE, and
        the Secretaria de Acompanhamento Econdmico - SEAE (collectively,
        ("CADE"), for the supply of any information requested by CADE, the costs
        associated therewith and for any penalty to be imposed by CADE for
        infraction of Law No. 8884/94 shall be borne by the Purchaser, which
        shall indemnify, promptly defend and hold the Seller harmless from any
        loss arising therefrom. The Completion shall not be delayed by absence
        of CADE approval. Submission to CADE shall be made within 15 (fifteen)
        Business Days as from the date of execution of this Agreement. The
        Seller shall provide, upon written request by the Purchaser or CADE, all
        reasonable information relating to the Seller that is required by CADE
        in a timely and accurate manner and indemnify, promptly defend and hold
        the Purchase harmless from any loss arising from the Seller's failure to
        provide such information in such manner to the Purchaser or CADE.

28.     Clause Twenty Eight - Monetary Correction

        Except as otherwise expressly established herein, all amounts referred
        to in this Agreement and payable after the Closing Date shall be
        adjusted by IPC-A from the Closing Date until the respective payment
        date. The amounts of the Purchase Price and the Shell Brasil Loan and
        the amounts set forth in paragraph 2.1 (A) of Schedule 2 shall also be
        adjusted by IPC-A as from the Closing Date, for the purposes of
        calculating the limits set forth in paragraph 2.' of Schedule 2.

29.     Intervening Party


                                       30
<PAGE>


        Ultra signs this Agreement as an intervening party, acknowledging all
        its terms and conditions and as a legal successor of the Purchaser in
        all Purchaser's rights and obligations hereunder, as from the date the
        Shares are transferred from Purchaser to Ultra (or to any other third
        party) up to the date such rights and obligations cease to exist.

        IN WITNESS WHEREOF the parties sign this shares sale and purchase
        agreement in three 3 (three) counterparts of identical form and content,
        to one sole effect, in the presence of the 2 (two) undersigned
        witnesses.

        Rio de Janeiro, August 08, 2003.

SHELL PETROLEUM N.V.


By /s/ Alexander Constatjin/Hubert Vigeveno
   -----------------------------------------------------------
   Name:  Alexander Constatjin/Hubert Vigeveno
   Title:



OXITENO NORDESTES A. INDUSTRIA E COMERCIO


By /s/ Fabio Schvartsman
   -----------------------------------------------------------
   Name:  Fabio Schvartsman
   Title:



COMPANHIA ULTRAGAZ S.A.


By /s/ Jose Carlos Guimaraes de Almeida/Pedro Jorge Filho
   -----------------------------------------------------------
   Name:  Jose Carlos Guimaraes de Almeida/Pedro Jorge Filho
   Title:



Witnesses

1. /s/ Americo Genzini Filho
   -----------------------------------------------------------
   Name: Americo Genzini Filho
   RG:


2. /s/ Guilherme Parente Caldas Barreto
   -----------------------------------------------------------
   Name: Guilherme Parente Caldas Barreto
   RG:


                                       31
<PAGE>


Schedule I - Warranties

Clause                                                                    Page
1.       Ownership of the Shares...........................................
2.       Capacity of the Seller ...........................................
3.       Group structure, etc..............................................
4.       Options, mortgages and other encumbrances.........................
5.       Accuracy of information...........................................
6.       Reference Balance Sheet ..........................................
7.       Events since the Reference Date ..................................
8.       Contracts and commitments.........................................
9.       Powers of attorney................................................
10.      Substantial dependence............................................
11.      Licences .........................................................
12.      Bank borrowings...................................................
13.      Insolvency .......................................................
14.      Litigation........................................................
15.      Ownership of assets ..............................................
16.      Property..........................................................
17.      Intellectual Property.............................................
18.      Competition.......................................................
19.      Insurances........................................................
20.      Employment .......................................................
21.      The Environment...................................................
22.      The Reference Balance Sheet and Tax ..............................
23.      Tax returns, disputes, records and claims, etc....................
24.      Duties, etc.......................................................
25.      Deductions and withholdings.......................................
26.      Non Competition...................................................
27.      No Undisclosed Liability..........................................
28.      Sufficiency of Assets ............................................
29.      Compliance with Regulations.......................................
30.      Events since July 31, 2003 .......................................
31.      Franchisees, Owners of POS, etc...................................


                                       32
<PAGE>


THE LIABILITIES ARISING FROM THE FOLLOWING WARRANTIES, WHICH ARE GIVEN BY THE
SELLER, ARE SUBJECT TO THE LIMITS OF LIABILITY REFERRED TO IN CLAUSE 9.3 OF THE
SHARE SALE AND PURCHASE AGREEMENT TO WHICH THEY ARE AN ATTACHMENT

AS PER CLAUSE 9.1 OF THE SHARE SALE AND PURCHASE AGREEMENT AND SUBJECT TO THE
TERMS THEREOF, ALL THE ACTS OR FACTS THAT GIVE RISE TO LOSSES, COSTS, EXPENSES
AND/OR LIABILITIES THAT HAVE BEEN DISCLOSED TO PURCHASER UNDER THE DISCLOSURE
LETTER SHALL BE CONSTRUED AS EXCEPTIONS TO THE WARRANTIES HEREBY GIVEN AS IF
THEY WERE EXPRESSLY WRITTEN HEREIN

FOR CONVENIENCE PURPOSES ONLY, SOME OF THE WARRANTIES HEREBY GIVEN REFER TO THE
CLAUSE NUMBER OF THE DISCLOSURE LETTER TO WHICH THE WARRANTY IS MOST LIKELY TO
RELATE BUT A DISCLOSURE MADE IN THE DISCLOSURE LETTER: (i) APPLIES TO ALL OF THE
WARRANTIES AS IS OR MAY BE APPROPRIATE; AND (ii) SHALL NOT BE DEEMED IN ANY WAY
TO APPLY ONLY TO THE SPECIFIC WARRANTY TO WHICH A CLAUSE NUMBER REFERS.

1.    Ownership of the Shares

        The Seller and the Nominees are the sole owners of the Shares and the
Shares constitute the entire issued and allotted share capital of the Company
and all of them are fully paid up and they are free and clear from all
Encumbrances.

2.    Capacity of the Seller

2.1.  The Seller has the requisite corporate power and authority to enter into
      and perform this Agreement and the other Share Purchase Documents to which
      it is a party;

2.2.  This Agreement constitutes and the other Share Purchase Documents to be
      executed by the Seller and delivered at completion will, when executed.
      constitute legal, valid and binding obligations of the Seller in
      accordance with their respective terms;

2.3.  The execution and delivery of, and the performance by the Seller of its
      obligations under, this Agreement and the other Share Purchase Documents
      will not:

(A)   contravene, conflict with or result in a breach of any provision of the
      memorandum or articles of association of the Seller;


                                       33
<PAGE>


(B)   contravene, conflict with or result in a material breach of, or constitute
      a default under or give any person the right to declare a default or
      execute any remedy under, or accelerate the maturity or performance of, or
      to cancel, terminate or modify, any instrument to which the Seller is a
      party or by which the Seller is bound, which could adversely affect the
      Company or the transaction contemplated in this Agreement;

(C)   contravene, conflict with or, result in a breach of any order,
      authorization, license, concession, permission, judgment or decree of any
      court or governmental agency to which the Seller and/or the Company is a
      party or by which the Seller and/or the Company is bound;

(D)   materially contravene, conflict with or result in a violation of, or, so
      far as the Seller is aware, give any Governmental Authority or a person
      the right to refrain the Parties from executing the transaction
      contemplated herein or to exercise any remedy or obtain any relief under,
      any law or statute or any order to which the Company or the Seller, or any
      of the assets owned or used by the Company may be subject;

(E)   except for the approval by the Conselho Administrativo de Defesa Economica
      - CADE, require any consent of its shareholders or of third parties
      (ncluding without limitaiton any Governmental Authority) other than the
      manifestation of such consent which has been delivered to the Purchaser.

3.    Group structure, etc.

3.1.  There is no agreement or commitment outstanding which calls for the
      allotment, issue or transfer of, or accords to any person the right to
      call for the allotment or issue of, any shares (including the Shares) or
      debentures in or securities of the Company.

3.2.  The Company has no Subsidiary and, except as listed in the Disclosure
      Letter, item 3.2, no interest in the share capital of any person.

3.3.  Except for the agreements with Minasgas Distribuidora de Gas Combustivel
      Ltda. and Copagaz Distribuidora de Gas Ltda. for the filling of cylinders,
      the Company does not act or carries on business in partnership or through
      a joint venture or consortium with any other person or is a member
      (otherwise than through the holding of share capital) of any corporate or
      unincorporated body, undertaking or association.

4.    Encumbrances

4.1.  There is no Encumbrance on, over or affecting the Shares or any of them
      and there is no agreement or commitment to give or create any and, so far
      as the Seller is aware, no claim has been made by any person to be
      entitled to any.


                                       34
<PAGE>


4.2.  Except as listed in the Disclosure Letter and for (i) any liens for taxes,
      assessments or governmental charges or levies which are not material and
      may be paid without penalty, (ii) liens which are not material arising in
      the ordinary course of business, or (iii) liens which neither materially
      detract from the value of such assets nor materially interfere with their
      present use, no Encumbrance (other than a lien arising by operation of law
      in the ordinary course of trading) on, over or affecting the whole or any
      part of the undertaking or material assets of the Company is outstanding
      (other than liens imposed by a court order with respect to which the
      Company has not been notified yet) and there is no agreement or commitment
      to give or create any and, so far as the Seller is aware, no claim has
      been made by any perscn to be entitled to any.

5.    Accuracy of information

5.1.  The information given in Schedule 3 (Basic information about the Company)
      is on the Closing Date true and accurate in all material respects.

5.2.  The copies of the by-laws (Estatutos Socials) of the Company, which have
      been supplied to the Purchaser are, complete and accurate in all respects.

5.3.  Except as listed in the Disclosure Letter, from January 1, 1998, the Books
      and Records of the Company have been properly kept and contain records
      which are accurate and complete in all material respects and no notice or
      allegation that any of them is materially incorrect or should be rectified
      has been received.

5.4.  So far as the Seller is aware, all documents which should have been
      delivered by the Company to the Registrar of Companies have been so
      delivered.

6.    Reference Balance Sheet

6.1.  The Reference Balance Sheet:

(A)   was prepared in accordance with accountancy practices generally accepted
      in Brazil at the time they were prepared; and

(B)   reflect the consistent application of such accountancy practices generally
      accepted in Brazil throughout the periods indicated.

(C)   except as listed in the Disclosure Letter, showed a true, correct and
      complete view of the assets, liabilities, financial position and results
      of the Company on the Reference Date.

6.2.  Except as disclosed in the Disclosure Letter, in item 6.2, all accounts
      receivable of the Company, whether reflected in the Reference Balance
      Sheet


                                       35
<PAGE>


      or otherwise, represent sales actually made in the ordinary course of
      business and are current and collectible net of any reserves shown on the
      Reference Balance Sheet.

