-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IjHYZ/bT9mJ7hakVKrK8sJNO9Q3MO/ScbMhXzYNcd4i2mjwbL+AnG5GKiNZ8+xWH
 uC93Qq8rTvjHInp+44bTCQ==

<SEC-DOCUMENT>0000950103-06-001507.txt : 20060613
<SEC-HEADER>0000950103-06-001507.hdr.sgml : 20060613
<ACCEPTANCE-DATETIME>20060613152949
ACCESSION NUMBER:		0000950103-06-001507
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060530
FILED AS OF DATE:		20060613
DATE AS OF CHANGE:		20060613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		06902287

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp02815_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
<P align="center"> <B><FONT size=3 face="Times New Roman, Times, serif">Form 6-K</FONT></B><br>
<font size="3" face="Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION<br>
  </B></font><font size="2" face="Times New Roman, Times, serif"><B>Washington, D.C. 20549 </B> </font></P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>Report Of Foreign Private Issuer<br>
  Pursuant To Rule 13a-16 Or 15d-16 Of<br>
  The Securities Exchange Act Of 1934 </B></font></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">For the
    month of June, 2006</FONT></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">Commission File Number: 001-14950</FONT><FONT size="3" face="Times New Roman, Times, serif"> </FONT> </P>
<P align="center"></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font size="3" face="Times New Roman, Times, serif"><B>ULTRAPAR HOLDINGS INC.<br>
      </B></font><font size=1 face="Times New Roman, Times, serif">(Translation of Registrant&#146;s Name into English)</FONT><FONT size=2 face="Times New Roman, Times, serif">&nbsp; </FONT></td>
  </tr>
  <tr>
    <td align="center"><hr align="left" width=100% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif"><B>Avenida Brigadeiro Luis Antonio, 1343, 9&ordm;</B> <B>Andar<br>
      S&atilde;o Paulo, SP, Brazil 01317-910<br>
                </B></font><font size=1 face="Times New Roman, Times, serif">(Address of Principal Executive Offices)</FONT></td>
  </tr>
  <tr>
    <td align="center"><hr align="left" width=100% size=1 noshade color="#000000"></td>
  </tr>
</table>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <table width="50%" border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form 20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp; </u></font></td>
      <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="200" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form 40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    </tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
      </tr>
    </table>
  </div>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
      </tr>
    </table>
  </div>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
      </tr>
    </table>
  </div>
</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <u>N/A</u></FONT></p>
  </blockquote>
</blockquote>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
<br>
<br>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR HOLDINGS INC. </FONT></B></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TABLE OF CONTENTS </FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan="3" align=left><b><font basesize=2 size=2 baseface="serif" face="serif">ITEM</font></b> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=12% align=center nowrap><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SEQUENTIAL<br>
          PAGE NUMBER</FONT></B></TD>
</TR>
<TR>
        <TD width="5%" align="left">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="79%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="12%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.</FONT></B>  </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=79% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minutes of a meeting of the Board of Directors, May 30, 2006 </FONT></B>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=12% align=center><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3</FONT></B>        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.</FONT></B></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=79% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interim financial statements
for the quarter ended March 31, 2006 &ndash; amended
(1)</FONT></B></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=12% align=center> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5</FONT></B>       </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></B></TD>
  <TD colspan="4" valign="top"><b><font basesize=2 size=2 baseface="serif" face="serif">Item
                 2 in this
        Form 6-K is hereby expressly incorporated by reference into the Registration
        Statement on Form F-4 (No. 333-134106, 333-134106-02 and 333-134106-01) of LPG International Inc., Ultrapar
        Participacoes S.A. and Oxiteno S.A. Industria e Comercio filed on May
    15, 2006.</font></b></TD>
  </TR>
</TABLE>
<div align="center"><BR>
</div>
<P align="center">
<FONT BASESIZE=1 size=2 BASEFACE="sans-serif" face="sans-serif">- 2 -</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
  <br>