6.3.  All of the inventories of the Company reflected in the Reference Balance
      Sheet consist of a quality and quantity usable and sellable in the
      ordinary and usual course of business, except for items of obsolete
      materials and materials of below standard quality, all of which items have
      been written off or written down on the Reference Balance Sheet to fair
      market value or for which adequate reserves have been provided therein.
      All of the inventories of the Company that are comprised of LPG have been
      priced at the average cost. The quantities of the inventory are not
      excessive,, but are reasonable and warranted in the present circumstances
      of the Company.

7.    Events since the Reference Date

7.1.  Since the Reference Date:

(A)   there has been no material adverse change in the financial position of the
      Company;

(B)   the business of the Company has been carried on, in all material respects,
      in the normal course, consistent with past practices;

(C)   the Company has not (i) acquired, sold, disposed, leased or encumbered any
      asset or property, (ii) incurred, paid, discharged or satisfied any
      liability or obligation,(iii) made any expenditure, (iv) declared any
      dividend or (v) increased its bad debt, contingency or other reserve, in
      any of the cases of items (i) trough (v) above, in an amount which exceeds
      R$500.000,00 per item, except for those items and for the amounts listed
      in the Disclosure Letter, item 7.

8.    Contracts and commitments

8.1.  The Company is not a party to any contract or arrangement, which
      materially restricts its freedom to carry on its business in such manner
      as it fits, or to any distributorship or management agreement.

8.2.  The Seller is not aware of any breach of any person, or any invalidity, or
      grounds for termination, rescission, avoidance or repudiation of, any
      contract to which the Company is a party which would have a significant
      effect on the Company's business, except for the agreements listed in the
      Disclosure Letter, item 8.2.


                                       36
<PAGE>


8.3.  Except as listed in the Disclosure Letter, the Company is not in breach of
      or has given any person grounds for termination, rescission, avoidance or
      repudiation of, any material contract to which it is a party.

8.4.  Except for any guarantee or warranty implied by law or contained in its
      standard terms of business, the Company has not given any guarantee or
      warranty in respect of goods or services supplied or contracted to be
      supplied by it.

8.5.  The Company is not a party to any joint venture or consortium agreement.

8.6.  Except for the contracts listed in the Disclosure Letter, item 8.6, the
      Company is not a party to any contract which falls within any of the cases
      specified below.

(A)   of a value which has material consequences in terms of expenditure or
      revenue expectations or it relates to matters not within the ordinary
      business of the Company or it constitutes a commercial transaction or
      arrangement deviant from the usual pattern for the Company; or

(B)   the contract is expressed to be of five years or greater duration; or

(C)   except for the Shell Brasil Loan, any contract with Affiliates,
      shareholders, directors or officers that may not be terminated by it on a
      notice of no longer than thirty days and without liability, penalty or
      premium; or

(D)   except for the Shell Brasil Loan and the Service Agreement, the Company is
      not a part in any other contract with the Seller or any of its Affiliates;

and for this purpose "contract" includes any understanding, arrangement or
commitment however described;

9.    Powers of attorney

The Company has not given any power of attorney or other written authority that
is still outstanding or effective to any person to enter into any contract or
commitment on its behalf (other than to its directors, officers and employees to
enter into routine trading contracts in the normal course of their duties).

10.   Substantial dependence

Except as listed in the Disclosure Letter, neither in the financial period
ending on the Reference Date nor in the period since the Reference Date has any
person (together with other persons connected with such person) purchased from
or sold to the Company more than 10 per cent of the aggregate amount of all
sales or purchases made by the Company during such period.


                                       37
<PAGE>

11.   Licences

(A)   except for the licences listed in the Disclosure Letter, items 11 and 21,
      all licences, consents and other permissions and approvals (the absence of
      which would have a Material Adverse Effect on the business of the Company)
      required for or in connection with the carrying on of the business being
      carried on by the Company prior to or on the Closing Date are in full
      force and effect; and

(B)   no notice has been received by the Company that the licences, consents,
      permissions or approvals referred to in item (A) above are likely to be
      revoked.

12.   Absence of Indebtedness

12.1. Except for the Shell Brasil Loan and as listed in the Disclosure Letter,
      as of the Closing Date the Company has not any Indebtedness with any
      person, including, without limitation, the Seller, any Affiliate of the
      Seller and any financial institution.

13.   Insolvency

13.1. No order has been made and no resolution has been passed for the winding
      up of the Company or for a provisional liquidator to be appointed in
      respect of the Company and, so far as the Seller is aware, no petition has
      been presented and no meeting has been convened for the purpose of winding
      up the Company.

13.2. No receiver has been appointed in respect of the Company or all or any of
      its assets.

13.3. The Company is not insolvent, or unable to pay its debts or has stopped
      paying its debts as they fall due.

13.4. No concordata has been proposed in respect of the Company.

13.5. No event analogous to those specified in sub-paragraphs 13.1 to 13.4 of
      this Schedule has occurred in relation to Company in accordance with the
      laws of Brazil.

14.   Litigation

14.1. The Company is not engaged in any material litigation, arbitration or
      other dispute resolution process, administrative or criminal proceedings,
      whether as plaintiff, claimant, defendant or otherwise, except for those
      listed in the Disclosure Letter, item 14.1.


                                       38
<PAGE>


14.2. No material litigation, arbitration or other dispute resolution process,
      administrative or criminal proceedings by or against the Company is
      pending, or, so far as Seller is aware, threatened or expected, except for
      those listed in the Disclosure Letter, item 14.2.

15.   Ownership of assets

Each of the material assets (other than Property) included in the Reference
Balance Sheet or acquired by the Company since the Reference Date (other than
current assets sold, realised or applied in the normal course of trading
consistent with past practice) is owned both legally and beneficially by the
Company and each of those assets capable of possession is in the possession of
the Company (save where in the possession of a third party in the normal course
of business).

16.   Property

16.1. All the Relevant Properties leased by the Company are subject to valid and
      binding lease agreements that are in full force and effect and enforceable
      in accordance with their terms.

16.2. The Disclosure Letter, item 16.2, contains an accurate and complete list
      of all real property owned and/or leased or subleased by the Company,
      including any transferable permits, licenses or authorizations and other
      accessories thereto, and the properties on such Disclosure Letter, item
      16.2, are sufficient for the Company to operate its business as presently
      conducted or proposed to be conducted. There are no easements,
      rights-of-way or passage related to any of such properties. Except as
      listed in the Disclosure Letter, item 16.2, the Company has good and
      marketable title to all of the real property it owns, free and clear of
      any Encumbrances except for (i) any liens for taxes, assessments or
      governmental charges or levies which are not material and may be paid
      without penalty, (ii) liens which are not material arising in the ordinary
      course of business, or (iii) liens which neither materially detract from
      the value of such real properties nor materially interfere with their
      present use. Except as listed in the Disclosure Letter, item 16.2, no
      condemnation proceeding or other material litigation is pending or, to the
      knowledge of the Seller, threatened, with respect to the ownership of such
      real property by the Company.

17.   Intellectual Property

17.1. Details of all registered Intellectual Property owned by the Company are
      set out in the Disclosure Letter, item 17. The Company owns or is licensed
      or otherwise possesses legally enforceable rights to use its Intellectual
      Property and the consummation of the transactions contemplated in this
      Agreement will not impair such ability in any respect.


                                       39
<PAGE>


17.2. Other than the Trademark Licence Agreement and the other agreements listed
      in the Disclosure Letter, item 17, the Company is not a party to any
      Intellectual Property licence agreement.

17.3. So far as the Seller is aware, the activities of the Company do not
      infringe the Intellectual Property of any third party, except for the use
      of the Intellectual Property listed in the Disclosure Letter, item 17.

17.4. So far as the Seller is aware, no third party is infringing any
      Intellectual Property owned by the Company.

17.5. Save in the ordinary course of business or to its employees, the Company
      has not disclosed any confidential business information to any third party
      other than under an obligation of confidentiality.

18.   Competition

18.1. The Company has not received any notice concerning any agreement to which
      it is a party to and in relation to which (in total or in relation to any
      part, term or condition thereof) competent competition authorities have
      started an investigation or against which a claim has been filed for
      breach of any competition law provision.

18.2. The Company has not given an undertaking to, or is subject to any order of
      or, so far as the Seller is aware, investigation by, or has received any
      request for information from, any competent competition authority where
      such undertaking, order, investigation or request for information is
      likely to cause a material loss or liability to the Company, except for
      those listed in the Disclosure Letter, item 18.2.

19.   Insurances

The Company is not a party to and has no interest in any insurance policy.

20.   Employment

20.1. Since the Reference Date, no change has been made in the emoluments or
      other terms of employment of any employee of the Company except for
      increases in emoluments made in accordance with normal Company practice,
      and no such change, and no negotiation or request for such a change, is
      due or expected within six months from the date of this Agreement.

20.2. There is no dispute between the Company and any trade union existing,
      pending or (so far as the Seller is aware) threatened to the Company and


                                       40
<PAGE>


      there is no collective bargaining (or similar) agreement (whether binding
      or not) to which the Company is a party.

20.3. A list of all labor disputes, lawsuits, complaints and other proceedings
      actually pending or, to the awareness of the Seller, threatened against
      the Company are set out in the Disclosure Letter, item 20.

20.4. Any contract of employment with any employee to which the Company is a
      party can be terminated by the Company without payment of severance or
      termination liabilities or obligations or damages or compensation (other
      than that payable in accordance with applicable law and regulations) by
      giving at any time only the minimum period of notice applicable in
      accordance with the law.

20.5. Except as disclosed in the Disclosure Letter, item 20, no employee of the
      Company has given notice terminating his/her contract of employment or is
      under notice of dismissal and no amount due to or in respect of any such
      employee or former employee of the Company is in arrears and unpaid other
      than his/her salary for the month current on the Closing Date.

20.6. The Company has not experienced any work stoppage, labor strike, slowdown,
      lockout or other labor difficulty since November 2000.

20.7. Except as listed in the Disclosure Letter, item 20, the Company is in
      compliance, in all material respects, with all applicable laws respecting
      employment and employment practices.

21.   The Environment

21.1. In this paragraph 21:

"Environmental Laws" means any Brazilian law, as amended as of the date hereof,
all rules and regulations promulgated pursuant to any of the above laws, and any
other Federal, state or local law, statute, ordinance, rule or regulation
relating to the regulation or protection of the environment or to emissions,
discharges, Releases or threatened releases of Hazardous Materials or wastes
into the environment (including, without limitation, ambient air soil, surface
water, ground water, wetlands, land or subsurface strata), or otherwise relating
to the manufacture, processing, distribution, sale, use, treatment, storage,
disposal, discharge, recycling, transport or handling of Hazardous Materials or
wastes;

"Environmental Matters" means any matter arising out of or relating to the
environment, human safety or health or the production, storage, handling, use,
emission, release, discharge or disposal of Hazardous Material;


                                       41
<PAGE>


"Environmental Permits" means any permit, licence, consent or authorisation
required by Environmental Laws as at the Closing Date in relation to the
operation of the business of the Company;

"Hazardous Material" means any pollutants, contaminants or toxic or hazardous
substances or materials that are regulated by, or form the basis of liability
under, any Environmental Laws; and

"Waste" means any waste including anything which is abandoned, unwanted or
surplus irrespective of whether it is capable of being recovered or recycled or
has any value.