<p align="right"><strong>
<font size="2">Item 1</font>
</strong></p>
<p align="center"><B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B><BR>
  <B><FONT face="serif" size=2>Publicly-Listed Company </FONT></B></p>
<P align="center"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">CNPJ N&ordm; 33.256.439/0001 - 39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">NIRE 35.300.109.724</FONT></P>
<P align="center"> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">MINUTES OF BOARD OF DIRECTORS MEETING (04/2006)</FONT></B></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Date, Time and Location: </FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">May 30, 2006, at 2:30 p.m., at Company Headquarters, located at Av. Brigadeiro Luiz Ant&ocirc;nio, n&ordm; 1343 &#150; 9</FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="sans-serif"
face="sans-serif">th</FONT></SUP><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> floor, in the City and State of S&atilde;o Paulo. </FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Presence: </FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Members of the Board of Directors, duly signed below. </FONT></P>
<P align="left"> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deliberated Matters:</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="5%" valign=top nowrap>&nbsp;</TD>
    <TD width="5%" valign=top nowrap> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">1.</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Authorization
              of the Company&#146;s participation as an intervening guarantor,
              rendering warrant to its indirect subsidiary Oleoqu&iacute;mica
              Ind&uacute;stria e Com&eacute;rcio de Produtos Qu&iacute;micos
              Ltda, under the &#147;Financing Contract, through a private line
              of credit, entered into and between Banco do Nordeste do Brasil
              S.A. and Oleoqu&iacute;mica In&uacute;stria e Com&eacute;rcio de
              Produtos Qu&iacute;micos Ltda., with intervention of third parties&#148;,
              in the total amount of R&#36;118,470,758.04 (one hundred and eighteen
              million, four hundred and seventy thousand, seven hundred fifty
              eight reais and four cents). This financing is necessary for the
              construction of an industrial plant for the production of fatty
              alcohols, fatty acids and glycerin, in the city of Cama&ccedil;ari,
              in the State of Bahia.</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 BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">2.</FONT></TD>
    <TD width=90%> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Approval of the execution, by the Board of Officers, of all the necessary acts and of signature of all required documents regarding the matter approved in item &#147;1&#148; of these minutes.</FONT> </TD>
  </TR>
</TABLE>
<P align="left">&nbsp; </P>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Observation : (i) These deliberations were approved by all presents, except for Board Member Renato Ochman, who abstained from voting. </FONT></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"><br>
Once there were no further matters to discuss, the meeting was closed and
    the minutes of this meeting were transcript, read and approved by all the
    undersigned Board Members present.</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=35% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=60% align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Paulo Guilherme Aguiar Cunha</FONT></B> &nbsp;&nbsp;&nbsp;</TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=60% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Lucio de Castro Andrade Filho</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chairman</FONT> </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=60% nowrap align=left> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Vice Chairman</FONT> </TD>
  </TR>
</TABLE>
<P align="center"> <FONT face="serif" size=2>- 3 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD width=100% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Ana Maria Levy Villela Igel &#150; </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board Member</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Paulo Vieira Belotti &#150; </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board Member</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Renato Ochman &#150; </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board Member</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Nildemar Secches &#150; </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board Member</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% nowrap align=left> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Olavo Egydio Monteiro de Carvalho &#150; </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Board Member</FONT> </TD>
  </TR>
</TABLE>
<P align="center"> <FONT face="serif" size=2>- 4 -</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="right"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEM 2</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center>
<I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">(Convenience Translation into English from</FONT></I>        </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center>
<I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">the Original Previously Issued in Portuguese)</FONT></I>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center>
<B><I><FONT BASESIZE=6 size=6 BASEFACE="serif" face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.</FONT></I></B>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center>
<I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Interim Financial Statements for the Quarter</FONT></I>      </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center>
<I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">ended March 31, 2006 and Independent</FONT></I>      </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=center>
<I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Accountants&#146; Review Report</FONT></I>   </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">Deloitte
          Touche Tohmatsu Auditores Independentes</font> </TD>
</TR>
</TABLE>
<BR>
<P align="center"> <FONT face="serif" size=2>- 5 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="left">
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INDEPENDENT ACCOUNTANTS&#146; REVIEW REPORT</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To the Shareholders and Management of</FONT><BR>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. </FONT><BR>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">S&atilde;o Paulo - SP</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We have performed a special review of the accompanying interim financial statements of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries as of and for the three-month period ended March
31, 2006, prepared in accordance with Brazilian accounting practices and under the responsibility of the Company&#146;s management, consisting of the balance sheets (Company and consolidated), the related statements of income and the performance
report.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We conducted our review in accordance with specific standards established by the Brazilian Institute of Independent Auditors (IBRACON), together with the Federal Accounting Council, which
consisted principally of: (a) inquiries of and discussions with persons responsible for the accounting, financial and operating areas as to the criteria adopted in preparing the interim financial statements, and (b) review of the information and
subsequent events that had or might have had material effects on the financial position and results of operations of the Company and its subsidiaries.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Based on our special review, we are not aware of any material modifications that should be made to the financial statements referred to in paragraph 1 for them to be in conformity with Brazilian
accounting practices and standards established by the Brazilian Securities Commission (CVM), specifically applicable to the preparation of mandatory interim financial statements.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additionally, we have reviewed the consolidated statement of cash flows, included in Note 23 to the interim financial statements, for the periods ended March 31, 2006 and 2005, which is presented
for purposes of additional analysis and is not a required part of the basic interim financial statements. Such statement has been subjected to the review procedures described in paragraph 2 and, based on our review, we are not aware of any material
modifications that should be made to this statement for it to be fairly stated, in all material respects, in relation to the interim financial statements taken as a whole.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">We had previously audited the Company and consolidated balance sheets as of December 31, 2005 and reviewed the Company and consolidated statements of income for the three- month period ended
March 31, 2005, presented for comparative purposes, and issued unqualified audited and special review reports thereon, dated January 31, 2006 and April 29, 2005, respectively.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center"> <FONT face="serif" size=2>- 6 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Deloitte Touche Tohmatsu</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The accompanying interim financial statements have been translated into English for the convenience of readers outside Brazil.</FONT>     </TD>
</TR></TABLE>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">S&atilde;o Paulo, April 28, 2006</FONT>
        </TD>
        <TD width=25% align=left>&nbsp;</TD>
        <TD width=25% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
  <TD width=25% align=left>&nbsp;</TD>
  <TD width=25% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
  <TD width=25% align=left>&nbsp;</TD>
  <TD width=25% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">DELOITTE TOUCHE TOHMATSU</FONT>
        </TD>
        <TD width=25% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Altair Tadeu Rossato</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Auditores Independentes</FONT>
        </TD>
        <TD width=25% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Engagement partner</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 7 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width="56%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<u><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></u>
        </TD>
  </TR>
<TR>
        <TD width="56%">&nbsp;
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
        </TD>
        <TD width="2%"></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
        </TD>
        <TD width="2%"></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
        </TD>
        <TD width="2%"></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
        </TD>
    <TD width="2%"></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BALANCE SHEETS AS OF MARCH 31, 2006 AND DECEMBER 31, 2005</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(In thousands of Brazilian reais - R&#36;)</FONT>
        </TD>
  </TR>
<TR>
        <TD width="56%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="5" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="5" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="7%" align="center"><HR noshade size=1></TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/06</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/05</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/06</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/05</FONT>
        </TD>
  </TR>
<TR>
        <TD width="56%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CURRENT ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash and banks</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">131</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,470</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32,714</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Temporary cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">359,626</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,058,660</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,218,210</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">335,002</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">343,328</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">208,403</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">191,749</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,928</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,984</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,117</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,931</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">92</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">87</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,552</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,969</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dividends receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">73,302</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">943</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">422</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,006</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,608</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">536</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">536</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,873</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,793</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total current assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">386,956</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">443,047</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,729,083</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,888,302</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LONG-TERM ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">382,124</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">372,692</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,409</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,409</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,955</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,706</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,915</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,849</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">61,348</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,991</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,832</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,734</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,882</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,777</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Escrow deposits</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,802</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,384</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,986</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,244</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,799</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,144</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">821</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">757</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">387</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">571</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total long-term assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,977</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,749</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">547,283</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">533,509</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PERMANENT ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsidiary and affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,215,915</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,153,873</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,242</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,182</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">186</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">186</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,117</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,117</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,070,187</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,072,729</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102,533</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">98,286</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total permanent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,216,101</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,154,059</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,205,079</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,203,314</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
    <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TOTAL ASSETS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,633,034</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,626,855</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,481,445</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,625,125</FONT>
        </TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
    <TD width="2%"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="5" align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="5" align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT> </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"> </TD>
    <TD align="center">
      <HR noshade size=1>
    </TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
    <TD align="center"><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LIABILITIES AND STOCKHOLDERS' EQUITY</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/06</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/05</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/06</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/05</FONT>
        </TD>
  </TR>
<TR>
        <TD width="56%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CURRENT LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">129,661</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">135,855</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debentures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,173</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,853</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,173</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,853</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">273</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">280</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">94,440</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,938</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56,286</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">66,066</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Taxes payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,726</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,332</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dividends payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,715</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,108</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,337</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">103,854</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">837</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">638</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">230</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">249</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,784</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,395</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total current liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,214</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">118,293</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">320,474</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">440,180</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LONG-TERM LIABILITIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">905,911</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">978,608</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debentures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">300,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">300,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">300,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">300,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">447,252</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">404,230</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,984</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,049</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,499</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,120</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,881</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,689</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39,003</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">54,622</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,441</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,747</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total long-term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">756,133</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">712,919</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,276,838</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,365,146</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,764</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,634</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">STOCKHOLDERS' EQUITY</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">946,034</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">946,034</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">946,034</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">946,034</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,046</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,046</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">381</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">329</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Revaluation reserve</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,600</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,955</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,600</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,955</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Profit reserves</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">837,502</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">837,502</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">837,502</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">837,502</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Treasury shares</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,894</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,894</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,544</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,655</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retained earnings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,399</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,396</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total stockholders' equity</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,858,687</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,795,643</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,853,369</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,790,165</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total minority interest and stockholders' equity</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,858,687</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,795,643</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,884,133</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,819,799</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TOTAL LIABILITIES AND STOCKHOLDERS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EQUITY</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,633,034</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,626,855</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,481,445</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,625,125</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=2>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=1 size=2 BASEFACE="serif" face="serif">The accompanying notes are integral part of these financial</FONT>
<FONT BASESIZE=1 size=2 BASEFACE="serif" face="serif">statements.</FONT></P>
<P align="center">
<FONT BASESIZE=1 size=2 BASEFACE="serif" face="serif">- 8 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width="56%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width="56%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">STATEMENTS OF INCOME</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FOR THE QUARTERS ENDED MARCH 31, 2006 AND 2005</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(In thousands of Brazilian reais - R&#36;, except for earnings per share)</FONT>
        </TD>
  </TR>
<TR>
        <TD width="56%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="56%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="5" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="5" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1> </TD>