21.2. Except as listed in the Disclosure Letter, item 21, up until the Closing
      Date the Company is in compliance in all material respects with, and has
      not been in violation of or liable under any Environmental Laws, and all
      Environmental Permits (the absence of which would have a Material Adverse
      Effect) have been obtained and have been complied with in all material
      respects.

21.3. The Company has not received and, so far as the Seller is aware, there is
      no basis to expect that it will receive, any citation, directive, inquiry,
      notice, order, summons, warning or other communication that relates to
      Hazardous material and/or Waste which may have been originated from the
      Company's activities;

21.4. Except as listed in the Disclosure Letter, item 21, there are no pending
      or, as far as the Seller is aware, threatened claims, Encumbrances or
      other restrictions of any nature, resulting from any Environmental Law
      breached by the Company or arising under or pursuant to any Environmental
      Law, with respect to or affecting the Company.

21.5. So far as the Seller is aware, except as provided for in the Disclosure
      Letter, item 21, there has been no spilling, leaking, emitting,
      discharging, depositing, escaping, leaching, dumping or other releasing
      into the environment, whether intentional or unintentional, of any
      Hazardous Material or Waste at or from the Company's facilities or
      properties owned or leased by the Company in the conduction of its
      business, which represents a breach of any Environmental Law.

22.   The Reference Balance Sheet and Tax

22.1. The Company has no liability in respect of Taxation (whether actual or
      contingent):

(A)   assessable or payable by reference to profits, gains, income or
      distributions earned, received or paid or arising or deemed to arise on or
      at any time prior


                                       42
<PAGE>

      to the Reference Date or in respect of any period starting before the
      Reference Date; or

(B)   referable to transactions effected by Company on or before the Reference
      Date that is not disclosed or provided for in the Reference Balance Sheet.

22.2. The amount of the provision for deferred Taxation in respect of the
      Company contained in the Reference Balance Sheet was, at the Reference
      Date, adequate and in accordance with accountancy practices generally
      accepted in Brazil.

22.3. If all facts and circumstances which are known to the Company or the
      Seller on the Closing Date had been known at the time the Reference
      Balance Sheet was drawn up, the provision for deferred Taxation that would
      be contained in the Reference Balance Sheet would be no greater than the
      provision which is so contained, except for those amounts arising from
      contingent tax liabilities listed in the Disclosure Letter, item 22.

23.   Tax returns, disputes, records and claims, etc.

23.1. Except as listed in the Disclosure Letter, item 23, the Company has filed
      or caused to be filed all proper returns required to be made, and has
      supplied or caused to be supplied all material information required to be
      supplied, to any tax authority and have duly paid or caused to be duly
      paid in full or made a provision for the payment of, all material taxes
      within the last six years. All such tax returns are correct and complete
      and accurately reflect all liabilities for taxes for the periods covered
      thereby.

23.2. There is no dispute or disagreement outstanding nor is any contemplated at
      the Closing Date with any tax authority regarding liability or, so far as
      Seller is aware, potential liability to any tax recoverable from the
      Company or regarding the availability of any relief from tax to the
      Company, except for those listed in the Disclosure Letter, item 23.

23.3. So far as the Seller is aware, the Company has sufficient records relating
      to past events to calculate the tax liability which would arise on any
      disposal or on the realisation of any asset owned at the Closing Date by
      the Company or acquired by the Company since that date but before the
      Closing Date.

23.4. The Company has duly submitted all claims and disclaimers or withdrawals
      of claims which have been assumed to have been made for the purposes of
      the Reference Balance Sheet.

23.5. The amount of tax chargeable on the Company during any accounting period
      ending on or within six years before the Reference Date has not, to any
      material extent, depended on any concession, agreement or other formal


                                       43
<PAGE>

      or informal arrangement with any revenue authority, including (but without
      limitation) the federal tax authorities (Secretaria da Receita Federal).

23.6. The Company has not received any notice from any tax authority, including
      the Secretaria da Receita Federal, which required or will or may require
      Company to withhold tax from any payment made since the Reference Date or
      which will or may be made after the date of this Agreement.

23.7. A list of all tax disputes, lawsuits, complaints and other proceedings
      actually pending or, to the awareness of the Seller, threatened against
      the Company are set out in the Disclosure Letter, item 23. No other
      federal, state, municipal, local or foreign audits, examinations,
      investigations or other administrative proceedings or court proceedings
      are presently pending with regard to any tax or tax return of the Company.
      There are no pending tax audits or proceedings concerning the Company.

24.   Duties, etc.

All tax on distribution or circulation of goods and services ("ICMS"), tax on
import duty and other taxes or charges payable upon the sale, transit,
importation or exportation of goods traded, imported, exported, owned or used by
the Company have been paid in full, except for those amounts that are being
contested in good faith and by proper proceeding and listed in the Disclosure
Letter, item 24.

25.   Deductions and withholdings

During the last six years, the Company has made all deductions in respect, or on
account of, any tax from any payments made by it which it is obliged or entitled
to make and has accounted in full to the appropriate authority for all amounts
so deducted.

26.   Non-Competition

The Seller hereby acknowledges and accepts the benefits that may derive from
this Agreement and represents that the Purchase Price paid by Purchaser includes
a fair and reasonable compensation for the non-compete obligation created
pursuant to Clause 12 of this Agreement.

27.   No Undisclosed Liability

Without prejudice of the other Warranties set forth in this Schedule 1, except
(a) as disclosed in the Reference Balance Sheet and in the Disclosure Letter and
(b) for liabilities and obligations incurred in the ordinary course of business
and consistent with past practice since the Reference Date pursuant to the terms
of this Agreement, the Company has no liability or obligation of any nature,
whether or


                                       44
<PAGE>


not accrued, contingent or otherwise, that has, or could have, a Material
Adverse Effect on the Company.

28.   Sufficiency of Assets

Except as listed in the Disclosure Letter, the goods and assets (including
Intellectual Property) owned, licensed, leased or rented by the Company form the
totality of the property and assets reasonably necessary to conduct the
Company's businesses, as they are presently conducted.

29.   Compliance with Regulations

The Company is in compliance, in all material respects, without limitation, with
all regulations, orders, decrees and ordinances relating to trade regulation,
labor, worker health and safety, benefits, employment, food and consumer product
regulatory matters and others.

30.   Events since July 31, 2003

30.1. Since the July 31, 2003, the Company has conducted its business only in
      the ordinary and usual course and consistent with past practice and the
      Company has not:

(A)   suffered any material adverse change in its working capital, financial
      condition, results of operation, assets, liabilities (absolute, accrued,
      contingent or otherwise), reserves, business or operations; or

(B)   incurred any liability or obligation (absolute, accrued, contingent or
      otherwise), except immaterial items incurred in the ordinary course of
      business and consistent with past practice, which exceeds R$100.000,00
      (counting obligations or liabilities arising from one transaction or a
      series of similar transactions, and all periodic installments or payments,
      as a single obligation or liability), or increased, or experienced any
      material change in any assumptions underlying or methods of calculating,
      any bad debt, contingency or other reserves; or

(C)   paid, discharged or satisfied any material claim, liability or obligation
      (whether absolute, accrued, contingent or otherwise) other than the
      payment, discharge or satisfaction in the ordinary course of business and
      consistent with past practice of liabilities and obligations incurred in
      the ordinary course of business and consistent with past practice since
      July 31, 2003; or

(D)   permitted or allowed any of its property or assets (real, personal or
      mixed, tangible or intangible) to be subjected to any Encumbrance,
      restriction or charge of any kind, except for liens for current taxes not
      yet due; or


                                       45
<PAGE>


(E)   written down the value of any inventory (including write-downs by reason
      of shrinkage or mark-down) or written off as uncollectible any notes or
      accounts receivable, except for immaterial write-downs and write-offs in
      the ordinary course of business and consistent with past practice; or

(F)   cancelled any debts or waived any claims or rights which exceeds
      R$100.000,00; or

(G)   sold, transferred, or otherwise disposed of any of its properties or
      assets (real, personal or mixed, tangible or intangible), except in the
      ordinary course of business and consistent with past practice; or

(H)   made any single capital expenditure or commitment in excess of
      R$100.000,00 for additions to property, plant, equipment or intangible
      capital assets or made aggregate capital expenditures and commitments in
      excess of R$100.000,00 for additions to property, plant, equipment or
      intangible capital assets; or

(I)   declared, paid or set aside for payment any dividend or other distribution
      in respect of its capital stock or redeemed, purchased or otherwise
      acquired, directly or indirectly, any shares of capital or other
      securities of the Company; or

(J)   made any change in any method of accounting or accounting practice; or

(K)   paid, loaned or advanced any amount to, or sold, transferred or leased any
      properties or assets (real, personal or mixed, tangible or intangible) to,
      or entered into any agreement or arrangement with, any of its officers or
      directors or any Affiliate of any of its officers or directors except for
      directors' fees and compensation to officers at rates not exceeding the
      rates of such fees and compensation paid until the period ended on July
      31, 2003.

31.   Franchisees, Owners of POS, etc.

The Schedules 2, 3, 4 and 5 of the Trademark License Agreement has a full and
complete list of (i) all owners of all points of sale; (ii) all franchisees; and
(iii) all current carrier companies, of the Company as of the Closing Date.


                                       46
<PAGE>


Schedule 2 - (Limitations on the Seller's liability)

Clause                                                                   Page
1.   Warranties and Undertakings .......................................
2.   Limitations on liability under Warranties and Undertakings ........
      2.1   Limitation on quantum.......................................
      2.2   Time limits for bringing claim..............................
      2.3   Conduct of litigation.......................................
      2.4   No liability if loss is otherwise compensated for...........
      2.5   Acts of the Purchaser.......................................
      2.6   Allowance, provision or reserve in the Reference
            Balance Sheet...............................................
      2.7   Future legislation..........................................
      2.8   Taxation....................................................
      2.9   Payment of claim to be reduction in purchase price..........


                                       47
<PAGE>


1.    Warranties and Undertakings

1.1.  For the purposes of this Schedule, "Undertakings" means any undertaking
      given by or on behalf of the Seller in or pursuant to this Agreement. For
      the avoidance of doubt, "damages" includes any payment under any
      Undertaking.

1.2.  Subject to paragraph 1.3 below, notwithstanding anything in this Agreement
      to the contrary, the provisions of this Schedule shall operate to limit
      the liability of the Seller both in respect of any claim by the Purchaser
      or the Company for any breach of or inaccuracy in the Warranties or in
      respect of the Undertakings.