  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/06</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/05</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;

        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/06</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/05</FONT>
        </TD>
  </TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="right">
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">GROSS SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,198,980</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,257,323</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deductions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(101,239</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(120,326</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
      <HR noshade size=1>
    </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NET SALES AND SERVICES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,097,741</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,136,997</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(898,709</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(878,217</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
      <HR noshade size=1>
    </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">GROSS PROFIT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">199,032</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">258,780</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EQUITY IN SUBSIDIARIES AND AFFILIATED COMPANIES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,095</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,844</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(71</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OPERATING (EXPENSES) INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(172</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(139,835</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(136,110</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Selling</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(45,983</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(43,707</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">General and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(172</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(62,559</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(60,972</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Management compensation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,244</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,224</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(30,578</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(31,363</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other operating income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT> </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">529</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,156</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,094</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,672</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,256</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">122,599</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income (expenses), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,510</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,414</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,826</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,674</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">439</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,674</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,147</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13,164</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(420</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(32,260</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(23,893</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CPMF/IOF/other financial expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,080</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME FROM OPERATIONS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,604</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,691</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71,670</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">113,773</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Nonoperating (expenses) income, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,091</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,809</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME BEFORE TAXES ON INCOME AND</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,604</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,691</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">69,579</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">111,964</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD align="right">
      <HR noshade size=1>
    </TD>
        <TD GUTTER>
      <HR noshade size=1>
    </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,653</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10,494</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(578</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(90</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(28,430</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(35,797</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Benefit of tax holidays - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,369</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,901</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">149</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,408</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,402</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME BEFORE MINORITY INTEREST</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,097</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,750</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">57,926</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">101,470</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,138</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(720</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="right">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NET INCOME</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,097</FONT>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,750</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56,788</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,750</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EARNINGS PER SHARE - R&#36;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.77767</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00126</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.69991</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00126</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
  <TD> </TD>
  <TD>
    <HR noshade size=2>
  </TD>
  <TD GUTTER>
    <HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="13" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The accompanying notes are integral part of these financial statements.</FONT>
        </TD>
  </TR>
<TR>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>
    <HR noshade size=1>
  </TD>
  <TD GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 9 -</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="left">
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td><font basesize=2 size=2 baseface="serif" face="serif">IDENTIFICATION</font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
  </tr>
</table>
<br>
<br>