1.3.  This Schedule 2 and the limitations set forth hereof shall not apply,
      under no circumstances, to the Undertakings under Clauses 3, 4, 6, 7.5,
      7.6, 10.2 and 12 of this Agreement and to the Warranties under paragraphs
      1, 2.1, 2.2 and 4.1 of Schedule 1 of this Agreement.

1.4.  The only Warranties given:

(A)      in respect of the Reference Balance Sheet are those contained in
         paragraph 6 (Reference Balance Sheet) of Schedule 1 (Warranties). None
         of the other Warranties shall or shall be deemed to be, whether
         directly or indirectly, a Warranty in respect of the Reference Balance
         Sheet and the Purchaser acknowledges and agrees that the Seller makes
         no other representation or warranty as to the Reference Balance Sheet;

(B)      in respect of Property are those contained in paragraph 16 (Property)
         of Schedule 1 (Warranties). None of the other Warranties shall or shall
         be deemed to be, whether directly or indirectly, a Warranty in respect
         of Property and the Purchaser acknowledges and agrees that the Seller
         makes no other representation or warranty as to Property;

(C)      in respect of Intellectual Property (or know-how and agreements
         relating to Intellectual Property) are those contained in paragraph 17
         (Intellectual Property) of Schedule 1 (Warranties). None of the other
         Warranties shall or shall be deemed to be, whether directly or
         indirectly, a Warranty in respect of Intellectual Property and the
         Purchaser acknowledges and agrees that the Seller makes no other
         representation or warranty as to Intellectual Property (or know-how and
         agreements relating to Intellectual Property);

(D)      in respect of employment matters are those contained in paragraph 20
         (Employment) of Schedule 1 (Warranties). None of the other Warranties
         shall or shall be deemed to be, whether directly or indirectly, a
         Warranty in respect of employment matters and the Purchaser
         acknowledges and


                                       48
<PAGE>


         agrees that the Seller makes no other representation or warranty as to
         employment matters;

(F)      in respect of the Environment are those contained in paragraph 21 (The
         Environment) of Schedule 1 (Warranties). None of the other Warranties
         shall or shall be deemed to be, whether directly or indirectly, a
         Warranty in respect of the Environment and the Purchaser acknowledges
         and agrees that the Seller makes no other representation or warranty as
         to the Environment; and

(G)      in respect of Tax are those contained in paragraphs 22, 23, 24 and 25
         (The Reference Balance Sheet and Tax, Tax events since the Reference
         Date, Tax returns, disputes, records and claims, etc., Duties, etc. and
         Deductions and withholdings) of Schedule 1 (Warranties). None of the
         other Warranties shall or shall be deemed to be, whether directly or
         indirectly, a Warranty in respect of Tax and the Purchaser acknowledges
         and agrees that the Seller makes no other representation or warranty as
         to Tax.

2.    Limitations on Liability under Warranties and Undertakings

2.1.  Limitation on Quantum

      (A)   The Purchaser shall not be entitled in any event to damages or other
            amount in respect of any individual substantiated claim against the
            Seller under any of the Warranties or Undertakings unless the amount
            of any such individual substantiated claim: (i) shall exceed
            R$100.000,00 if such claim arises in connection with any of the
            matters listed in paragraph 1 of Schedule 10, or (ii) shall exceed
            R$500.000,00, if such claim arises in connection with any other
            matter. Notwithstanding the provisions of this paragraph 2.1 (A),
            any claim arising in connection with the matters listed in paragraph
            2 of the Schedule 10 shall not be subject to any limitation on
            quantum.

      (B)   For the purposes of paragraph (A) above, "individual" means a single
            substantiated claim of the Purchaser against the Seller related to
            one single event, circumstance, act or omission, which caused a
            breach of any Warranty or Undertaking and resulted in a loss to the
            Purchaser or any of its Affiliates. For the avoidance of doubt, a
            single claim by the Purchaser that arise from more than one
            substantiated claim of the Purchaser shall not be deemed as an
            individual substantiated claim for the purpose of paragraph (A)
            above.

      (C)   For the purposes of paragraph (A) above, "substantiated" means a
            claim for which the Seller may be liable in accordance with the
            terms and conditions of this Agreement and which is subject to a
            final, unappealable award by a competent court or arbitration panel
            of


                                       49
<PAGE>

            competent jurisdiction and with respect to which the amount involved
            has already been quantified.

      (D)   The total aggregate liability of the Seller under or pursuant to
            this Agreement (whether for breach of the Warranties or under the
            Undertakings or otherwise) shall not in any event exceed 50% (fifty
            percent) of the sum of the Purchase Price and the Shell Brasil Loan.

      (E)   The liability of the Seller arising out of the breach of any
            Warranty shall not be subject to the limitations set forth in this
            paragraph 2.1 when (i) the Seller had knowledge prior to the Closing
            Date of the act or fact that have caused the breach of such
            Warranty; and (ii) the Seller has not disclosed in the Disclosure
            Letter such act or fact that have caused the breach of such
            Warranty.

      (F)   Materiality qualifications to a Warranty shall not be taken into
            account when the damage caused to the Company or the Purchaser as a
            result of such breach exceed the minimum thresholds for individual
            claims set forth in paragraph 2.1 (A) of this Schedule 2.

2.2.  Time limits for bringing claim

      (A)   No claim shall be brought against the Seller in respect of any
            breach of the Warranties or under any of the Undertakings unless the
            matter which gives rise to the breach or claim has been the subject
            of an arbitration, administrative or judicial dispute filed (i) by
            third parties against the Company or the Purchaser; or (ii) by the
            Company or the Purchaser against the Seller and in any event within
            the timeframe set forth below.

      (i)   on or before the 6th anniversary of the Closing Date in respect of
            claims relating to Taxation matters occurring or accruing prior to
            the Closing Date; or

      (ii)  on or before the 2nd anniversary of the Closing Date in respect of
            any other matters; or

      (iii) on or before the expiration of the statute of limitation set forth
            under the laws of the Federative Republic of Brazil, with respect to
            the claims arising from breach of the Warranties set forth in
            paragraphs 1, 2.1, 2.2 and 4.1 of the Schedule 1.

      (B)   With respect to claims to be brought against the Seller related to
            third party claims filed against the Company or the Purchaser, the
            liability of the Seller under this paragraph shall terminate (if the
            claim has not been previously satisfied, settled or withdrawn) if
            the Purchaser or the


                                       50
<PAGE>

            Company has not commenced a legal proceeding against the Seller in
            respect of a such claim within six months of the date on which an
            unappealable award by a competent court or arbitration panel of
            competent jurisdiction is issued with respect to such third party
            claim, provided that the amount involved in such claim has already
            been quantified. For this purpose proceedings shall not be deemed to
            have been commenced unless they shall have been properly issued and
            validly served upon the Seller.

2.3.  Conduct of litigation

      (A)   Upon the Purchaser or the Company becoming aware of any claim,
            action or demand against it or matter likely to give rise to any of
            these in respect of the Warranties and Undertakings, the Purchaser
            shall and shall procure that the Company shall:

      (i)   within seven (7) Business Days from the date any assessment or claim
            made by a third party which may result in a claim under the
            Warranties or Undertakings is notified to the Company or the
            Purchaser, notify the Seller by written notice of such assessment or
            claim. The failure to notify the Seller shall not relieve the Seller
            of any liability that may have to the Purchaser, to the extent that
            the Purchaser may prove that the defence of such claim, action or
            demand by Seller has not been in any way harmed by the Purchaser's
            or the Company's failure to give such notice to the Seller;

      (ii)  take such action and give such information and access to personnel,
            premises, chattels, documents and records to the Seller and its
            professional advisers as the Seller may reasonably request and the
            Seller shall be entitled to require the Purchaser and/or the Company
            to take such reasonable action and give such reasonable information
            and assistance in order to avoid, dispute, resist, mitigate, settle,
            compromise, defend or appeal any claim in respect thereof or
            adjudication with respect thereto;

      (iii) at the request of the Seller, allow the Seller to take the conduct
            of such actions, as the Seller may deem appropriate in connection
            with any such assessment or claim in the name of the Purchaser
            and/or the Company and in that connection the Purchaser shall give
            or cause to be given to the Seller all such assistance as the Seller
            may reasonably require in avoiding, disputing, resisting, settling,
            compromising, defending or appealing any such claim and shall
            instruct such counsels or other professional advisers acceptable to
            the Purchaser or the Company, as the Seller may nominate to act on
            behalf of the Purchaser or the Company, as appropriate, but to act
            in accordance with the Sellers


                                       51
<PAGE>

            instructions. In this event the Seller shall pay all costs and
            expenses in any way related to such action (including legal fees);

      (iv)  unless the Seller fails, upon being notified by the Purchaser, to
            conduct the litigation relating to such claim or adjudication, make
            no admission of liability, agreement, settlement or compromise with
            any third party in relation to any such claim or adjudication
            without the prior written consent of the Seller, such consent not
            being unreasonably withheld; and

      (v)   take all reasonable action to mitigate any loss suffered by it
            and/or the Company in respect of which a claim could be made under
            the Warranties or the Undertakings.

      (B)   In any event, the Seller shall not be entitled at any stage to
            settle any such third party assessment or claim without the prior
            written consent of the Purchaser, such consent not being
            unreasonably withheld.

2.4.  No liability if loss is otherwise compensated for

      Purchaser can only claim once

      (A)   The Purchaser and those deriving title from the Purchaser on or
            after Completion shall not be entitled to recover damages or
            otherwise obtain reimbursement or restitution more than once between
            them in respect of any individual breach of the Warranties or claim
            under the Undertakings.

      (B)   No liability shall attach to the Seller by reason of any breach of
            the Warranties to the extent that the same loss occasioned to the
            Purchaser or the Company by reason of such breach has been recovered
            under the Undertakings and no liability shall attach to the Seller
            under the Undertakings to the extent that the same loss has been
            recovered by a claim under the Warranties given by it.

      (C)   The Seller shall not be liable for breach of any of the Warranties
            nor under any of the Undertakings to the extent that the subject of
            the claim has been or is made good or is otherwise compensated for
            without any cost to the Purchaser or to the Company.

      Insurances

      (D)   If, in respect of any matter which would give rise to a breach of
            the Warranties or a claim under the Undertakings, the Purchaser
            and/or the Company, as the case may be, is entitled to claim under
            any policy of insurance, then except for any amount to be paid by
            the


                                       52
<PAGE>


            Purchaser or the Company to the relevant insurer that exceeds
            R$100.000,00 (including, without limitation, deductibles and
            eventual retrospective premium adjustments) (such amounts being
            reimbursed by the Seller without the limitations set forth in this
            Schedule 2, provided the Seller is notified about such claim within
            60 days after the payment is made), no such matter shall be the
            subject of a claim under the Warranties or the Undertakings unless
            and until the Purchaser and/or the Company shall have made a claim
            against its insurers and any such insurance claim (or any claim
            which could have been made had such policies or their equivalents
            been maintained as aforesaid) shall then reduce by the amount
            recovered or extinguish any such claims for breach of the Warranties
            or under the Undertakings.

      Recovery from third parties

      (E)   If the Seller pays at any time to the Purchaser or the Company an
            amount pursuant to a claim in respect of the Warranties and/or the
            Undertakings or under any provisions of this Agreement and the
            Purchaser or the Company subsequently become entitled to recover
            from some other person any sum in respect of any matter giving rise
            to such claim, the Purchaser shall assign to the Seller the Right
            to, take all reasonably necessary steps to enforce such recovery,
            provided, however, that the excess of the sum recovered by the
            Seller from such other person less all costs, charges and expenses
            incurred by the Seller and the amount paid by the Seller to the
            Purchaser or the Company with respect to such claim, shall be
            promptly paid to the Purchaser or the Company.

2.5.  Acts of the Purchaser

      (A)   No claim shall lie against the Seller under the Warranties or
            Undertakings to the extent that such claim is wholly or partly
            attributable to any voluntary act, transaction or arrangement
            carried out at the request of or with the consent of the Purchaser
            before Completion.

      (B)   The Seller shall not be liable for any breach of Warranties or
            claims under the Undertakings which would not have arisen but for
            any reorganisation or change in ownership of the Shares after
            Completion or any changes in the accounting basis on which the
            Company values its assets or any other change in accounting policy.

2.6.  Allowance, provision or reserve in the Reference Balance Sheet


                                       53
<PAGE>

No matter shall be the subject of a claim for breach of any of the Warranties or
under the Undertakings to the extent that allowance, provision or reserve in
respect of such matter shall have been made in the Reference Balance Sheet or
has been included in calculating creditors or deducted in calculating debtors in
the Reference Balance Sheet and (in the case of creditors or debtors) is
identified in the records of the Company or shall have been otherwise taken
account of or reflected in the Reference Balance Sheet.

2.7.  Future legislation

No liability shall arise in respect of any breach of any of the Warranties or
under the Undertakings if and to the extent that liability for such breach
occurs or is increased as a result of any change after the date hereof of any
legislation, regulation, ordinance or ruling of any governmental, court or
regulatory authority or any interpretation of said authorities.

2.8.  Taxation

No claim shall arise in respect of any breach of any of the Warranties or in
respect of the Undertakings to the extent that such claim would not have arisen
but for:

      (1)   any increase in rates of Tax or any change in law or practice or any
            withdrawal of any extra-statutory concession by a tax authority or
            any change in accountancy practice or principles, being an increase,
            withdrawal or change made, in any such case, after the date of this
            Agreement; or

      (ii)  any changes after Completion in the bases, methods or policies of
            accounting of the Company, except to the extent that such changes
            are necessary to comply with relevant laws and regulations that were
            in force but were not complied by the Company before the Closing
            Date ; or

      (iii) a cessation of, or any change in the nature or conduct of, any trade
            carried on by the Company being a cessation or change occurring on
            or after Completion, except to the extent that such cessation or
            change was caused by an act that occurred on or before Completion;
            or

      (iv)  any differences between the bases, methods or policies of accounting
            of the Purchaser or any member of the Purchasers group and those of
            the Company, except to the extent that such bases, methods or
            policies of accounting of the Company did not comply with the
            relevant laws and regulations prior to the Effective Date.

2.9.  Payment of claim to be reduction in purchase price


                                       54
<PAGE>


Any payment made by the Seller in respect of any claim under the Warranties or
under the Undertakings shall be deemed to be a reduction in the Purchase Price.


                                       55
<PAGE>


Schedule 3 - (Basic information about the Company)

<TABLE>
<S>    <C>                        <C>                                     <C>
1.     Registered number                                                  CNPJ No.
                                                                          65.828.550/0001-49
                                                                          NIRE No.
                                                                          35.300.130.987
2.     Date of incorporation                                              February 18th, 1991
3.     Place of incorporation                                             City of Campinas, State
                                                                          of Sao Paulo
4.     Address of registered                                              City of Rio de Janeiro,
       office                                                             Stte of Rio de Janeiro at
                                                                          Av. Luis carlos Prestes
                                                                          350, 1st floor, room 119
                                                                          (part).
5.     Class of company                                                   S.A. (joing-stock company)
6.     Authorised share capital                                           Not applicable
7.     Issued share capital                                               R$ 116,608,534.10
8.     Loan capital:                                                      Not applicable
9.     Directors:
       Full name                  Usual residential address               Nationality
       Guilherme                  Rua Timoteo da Costa, 276, Apt. 101,    Brazilian
       Parente Caldas
       Barreto                    City of Rio de Janeiro, State of Rio
       Sergio Luiz                de Janeiro,                             Brazilian
       Silva                      Av Sernambetiba 2.930, Bl. 3, apt. 104,
       Luiz Guilherme
       Paschoal Dal               Barra da Tijuca, City of Rio de         Brazilian
       Colletto                   Janeiro, State of Rio de Janeiro
       Alexander                  Rua Luiz Aranha no. 820, apt. 2201,     Dutch
       Constantijn                City of Rio de Janeiro, State of Rio
       Maljers                    de Janeiro.
                                  Rua Engenheiro Cesar Grillo, no. 355,
                                  Barra da Tijuca, City of Rio de
                                  Janeiro, State of Rio de Janeiro .]




10.    Secretary:
       Full Name:                 Usual residential address:              Not applicable
       Not applicable
11.    Accounting reference date:                                         December 31st
12.    Auditors:                                                          Price Waterhouse
</TABLE>


                                       56
<PAGE>


<TABLE>
                                                                          Coopers

<S>    <C>                                                                <C>
13.    Tax residence:                                                     Rio de Janeiro, Brazil
14.    Business activities:                                               The company's objectives
                                                                          are to purchase, sell,
                                                                          store, perform the
                                                                          industrial activity of
                                                                          bottling its bulk
                                                                          products, as well as to
                                                                          distribute, import,
                                                                          export, transport,
                                                                          including by means of
                                                                          pipelines, mixing and
                                                                          sale of liquefied gas and
                                                                          other petroleum
                                                                          by-products
                                                                          (hydrocarbons); and other
                                                                          related activities.
</TABLE>


                                       57
<PAGE>


Schedule 4 - (intellectual Property) Part A

Reqistered trade and service marks

                                        Class of goods
                                        or services for         Date of next
                                           which               renewal January
Country       Mark         Number        registered               10, 2009
- --------    ----------   ----------   -------------------  ---------------------
Brazil      PETROGAZ      006841708       20.35                January 10, 2009
Brazil      PETROGAZ      006841716       38.2040              January 10, 2009
Brazil      PETROGAZ      811879011       04.10                August 26, 2006
Brazil      PETROGAZ      007146604      --                    June 10, 2010
Brazil      PETROGAZ      811856313       04.10                July 15, 2006
Brazil      PETROGAZ      817067299       20.35                December 5, 2005
Brazil      PETROVIP      819241105       20.35                February 17, 2009

Brazil      PETROVIP      819241148       38.2040              January 26, 2009

Brazil      TANKINHO      819241113       38.2040              January 26, 2009
            PETROGAZ
Brazil      TANKINHO      819241121                            February 17, 2009
            PETROGAZ                      20.35
Brazil      TANKINHO      819241130                            February 17, 2009
            PETROGAZ                      0410
Brazil      PETROGAZ      19087                                Filed in
                                          4                    Paraguay in
                                                               July 29, 1999'
Brazil      PETROGAZ      2273365                              Filed in
                                                               Argentine in
                                          4                    January 13,
                                                               2000*
            GASBEL        001988174       04.10                August 8, 2007
            PAMPAGAS      821008722      --                    June 26, 2011

Trade mark and service mark applications


                                                          Class of goods or
                                            Date of       services for which
Country       Mark         Number         application     protection sought
- ----------  ---------   -------------    --------------  ---------------------
Brazil      PETROVIP      819241091       May 24, 1996         04.10


Description of Classes:
CLASSES       DESCRIPTION

20.35         Receptacles, bags and packs in general.


                                       58
<PAGE>

38.20         Services transportation of goods, storage and packages of goods in
              general.
38.40         Auxiliary services of transportation in general and storage.
04.10         Lubricant oil, grease and fuel in general.
40.15         Auxiliary services for the commerce of goods, including
              importation and exportation.

Part B
Licences and user aqreements

The Trademark License Agreement


                                       59
<PAGE>


Schedule 5 (Disclosure Letter)



<PAGE>


Schedule 6 (Agreed Form Trademark License Agreement)


<PAGE>


                               SHELL BRASIL LTDA,
                             OXITENO NORDESTE S.A.
                              INDUSTRIA E COMERCIO
                            COMPANHIA ULTRAGAZ S.A.


                                      and


                           SPGAS DISTRIBUIDORA DE GAS
                                      S.A.



                        TRADEMARK SUB-LICENSE AGREEMENT

This TRADEMARK SUB-LICENSE AGREEMENT (the "Agreement") is made this 8th day of
August of 2003 among:

SHELL BRASIL LTDA., headquartered in offices located in the state of Rio de
Janeiro, in the city of Rio de Janeiro, on Av. das Americas, no. 4200,
Buildings 5 (rooms 101 to 701) and 6 (rooms 101 to 601) and enrolled with the
National Register of Legal Entities under the no. 33.453.598/0001-23
(hereinafter called "Licensor"),

OXITENO NORDESTE S.A. INDUSTRIA E COMERCIO, a Brazilian joint-stock company,
headquartered in offices located in the state of Sao Paulo, in the city of Sao
Paulo, on Av. Brigadeiro Luis Antonio. no. 1343, 7(degree)andar, and enrolled
with the National Register of Legal Entities under the no. 14.109.664/0002-89
(hereinafter called the "New Controlling Shareholder"),

COMPANHIA ULTRAGAZ S.A., a Brazilian joint-stock company, headquartered in
offices located in the state of Sao Paulo, in the city of Sao Paulo, on Av.
Brigadeiro Luis Antonio, no. 1343, 9(degree)andar, and enrolled with the
National Register of Legal Entities under the no. 61.602.199/0001-12
(hereinafter called "Ultra"),

and

SPGAS DISTRIBUIDORA DE GAS S.A., a Brazilian joint-stock company, headquartered
in the state of Sao Paulo, in the city of Sao Paulo, on Av. Brigadeiro Luiz
Antonio, no. 1343, 6(degree)andar, ala A (part), Bairro da Bela Vista, and
enrolled with the National Register of Legal Entities under the no.
65.828.550/0001-49 (hereinafter called "Licensee").