<TABLE border=1 width=95% cellspacing=0 cellpadding=2>
<TR valign="bottom">
        <TD height="23" colspan="4" align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">01.01 - CAPITAL COMPOSITION</FONT></B>
        </TD>
  </TR>
<TR align="center" valign="bottom">
        <TD width=25%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><b><font basesize=1 size=1 baseface="serif" face="serif">Number of shares</font></b><br>
          (Thousands)</FONT>
        </TD>
        <TD width=25%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><b><font basesize=1 size=1 baseface="serif" face="serif">Current quarter</font></b><br>
3/31/2006</FONT>
        </TD>
        <TD width=25%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><b><font basesize=1 size=1 baseface="serif" face="serif">Prior quarter</font></b><br>
12/31/2005</FONT>
        </TD>
        <TD width=25%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif"><b><font basesize=1 size=1 baseface="serif" face="serif">Same quarter in prior year</font></b><br>
3/31/2005</FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD colspan="4" align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Paid-up Capital</FONT></B>
        </TD>
  </TR>

<TR valign="bottom">
        <TD width=25% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1 - Common</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">49,430</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">49,430</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">49,429,897</FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2 - Preferred</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">31,895</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">31,895</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">30,715,062</FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3 - Total</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">81,325</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">81,325</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">80,144,959</FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD colspan="4" align=left><B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Treasury Stock</FONT></B>
        </TD>
  </TR>

<TR valign="bottom">
        <TD width=25% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4 - Common</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6,616</FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5 - Preferred</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">182</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">182</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">211,097</FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6 - Total</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">189</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">189</FONT>
        </TD>
        <TD width=25% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">217,713</FONT>
        </TD>
</TR>

</TABLE>
<BR>
<TABLE border=1 width=95% cellspacing=0 cellpadding=2>
<TR valign="bottom">
        <TD colspan="7" align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">01.02 - DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER</FONT></B>
        </TD>
  </TR>
<TR align="center" valign="middle">
        <TD width=14%>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1 - ITEM</FONT>
        </TD>
        <TD width=16%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2 - EVENT</FONT>
        </TD>
        <TD width=14%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3 - APPROVAL</FONT>
        </TD>
        <TD width=14%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4 - REVENUE</FONT>
        </TD>
        <TD width=14%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5 - BEGINNING OF PAYMENT</font>
        </TD>
        <TD width=14%>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7 - TYPE OF SHARE</FONT>
        </TD>
        <TD width=14%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8 - AMOUNT PER SHARE</FONT>
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">01</FONT>
        </TD>
        <TD width=16%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Board of Director&#146;s Meeting</FONT>
        </TD>
        <TD width=14%>
  <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">02/15/2006</FONT>
        </TD>
        <TD width=14%>
  <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Dividend</FONT>
        </TD>
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/07/2006</FONT>
        </TD>
        <TD width=14%>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Common</FONT>
        </TD>
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1.232498</FONT>
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">02</FONT>
        </TD>
        <TD width=16%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Board of Director&#146;s Meeting</FONT>
        </TD>
        <TD width=14%>
  <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">02/15/2006</FONT>
        </TD>
        <TD width=14%>
  <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Dividend</FONT>
        </TD>
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/07/2006</FONT>
        </TD>
        <TD width=14%>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Preferred</FONT>
        </TD>
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1.232498</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=1 width=95% cellspacing=0 cellpadding=2>
<TR valign="bottom">
        <TD colspan=7 align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">01.03 - SUBSCRIBED CAPITAL AND ALTERATIONS IN THE CURRENT YEAR</FONT></B>
        </TD>
  </TR>
<TR align="center" valign="bottom">
        <TD width=14%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1 - ITEM</FONT>
        </TD>
        <TD width=14%><font basesize=1 size=1 baseface="serif" face="serif">2 - DATE OF ALTERATION</font></TD>
        <TD width=14%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3 - AMOUNT OF THE CAPITAL<br>
          (IN THOUSANDS OF REAIS)</FONT>
        </TD>
        <TD width=14%><font basesize=1 size=1 baseface="serif" face="serif">4 - AMOUNT OF THE ALTERATION<br>
    (IN THOUSANDS OF REAIS)</font></TD>
        <TD width=16%><font basesize=1 size=1 baseface="serif" face="serif">5 - NATURE OF ALTERATION</font>     </TD>
        <TD width=14%><font basesize=1 size=1 baseface="serif" face="serif">7 - NUMBER </font><font basesize=1 size=1 baseface="serif" face="serif">OF SHARES ISSUED<br>
          (THOUSAND)</font>