                                       1
<PAGE>


                                    RECITALS

1.   Shell International Petroleum Company Ltd. (hereinafter called "SIPC"), a
     company of the Royal/Dutch Group, with registered office in England, is
     the lawful owner of the Trade Marks (as hereinafter defined) listed in the
     Schedule 1 and any copyright which exists in such Trade Marks, which are
     currently being used by the Licensee or any of its Authorized
     Sub-Licensees for the conduction of the Business, including in a quantity
     of LPG Cylinders, bulk tanks and vehicles on which the Trade Marks are
     printed and/or embossed or stamped, as well as in Licensee's plants,
     depots, points of sales ("POS") and in its franchisees' sites;

2.   SIPC has granted to Licensor the non-exclusive right in Brazil to use,
     among others, the Trade Marks, under the Agreement entered by and between
     them on the 17th day of December 1976 and further amendments (hereinafter
     called "1976 License Agreement");

3.   SIPC, under the 1976 License Agreement, item 1.(B), has also granted to
     Licensor the right to grant to third parties, in terms not inconsistent
     with the terms of such 1976 License Agreement. the right to use any of the
     Trade Marks in Brazil subject to SIPC's prior approval;

4.   Licensee is willing to use the Trade Marks in Brazil;

5.   SIPC expressly agreed with the Trade Marks sub-license from Licensor to
     Licensee under terms and conditions of this Agreement;

6.   By means of a Share Purchase Agreement, all the Shares of Licensee were
     transferred by Shell Petroleum NV (herein called the "Old Controlling
     Shareholder") to the New Controlling Shareholder;

7.   Due to such transfer of Shares, the New Controlling Shareholder paid to
     the Old Controlling Shareholder the amount of R$107.865.000,00 (one
     hundred and seven million, eight hundred sixty five thousand reais) (the
     "Purchase Price");

8.   As part of the consideration for the Purchase Price, besides the transfer
     of the Shares to the New Controlling Shareholder, the Old Controlling
     Shareholder and the New Controlling Shareholder have agreed in the Share
     Purchase Agreement, with the express approval of SIPC, that each of the
     Licensee and its Authorized Sub-Licensees should continue to display the
     Trade Marks on any of its plants, depots, POS, franchisees' sites, LPG
     Cylinders, bulk tanks or vehicles, as applicable, as existing on the
     Closing Date and thereafter until such plants, depots, POS, franchisees'
     sites, LPG


                                       2
<PAGE>


     Cylinders, bulk tanks and vehicles can be re-branded or replaced and only
     in accordance with the terms and conditions of this Agreement;

9.   Licensor and Licensee intend that the use of the Trade Marks by each of
     the Licensee and its Authorized Sub-Licensees in its plants, depots, POS,
     franchisees' sites, LPG Cylinders, bulk tanks or vehicles, as applicable,
     should be phased out in the time frame and in the form established in
     Clause 4 to this Agreement;

     IT IS AGREED AS FOLLOWS:

     1.   Definitions

     Terms that are defined in the Share Purchase Agreement and are not defined
herein, shall have the meaning ascribed to them in the Share Purchase
Agreement. For the purposes of this Agreement the following expressions shall
have the following meanings:

(a) "Affiliate" in relation to Licensor shall mean N.V. Koninklijke
Nederlandsche Petroleum Maatschappij, a Netherlands company ("Royal Dutch"),
and The "Shell" Transport and Trading Company, p.l.c., an English company
("Shell T&T"), and any company other than Licensor which is at the time in
question directly or indirectly affiliated to either Royal Dutch or Shell T&T
or both of them. For this purpose and for the purposes of defining "Affiliate"
as to its applicability to the Licensee and its New Controlling Shareholder, a
particular company is (i) directly affiliated to a company or companies
beneficially owning shares carrying fifty percent (50%) or more of the votes
exercisable at a general meeting (or its equivalent) of the particular company;
and (ii) indirectly affiliated to a company or companies ("the parent company
or companies") if a series of companies can be specified, beginning with the
parent company or companies and ending with the particular company, so related
that each company of the series, except the parent company or companies, is
directly affiliated to one or more of the companies earlier in the series.

(b) "Assets" shall mean the LPG Cylinders, bulk tanks, vehicles, Licensee's
plants, depots, POS and franchisees' sites and any other asset, equipment or
material, which are used by the Licensee or any of its Authorized Sub-Licensees
for the conduction of the Business.

(c) "Authorized Sub-Licensed" shall have the meaning set forth in Clause 2 (1)
of this Agreement.

(d) "Big Foot Cylinders" shall mean a cylinder for the storage of LPG with 13
kg, with a larger base than the usual cylinders of 13 kg.


                                       3
<PAGE>


(e) "Business" shall mean the activities directly or indirectly performed by
the Licensee as of the date hereof, which can be summarized as: LPG
acquisition, LPG storing, LPG cylinder filling and distribution, packed and
bulk business.

(f) "Closing Date" shall mean August 8, 2003.

(g) "Embossed Trade Marks" shall mean Trade Marks which at the date hereof have
been embossed or permanently hard-stamped on LPG Cylinders or bulk tanks during
manufacture in such a way that they cannot be removed except by grinding.

(h) "Goods" shall mean LPG sold in LPG Cylinders or dispensed directly into
bulk tanks located on customers' premises.

(i) "LPG" shall mean liquefied petroleum gas.

(j) "LPG Cylinders" shall mean cylinders for the storage of LPG with 2 kg, 5
kg, 8 kg, 13 kg (including Big Foot Cylinders), 20 kg, 45 kg or 90 kg.

(k) "Share Purchase Agreement" shall mean the agreement between the Old
Controlling Shareholder and the New Controlling Shareholder relating to the
sale and purchase of all the Shares of Licensee.

(l) "Trade Marks" shall mean those trade marks registered by SIPC in Brazil
with the Brazilian Patent and Trademark Office--INPI and listed in the Schedule
1, together with any trade or business names, logos, used or displayed on or in
relation to any of the Assets that may suggest any connection with SIPC and/or
its Affiliates, including in particular the "Shell" name.

2.   License

(1) Licensor hereby grants to Licensee for the term of this Agreement, a
non-exclusive royalty-free sub-license to use the Trade Marks in connection
with its Business in Brazil, without the right to grant sublicenses, except to
(i) its current franchisees, through the franchise agreements the Licensee is a
party to on this date (a list of such agreements is attached as Schedule 2
hereto), (ii) the owners of the current POS, through the so-called "Contratos
de Revenda de GLP e Cessao de Uso de Marca e Padroes e Outras Avencas" (a list
of such agreements is attached as Schedule 3 hereto), to which the Licensee is
a party to on this date, and (iii) the current carrier companies, through the
so-called "Contratos de Prestacao de Servicos de Transporte de Carga" (a list
of such agreements is attached as Schedule 4 hereto), to which the Licensee is
a party to on this date (together the "Authorized Sub-Licensees").


                                       4
<PAGE>


(2) It is expressly agreed that SIPC shall be the sole owner of the Trade
Marks. Licensee agrees to maintain quality in the operation of its Business
consistent with its current status.

(3) In consideration of the covenants in Clauses 3 and 4 below, no trade mark
infringement action shall be taken against Licensee to prevent Licensee's use
of Assets bearing the Trade Marks in accordance with the terms of this
Agreement, for the specific periods set forth in Clause 4 to this Agreement.

3.   Covenants

Each of the Licensee and the New Controlling Shareholder hereby covenants that
it shall not do anything that takes unfair advantage of, or is detrimental to,
the distinctive character or repute of the Trade Marks. In particular:

(a) Licensee shall, and shall take all reasonable commercial and/or legal
measures to cause the Authorized Sub-Licensees to use the Assets bearing the
Trade Marks in such a manner as it is currently used; and

(b) Licensee and the New Controlling Shareholder shall use, and shall take all
reasonable commercial and/or legal measures to cause the Authorized
Sub-Licensees to use, the Trade Marks (and the wording to accompany them) in
"Shell" branded sites in its current manner and context of use; and

(c) Licensee and the New Controlling Shareholder shall comply with the
provisions set forth in Clauses 5 and 6 of the Share Purchase Agreement; and

(d) Licensee shall not take any action that may lead anyone to believe,
including its customers, franchisees and POS, that Licensee is in any manner
Affiliated or Controlled by any company that is a part of the economic group of
SIPC and Licensor and shall make clear that the Trade Marks are owned by SIPC
by displaying the wording "Licensed by Shell International Petroleum Company
Limited to Companhia Ultragaz S.A." under the Trade Marks displayed in all
stickers that are affixed on the LPG Cylinders; and

(e) Licensee and its New Controlling Shareholder shall not seek to register as
a trade mark, trading name, or company name any mark which is the same as or
bears any confusing resemblance to the Trade Marks; and

(f) Licensee and its New Controlling Shareholder shall not conduct the whole or
any part of their business under a corporate or business name which might
impair the validity, reputation or distinctiveness of any of the Trade Marks;
and

(g) Licensee shall use, and shall take all reasonable commercial and/ or legal
measures to cause the Authorized Sub-Licensees to use, the Trade Marks as
currently used; and


                                       5
<PAGE>


(h) Licensee shall not:

(i) apply any of the Trade Marks to new Assets; or

(ii) re-apply any of the Trade Marks to reconditioned or re-painted Assets; or

(iii) make any use of the Trade Marks in promotional or other literature or in
any other way to promote the sale of the Licensee's or its New Controlling
Shareholder's Goods.

4.   Re-Branding Obligations

(1) The New Controlling Shareholder agrees that it shall, and shall cause the
Licensee to, and shall take all reasonable legal and/or commercial measures to
cause the Authorized Sub-Licensees to, as soon as reasonably practical after
the Closing Date and in any event within the timeframes established below,
cease in any manner whatsoever to use or display in connection with the
Business any of the Trade Marks (other than Embossed Trade Marks). Accordingly,
the New Controlling Shareholder shall, and shall cause the Licensee to, and
shall take all reasonable legal and/or commercial measures to cause the
Authorized Sub-Licensees to, remove or obliterate from the Assets, within the
timeframes and in the manners established below, all Trade Marks (other than
Embossed Trade Marks):

(a) Plants and Depots: Within 60 days from the Closing Date, the Licensee shall
remove or obliterate the Trade Marks being used therein by repainting the
places where they are located and removing or obliterating any plates and signs
showing such Trade Marks.

(b) POS: (i) Within the period starting 6 months from the Closing Date and
ending after the 24th month from the Closing Date, the Licensee shall terminate
all the so called "Contrato de Revenda de GLP e Cessao de Uso de Marca e
Padroes e Outras Avencas" entered into with each of the owners of POS; and (ii)
within 2 (two) years from the Closing Date, the Licensee shall either terminate
the relationship with all POS which currently operate under the Trade Marks but
with which the Licensee has not entered into a written agreement as of this
date (a list of such POS is attached hereto as Schedule 5) or enter into new
arrangements with such POS under the New Controlling Shareholder or other trade
mark.

(c) Franchisees' Sites: All the franchise agreements entered into with each of
the franchisees (i) which expire in less than 6 (six) months after the Closing
Date may, at the sole and exclusive discretion of the Licensee, be renewed for
an additional period of 6 (six) months, and (ii) which expire more than 6 (six)
months after the Closing Date shall not be renewed, and shall therefore be
terminated at the termination date of such agreement by notice sent by the


                                       6
<PAGE>


Licensee to each franchisee as set forth in each agreement. Notwithstanding the
above, at the sole and exclusive discretion of the Licensee, such agreements
may be terminated by the Licensee before its termination date. The Licensor
hereby acknowledges and agrees that, for both situations of items (i) and (ii)
above, the provisions of this Agreement, specially but not limited to, those
related to the sub-license of the Trade Marks to the Licensee, shall continue
to be valid and applicable until the termination date of the respective
franchise agreements. in order to allow the Licensee to comply with its
contractual obligations under the franchise agreements mentioned above.