        </TD>
        <TD width=14%><font basesize=1 size=1 baseface="serif" face="serif">8 - SHARE</font><font basesize=1 size=1 baseface="serif" face="serif"> PRICE ON ISSUE DATE</font><font basesize=1 size=1 baseface="serif" face="serif"><br>
          (IN REAIS)</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=14% align=left>&nbsp;

        </TD>
        <TD width=14% align=left>&nbsp;</TD>
        <TD width=14% align=left>&nbsp;
        </TD>
        <TD width=14% align=left>&nbsp;</TD>
        <TD width=16% align=left>&nbsp; </TD>
        <TD width=14% align=left>
 &nbsp; &nbsp;
        </TD>
        <TD width=14% align=left>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 10 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="left">
<U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font basesize=2 size=2 baseface="serif" face="serif">NOTES TO THE INTERIM FINANCIAL STATEMENTS</font></td>
  </tr>
  <tr>
    <td><font basesize=2 size=2 baseface="serif" face="serif">FOR THE QUARTER ENDED MARCH 31, 2006</font></td>
  </tr>
  <tr>
    <td><font basesize=2 size=2 baseface="serif" face="serif">(In thousands of Brazilian reais - R&#36;, unless otherwise stated)</font></td>
  </tr>
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table><br>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OPERATIONS</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148;) invests in commercial and industrial activities, including subscription or purchase of shares of other companies with similar
activities.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Through its subsidiaries, the Company is engaged in the distribution of liquefied petroleum gas - LPG (Ultragaz), production and sale of chemicals (Oxiteno) and logistic services for chemicals
and fuels (Ultracargo).</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PRESENTATION OF INTERIM FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING PRACTICES</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The accounting practices adopted to record transactions and prepare the interim financial statements - ITR are those established by Brazilian accounting practices and the Brazilian Securities
Commission (CVM).</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Results of operations</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Determined on the accrual basis of accounting. Revenues from sales and respective costs are recognized when the products are delivered to the customers or services are performed, and the transfer
of risks, rights and obligations associated with the ownership of products takes place.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current and long-term assets</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Temporary cash and long-term investments are stated at cost, plus accrued income (on a &#147;pro rata temporis&#148; basis), which approximate to the market value. Temporary cash investments
include the results from hedge transactions, as described in Notes 4 and 19, that management intends to hold to maturity.</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The allowance for doubtful accounts is based on estimated losses and is considered by management to be sufficient to cover potential losses on accounts receivable.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inventories are stated at the lower of average cost of acquisition or production, market or net realizable value.</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other assets are stated at the lower of cost or probable realizable values, including, when applicable, accrued income and monetary variations or net of allowances for potential
losses.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 11 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Permanent assets</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Significant investments in subsidiaries and affiliated companies are recorded under the equity method, as shown in Note 10.</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other investments are stated at acquisition cost, less an allowance for losses, should the loss not be considered temporary.</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 BASESIZE=2 size=2 BASEFACE="serif" 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stated at cost of acquisition, process or construction, and include revaluation write- ups, recorded in prior years, based on appraisal reports issued by independent appraisers, in accordance
with item 68, letter b), of CVM Resolution No. 183/95.</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation is calculated on a straight-line basis at the annual rates described in Note 11, based on the economic useful lives of the assets.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred charges comprise costs incurred in the installation of equipment at customers&#146; facilities, projects to modernize systems, and goodwill on acquisition of subsidiaries, as mentioned
in Note 12.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current and long-term liabilities</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stated at known or estimated amounts including, when applicable, accrued charges, and monetary and exchange variations incurred during the period.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes, current and deferred (according to CVM Resolution No. 273/98) are measured on the basis of effective rates and include the benefit of tax
holidays.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Basis for translation of the financial statements of foreign subsidiaries</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The financial statements of foreign subsidiaries are translated into Brazilian reais at the exchange rate in effect as of the date of the interim financial statements - ITR . The criteria for
preparation of the financial statements have been adapted to conform to Brazilian accounting practices.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Statements of Cash flows</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company is presenting the statements of cash flows as supplementary information, prepared in accordance with Accounting Standard and Procedure (NPC) No. 20 issued by IBRACON (Brazilian
Institute of Independent Auditors).</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 12 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CONSOLIDATION PRINCIPLES</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The consolidated financial statements have been prepared in accordance with the basic consolidation principles established by Brazilian corporate law and the Brazilian Securities Commission
(CVM), and include the following direct and indirect subsidiaries:</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ownership interest - %</font>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center"><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
  </TR>
<TR>
        <TD width="64%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="7%" align="center"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Direct</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Indirect  </FONT>
        </TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">Direct</font></TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">Indirect</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LPG International Inc.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oleoqu&iacute;mica Ind&uacute;stria e Com&eacute;rcio de Produtos</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Qu&iacute;micos Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Barrington S.L.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno International Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno Overseas Co.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Upon consolidation, intercompany investments, accounts, transactions and profits were eliminated. Minority interest in subsidiaries is presented separately in the financial statements. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 13 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TEMPORARY CASH AND LONG-TERM INVESTMENTS</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">These investments, contracted with leading banks, are substantially composed of: (i) public securities and private securities issued by leading banks, notes issued by the Austrian Government, and
fixed-income funds, all linked to the interbank deposit rate (CDI); (ii) abroad, in certificates of deposit issued by leading banks; and (iii) currency hedges. They 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 border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>