(d) LPG Cylinders: Within 10 (ten) years from the Closing Date, the Licensee
shall remove and replace the Trade Marks from the removable components of the
LPG Cylinders. However, if the main body of the LPG Cylinder is stamped with an
Embossed Trade Mark, the Licensee shall use the LPG Cylinders for their total
useful life.

(e) Bulk Tanks Owned by the Licensee: Within 6 (six) months from the Closing
Date, the Licensee shall cause its customers to remove the Trade Marks being
displayed at the bulk tanks owned by the Licensee and located at their
premises. However, if the main body of the bulk tanks owned by the Licensee are
stamped with Embossed Trade Marks, the Licensee shall use such tanks for their
total useful life.

(f) Vehicles Owned by the Licensee: Within 3 (three) months from the Closing
Date, the Licensee shall remove or obliterate the Trade Marks, and any colour
displays that are part of the Shell visual manifestation, being displayed at
any of its vehicles.

(g) Vehicles Owned by third parties: Within 3 (three) months from the Closing
Date, the Licensee shall take all reasonable legal and/ or commercial measures
to cause the carrier companies parties to the so called "Contratos de Prestacao
de Servicos de Transporte de Carga" entered into with the Licensee to remove or
obliterate the Trade Marks being displayed on their vehicles.

(h) Stationary and other documentation: Since the Closing Date, the Licensee
shall not print any new invoice, letterhead papers and other documents
displaying the Trade Marks and within 1 (one) month from the Closing Date, the
Licensee shall mark with a stamp over the Trade Marks contained in the existing
printed and not used invoices the new trademarked or corporate name adopted by
Licensee.

(2) The New Controlling Shareholder shall give Licensor reasonable access to
Licensee's properties and premises, and shall require the Authorized
Sub-Licensees to give reasonable access to their properties and premises, upon
reasonable notice from Licensor during the timeframes specified above and for


                                       7
<PAGE>


three (3) months following the expiry of each specific period established above
to check whether or not they have complied with this Clause 4.

(3) The New Controlling Shareholder and the Licensee shall keep the Licensor
and any of its Affiliates harmless and indemnified for the cost of all such
re-branding activity.

5.   Ownership and Use

Nothing in this Agreement shall be construed as granting Licensee or the New
Controlling Shareholder any proprietary rights in any of the Trade Marks and
any goodwill arising out of the presence of the Trade Marks on the Assets shall
accrue to Licensor.

6.   Infringement

(1) Immediately upon becoming aware of:

(a) any infringement or suspected infringement of any of the Trade Marks by a
third party; or

(b) any application for the registration of a trade mark which Licensee or the
New Controlling Shareholder believes should be opposed because of its
similarity to a Trade Mark; or

(c) any matter or circumstance of whatsoever nature which in the opinion of
Licensee or the New Controlling Shareholder might affect the interests of
Licensor under this Agreement, the New Controlling Shareholder shall
immediately notify Licensor thereof but the New Controlling Shareholder or the
Licensee shall not institute any action or proceeding for infringement,
opposition or otherwise or take any other steps for the protection of the Trade
Marks unless requested or agreed to in writing by Licensor.

(2) If Licensor desires to institute any action or proceeding or take any other
step for the protection of the Trade Marks, then Licensee shall, if reasonably
requested by Licensor in writing and in order to allow Licensor to protect the
Trade Marks, join Licensor in any such action or proceeding or step, at the
sole and exclusive expense of the Licensor.

7.   Costs

The costs of maintaining the Trade Marks registration shall be borne by
Licensor.


                                       8
<PAGE>


8.   Liability and Indemnity

(1) Licensor shall not be liable to Licensee or the New Controlling Shareholder
for any loss or damage suffered by Licensee or the New Controlling Shareholder
as a result of or in connection with Licensee's conduct of its business and the
display in connection therewith of the Trade Marks. Licensor makes no
representations and gives no warranties under this Agreement as to the
non-infringement of third party rights or otherwise, and all implied warranties
are hereby excluded.

(2) Licensee and the New Controlling Shareholder shall each fully defend,
indemnify and hold Licensor and its Affiliates harmless against any and all
claims, demands, losses or costs (including reasonable legal costs) which
Licensor and its Affiliates may receive, suffer or incur at the instance of any
third party arising out of or in connection with any display, representation,
misrepresentation, use or misuse or any other handling whatsoever made after
the Closing Date by the Licensee of the Trade Marks on the Assets or otherwise
in connection with the Business, without set-off counterclaim or any other
deduction of any nature and regardless of whether or not the New Controlling
Shareholder or the Licensee has complied with its obligations under this
Agreement. This obligation of the Licensee shall not apply in those claims,
demands, losses or costs (including legal costs) where such claims, demands,
losses or costs (including legal costs) originated as a result of actions or
omissions of the Licensor or the Licensee prior to the Closing Date. For the
avoidance of doubt, this indemnity shall not extend to any claim by a third
party if and to the extent that such claim challenges the validity or ownership
of the Trade Marks

(3) Licensor shall fully defend, indemnify and hold Licensee and its Affiliates
harmless against any and all claims, (including, without limitation, claims
that challenges the validity or ownership of the Trade Marks), demands, losses
or costs (including reasonable legal costs) which Licensee and its Affiliates
may receive, suffer or incur at the instance of any third party arising out of
or in connection with any display or use made before the Closing Date by the
Licensee of the Trade Marks on the Assets, without set-off counterclaim or any
other deduction of any nature.

9.   Term of Agreement

(1) The provisions of this Agreement shall come into force on its signature
date and shall remain in force until the expiry of the longest period referred
to in Clause 4 above, unless terminated sooner in accordance with the
provisions of this Agreement.

(2) Licensor may by written notice to Licensee and the New Controlling
Shareholder terminate the provisions of this Agreement with immediate effect
if:


                                       9
<PAGE>


(a) Licensee or the New Controlling Shareholder commits a breach of any of the
conditions or covenants of this Agreement and fails to rectify the breach
within 30 (thirty) days of receiving notification of the breach from Licensor,
or

(b) Licensee or the New Controlling Shareholder challenges the validity of the
Trade Marks or Licensor's right to sub-license the Trade Marks, or

(c) Licensee or the New Controlling Shareholder goes into bankruptcy or
concordata.

(3) Upon termination or expiry of this Agreement, Licensee and the New
Controlling Shareholder shall not use or assist others to use any of the Trade
Marks or any other mark or manifestation which might be confused with the Trade
Marks, or which might be regarded as a copy or imitation of the Trade Marks, in
relation to any goods, services or activity or as a business or corporate name
(or as part of a business or corporate name).

(4) The provisions of Clauses 8, 9(3) and 12 of this Agreement shall survive
its expiry or termination for whatever reason.

(5) Upon termination or expiry of the provisions of Clause 4 of this Agreement,
Licensee shall cease the use of the Trade Marks and promptly remove all
references to the Trade Marks from the Assets and, in relation to the Assets
where such prompt removal is not practicable, cease to use such Assets until
references to the Trade Marks have been removed from such Assets.

10.  Penalties

Any breach by the Licensee or the New Controlling Shareholder of any provision
of this Agreement, including but not limited to the re-branding provisions set
forth in Clause 4 above, will result in the imposition of a daily penalty in
the amount of R$50.000,00 (fifty thousand reais) if such default is not cured
within 30 days of such breach (except from the obligations set forth in Clauses
4 (1) (a), (f) and (h), to which such 30 days cure period shall not apply),
without prejudice to any other remedies available to the Licensor. The amounts
due to the Licensor under this Clause shall be adjusted by IPC-A from the
Closing Date until the respective payment date.

11. Assignment and Sub-Licensing

(1) Licensor shall be free to assign the trade Marks and/or its rights and
obligations under this Agreement as it shall see fit, subject to the rights of
Licensee hereunder.

(2) Licensee and the New Controlling Shareholder shall not in any circumstances
assign or transfer its rights or obligations under this Agreement and


                                      10
<PAGE>


shall not sub-license its rights nor sell or transfer any of the plants.
depots, LPG Cylinders, bulk tanks or vehicles still bearing the Trade Marks to
any third party, except (a) for the sublicenses granted by Licensee to (i) its
franchisees, through the franchise agreements the Licensee is a party to on
this date, (ii) the owners of the POS, through the so-called "Contratos de
Revenda de GLP e Cessao de Uso de Marca e Padroes e Outras Avencas" the
Licensee is a party to on this date, (iii) the carrier companies, through the
so-called "Contratos de Prestavdo de Servicos de Transporte de Carga" the
Licensee is a party to on this date or (b) after 2 (two) years after the
Closing Date, for any assignee, in case the New Controlling Shareholder
transfers the shares of the capital stock of the Licensee to any third party,
or (c) for its Affiliates.

12.  Notices

All notices to be sent by one party to the other pursuant to this Agreement
shall be sent to that other party at its address given at the beginning of this
Agreement. Any party may at any time designate in writing to the other party a
different or additional address to which notices and other communications are
subsequently to be sent.

13.  Applicability of and Conflict with 1976 License Agreement

The 1976 License Agreement shall apply to the relationship hereunder between
the parties subsidiarily and where not contrary to the provisions of this
Agreement. In case of conflict between the statements of the two contracts, the
provisions of this Agreement shall prevail over the 1976 License Agreement.

14.  Applicable Law and Jurisdiction

This Agreement and the relationship hereunder between the parties and any
dispute arising from or in connection with it shall be exclusively interpreted
in accordance with and governed by the Brazilian law and the courts of the City
of Rio de Janeiro. State of Rio de Janeiro shall have exclusive jurisdiction to
deal with any such dispute.

15.  Intervening Party

Ultra signs this Agreement as an intervening party, acknowledging all its terms
and conditions and as a legal successor of the New Controlling Shareholder in
all its rights and obligations hereunder, as from the date the Shares are
transferred from New Controlling Shareholder to Ultra (or to any other third
party) up to the date such rights and obligations cease to exist.

16.  Language


                                      11
<PAGE>


This Agreement is entered into both English and Portuguese versions. In case of
any conflict between them, the English version shall prevail.


                                      12
<PAGE>


AS WITNESS WHEREOF the parties have executed this Agreement in (4) four original
counterparts of identical form and content, to one sole effect, in the presence
of the two undersigned witnesses:

Rio de Janeiro, August 08, 2003.

SHELL BRASIL LTDA.


By:
       Title:

COMPANHIA ULTRAGAZ S.A.


By:
       Title:


OXITENO NORDESTE S.A.
   INDUSTRIA E COMERCIO


By:
       Title:


SPGAS DISTRIBUIDORA DE GAS
   S.A.