        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="5" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR>
        <TD width="60%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </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"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </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" GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Austrian notes, indexed in</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Brazilian reais</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">356,055</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">344,603</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Securities and fixed-income funds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">359,626</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">457,354</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">571,817</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign investments (a)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">674,836</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">722,565</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net expenses on hedge</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">transactions (b)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(47,461</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(48,083</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </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"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </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" GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">359,626</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,440,784</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,590,902</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="center">
    <HR noshade size=2>
  </TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><HR noshade size=2></TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=2>
  </TD>
  <TD align="center"><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><HR noshade size=2></TD>
  <TD align="center" GUTTER>
    <HR noshade size=2>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">359,626</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,058,660</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,218,210</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">382,124</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">372,692</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
     <TD> </TD>
     <TD> </TD>
     <TD align="center">
          <HR noshade size=2>
     </TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center"><HR noshade size=2></TD>
     <TD align="center"> </TD>
     <TD align="center">
          <HR noshade size=2>
     </TD>
     <TD align="center"><HR noshade size=2></TD>
     <TD align="center">&nbsp;</TD>
     <TD align="center"><HR noshade size=2></TD>
     <TD align="center" GUTTER>
          <HR noshade size=2>
     </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments made by the indirect subsidiaries Oxiteno Overseas Co., Oxiteno International Co. and Canamex Qu&iacute;micos S.A. de C.V. in fixed-income funds, certificates of deposit, Brazilian
corporate securities, and low risk investment grade corporate securities.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Accumulated gain or loss on hedge positions (see Note 19).</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5. TRADE ACCOUNTS RECEIVABLE (CONSOLIDATED)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Domestic customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">359,358</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">367,499</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">76,263</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,943</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(-) Advances on export contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(52,767</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(38,971</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(-) Allowance for doubtful accounts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(26,866</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(26,899</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">355,988</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">362,572</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">335,002</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">343,328</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,986</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,244</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2% align=left>&nbsp;</TD>
  <TD width=7% align=left><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2% align=left>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2% align=left>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The changes in the allowance for doubtful accounts are shown below:</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD GUTTER width=2% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance as of December 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,899</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Addition recorded in selling expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,832</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Utilization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,865</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font basesize=2 size=2 baseface="serif" face="serif">Balance as of March 31, 2006</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><font basesize=2 size=2 baseface="serif" face="serif">26,866</font></TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;
</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><HR noshade size=2>
        </TD>
        <TD GUTTER width=2% align=left><HR noshade size=2>