By:
       Title:


Witnesses:


1)
     Name:
     Id#:



2)
     Name:


                                      13


<PAGE>


     Id#:


                                      14
<PAGE>


                                   SCHEDULE 1
                                   ----------

                           Trademarks To Be Licensed
                           -------------------------


Trade Mark          Regn. No.          Date of Registration          Class
- ----------          ---------          --------------------          -----

[GRAPHIC]           819869678            August 10, 1999             40.15


<PAGE>


                                   SCHEDULE 2
                                   ----------

This Schedule 2 shall be deemed to include any other franchisee of the Licensee
who provenly has directly or indirectly, been a franchisee of the Licensee on
or before the Closing Date.

                              List of Franchisees
                              -------------------

                                (see attachment)


                                      16
<PAGE>


                                   SCHEDULE 4
                                   ----------

This Schedule 4 shall be deemed to include all agreements so called "Contratos
de Prestacao de Servicos de Transporte de Carga" entered into by the Licensee
which have provenly been directly or indirectly entered on or before the
Closing Date.

List of the so-called "Contratos de Prestacao de Servicos de Transporte de
Carga"

                                (see attachment)


                                      17
<PAGE>


Schedule 7 (List of Secondees)
- ------------------------------

1.   Alejandro Carro

2.   Alfredo Nascimento

3.   Amadeu Queijo

4.   Fernando Sumnienski

5.   Guilherme Barreto

6.   Luiz Colletto

7.   Rafael Spadon

8.   Roberto Guarda

9.   Sergio Silva

10.  Rogerio Quadros

11.  Angela Bastos

12.  Marcos Veiga

13.  Carlos Cortes


                                      18
<PAGE>


Schedule 8 (List of agreements for the rendering of services to the Company to
- ------------------------------------------------------------------------------
be terminated)
- --------------

1.   Service Agreement entered into by and between Shell Brasil and Petrogaz
     dated as of June 1, 2000.

2.   Direct Dealing GI Services Contract entered into by and between Shell
     Information Technology International B.V. and the Company dated as of
     March 18, 2003.

3.   Service Agreement entered into by and between Shell International
     Petroleum Company Limited and the Company December 3, 2001.


                                      19
<PAGE>


Schedule 9 (Reference Balance Sheet)
- ------------------------------------




                                      20
<PAGE>


Schedule 10 (List of matter not subject to standard limitation on quantum)
- --------------------------------------------------------------------------



                                      21

</TEXT>
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<TYPE>EX-15.1
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<FILENAME>ex1501.htm
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<P align="right"><font face="Times New Roman, Times, serif"><strong><font size="2">Exhibit 15.1</font></strong> </font></P>

<table width="95%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="30%" valign="top"><img src="consent_deloittex1x1.jpg" border=0></td>
          <td width="48%">&nbsp;</td>
          <td width="22%"><font size=1 face="sans-serif">Deloitte Touche Tohmatsu<br>
               Auditores Independentes<br>
               Rua Alexandre Dumas, 1981<br>
               &#150; Chacar&aacute; Santo Antonio<br>
               S&atilde;o Paulo - SP- 04717-906<br>
               Brasil<br>
               <br>
               Tel: + 55 (11) 5186-2444<br>
               Fax:+ 55 (11) 5185-2911<br>
          www.deloitte.com.br </font></td>
     </tr>
</table>

<BR>
<BR>
<TABLE>
     <TR>
          <TD nowrap><font size="2">February 2, 2005 </font></TD>
     </TR>
     <TR>
          <TD nowrap>&nbsp;</TD>
     </TR>
     <TR><TD width="292" nowrap>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.<BR>
Av. Brigadeiro Luis Ant&ocirc;nio, 1343<BR>
<U>S&atilde;o Paulo, SP, Brazil</U></font></TD></TR></TABLE>
<P>
<FONT size=2 face="serif">We have made a review, in accordance with the standards of the Public Company Accounting Oversight Board (United States), of the unaudited interim financial information of Ultrapar Participa&ccedil;&otilde;es S.A. and
subsidiaries for the nine-month periods ended September 20, 2004 and 2003, and have issued our report dated October 29, 2004, except for Note 24 as to which the date is November 26, 2004.  As indicated in such reports, because we did not perform an
audit, we expressed no opinion on that information. </FONT></P>
<P>
<FONT size=2 face="serif">We are aware that our report referred to above is being used in this Registration Statement. </FONT></P>
<P>
<FONT size=2 face="serif">We also are aware that the aforementioned reports, pursuant to Rule 436(c) under the Securities Act of 1933, are not considered a part of the Registration Statement prepared or certified by an accountant or a report
prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act. </FONT></P>
<P>
<FONT size=2 face="serif">/s/ Deloitte Touche Tohmatsu</FONT></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>12
<FILENAME>ex2301.htm
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<P align="right"><font face="Times New Roman, Times, serif"><strong><font size="2">Exhibit 23.1</font></strong> </font></P>

<table width="95%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td width="30%" valign="top"><img src="consent_deloittex1x1.jpg" border=0></td>
          <td width="48%">&nbsp;</td>
          <td width="22%"><font size=1 face="sans-serif">Deloitte Touche Tohmatsu<br>
               Auditores Independentes<br>
               Rua Alexandre Dumas, 1981<br>
               &#150; Chacar&aacute; Santo Antonio<br>
               S&atilde;o Paulo - SP- 04717-906<br>
               Brasil<br>
               <br>
               Tel: + 55 (11) 5186-2444<br>
               Fax:+ 55 (11) 5185-2911<br>
          www.deloitte.com.br </font></td>
     </tr>
</table>

<BR>
<P>
<B><U><FONT size=2 face="serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></U></B></P>
<P>
<FONT size=2 face="serif">We consent to the use in this Registration Statement on Form F-1 of our report dated January 30, 2004, except for Note 24 as to which the date is March 19, 2004, for Note 23.b) as to which the dates are April 16, 2004 and
April 30, 2004 and for Note 23.c) as to which the date is May 18, 2004 relating to the consolidated financial statements of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries appearing in the Prospectus, which is part of this Registration
Statement. </FONT></P>
<P>
<FONT size=2 face="serif">We also consent to the reference to us under the headings &#147;Management&#146;s discussion and analysis of financial condition and results of operations&#148; and &#147;Experts&#148; in such Prospectus. </FONT></P>
<TABLE width="23%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="serif">/s/ Deloitte Touche Tohmatsu</FONT>
	</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=100% align=left>
<FONT size=2 face="serif">February 2, 2005</FONT>
	</TD>
</TR>
</TABLE>
<BR>

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<TYPE>EX-23.2
<SEQUENCE>13
<FILENAME>ex2302.htm
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<P align="right"><font face="Times New Roman, Times, serif"><strong><font size="2">Exhibit 23.2</font></strong> </font></P>
<P align="center"><U><FONT size=2 face="Times New Roman, Times, serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></U> </P>
<P>
<FONT size=2 face="Times New Roman, Times, serif">We hereby consent to the use in this Registration Statement on Form F-1 of our report dated May 27, 2002 relating to the financial statements of Ultrapar Participa&ccedil;&otilde;es S.A. for the year ended December 31,
2001, which appears in such Registration Statement. We also consent to the references to us under the headings &#147;Experts&#148; and &#147;Management&#146;s discussion and analysis of financial condition and results of operations&#148; in such
Registration Statement.</FONT></P>
<P>&nbsp;</P>
<P><font size="2" face="Times New Roman, Times, serif">PricewaterhouseCoopers<br>
  Auditores
    Independentes </font></P>
<P>
<FONT size=2 face="Times New Roman, Times, serif">S&atilde;o Paulo, SP, Brazil<br>
February
2, 2005 </FONT></P>
<br>
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<SEQUENCE>14
<FILENAME>filename14.htm
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<P ALIGN="CENTER"><B><FONT SIZE="2">DAVIS POLK &amp; WARDWELL <BR>
  450 LEXINGTON AVENUE<BR>
  NEW YORK, NEW YORK &nbsp;10017 </FONT></B></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td align="right"><font size="2" face="Times New Roman, Times, serif">February 2,
                    2005</font>
</td>
     </tr>
     <tr>
          <td>&nbsp;</td>
     </tr>
</table>

     <P><FONT size="2" face="Times New Roman, Times, serif">Securities and Exchange
         Commission<BR>
Division of Corporation Finance <BR>
Judiciary Plaza <BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549 <br>
<BR>
Re: <B>Ultrapar Participa&ccedil;&otilde;es S.A.</B> </FONT> </P>
     <P><FONT size="2" face="Times New Roman, Times, serif">Ladies and Gentlemen:</FONT></P>
     <P>
     <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf
     of Ultrapar Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148;), a company incorporated under the laws of Brazil, we enclose herewith a Registration Statement on Form F-1 (&#147;Form
F-1&#148;) for filing on EDGAR pursuant to the Securities Act of 1933, as amended, relating to a proposed offering of up to 6,146,901,164 of the Company&#146;s preferred shares including preferred shares represented by American Depositary Shares.
The ADSs are listed on the New York Stock Exchange under the symbol &#147;UGP&#148;. </font></P>
<P>
     <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The filing
     fee in the amount of $13,841 for the Form F-1 has been wired to the Securities
and Exchange Commission&#146;s account at the Mellon Bank. </font></P>
<P>
     <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
     letter confirms that an oral request for acceleration of the effective date
     of the Registration Statement will be made in accordance with Rule 461 of
     the Act. The Company and the managing underwriters are aware of their obligations
under the Act. </font></P>

<br>
<br>
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        <TD width=32% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">Securities and Exchange Commission</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=32% align=center>
          <FONT size="2" face="Times New Roman, Times, serif">2</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=32% align=right>
          <FONT size="2" face="Times New Roman, Times, serif">February 2, 2005</FONT>
        </TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>
</font>
<P>
     <font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
     you have any questions regarding this filing, please feel free to call the
undersigned at (212) 450-4779. </font></P>
<div align=RIGHT><TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=100% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">Very truly yours,</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">/s/ Andr&eacute;s
          V. Gil</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR align="left" WIDTH=35% size=1 noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">Andr&eacute;s V.
          Gil</FONT>
        </TD>
</TR>
</TABLE>
</div>
<font size="2" face="Times New Roman, Times, serif"><BR>
</font>
<TABLE width="27%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=6% align=left valign="top">
          <FONT size="2" face="Times New Roman, Times, serif">cc:</FONT>
        </TD>
        <TD width=94% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">Roberto Kutschat</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=8% align=left valign="top">

        </TD>
        <TD width=92% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">Angela Pegas</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left valign="top">

        </TD>
        <TD width=96% align=left>
          <FONT size="2" face="Times New Roman, Times, serif">Andr&eacute; Covr&eacute;</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=4% align=left valign="top">&nbsp;
        </TD>
     <TD align=left width=96%><font size="2" face="Times New Roman, Times, serif">Sara
          Hanks</font></TD>
</TR>
</TABLE>
<font size="2" face="Times New Roman, Times, serif"><BR>

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