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 14 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br><br>

<font basesize=1 size=1 baseface="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</font><br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="15" align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6. INVENTORIES (CONSOLIDATED)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="6" align=center>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="6" align=center>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
  </TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

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

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cost</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">for losses</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cost</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">for losses</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Finished products</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102,617</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,230</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,387</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">103,316</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,750</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">101,566</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Work in process</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">408</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">408</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,109</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,109</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Raw materials</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,563</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(88</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,475</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,294</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(89</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,205</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liquefied petroleum gas (LPG)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,618</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,618</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,113</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,113</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Supplies and cylinders for resale</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,350</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(604</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,769</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,213</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(924</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,289</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Advances to suppliers - mainly LPG</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,769</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,769</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,467</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,467</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">211,325</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,922</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">208,403</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">194,512</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,763</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">191,749</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align=left GUTTER><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=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="15" align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The changes in the provision for losses on inventories are shown below:</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance as of December 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,763</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Addition</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">159</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font basesize=2 size=2 baseface="serif" face="serif">Balance as of March 31, 2006</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><font basesize=2 size=2 baseface="serif" face="serif">2,922</font></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp; </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><hr noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=96%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">RECOVERABLE TAXES</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=96%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Represented substantially by credit balances of ICMS (state VAT), IPI (federal VAT), PIS and COFINS (taxes on revenue), and income and social contribution taxes.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="4" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="60%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><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 GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,697</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,655</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">68,022</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">75,563</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">70,908</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for losses - ICMS (*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(40,268</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(35,959</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PIS and COFINS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,489</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,018</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">IPI</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">164</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">146</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">VAT of subsidiary Canamex</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,714</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,505</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">337</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">68</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,760</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,718</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">105,999</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">109,708</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,928</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,984</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,117</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,931</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,832</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,734</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,882</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,777</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left GUTTER><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left GUTTER><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The provision refers to credit balances that the subsidiaries estimate they will be unable to offset in the future.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=89% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The changes in the provision for losses on ICMS are shown below:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=89% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=89% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance as of December 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35,959</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=89% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Addition</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,989</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=89% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reversal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(680</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=89% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,268</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 15 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8.</FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">RELATED COMPANIES </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=46% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD colspan="7" align=center nowrap>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD colspan="3" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD colspan="3" align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align=left nowrap><HR noshade size=1></TD>
  <TD nowrap><HR noshade size=1></TD>
  <TD align=left nowrap><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Assets    </FONT>
        </TD>
        <TD width=2% align=center nowrap>&nbsp;</TD>
        <TD width=7% align=center nowrap><font basesize=2 size=2 baseface="serif" face="serif">Liabilities</font></TD>
        <TD width=2% align=center nowrap>&nbsp;</TD>
        <TD width=7% align=center nowrap><font basesize=2 size=2 baseface="serif" face="serif">Assets</font></TD>
        <TD width=2% align=center nowrap>&nbsp;</TD>
        <TD width=7% align=center nowrap><font basesize=2 size=2 baseface="serif" face="serif">Liabilities</font></TD>
        <TD width=2% align=center nowrap>&nbsp;</TD>
        <TD width=7% align=center nowrap><font basesize=2 size=2 baseface="serif" face="serif">Receivable</font></TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Payable</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">391,126</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">164</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,355</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,000</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,951</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,939</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,658</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">468</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,856</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Equipamentos de Processamentos de</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dados e Servi&ccedil;os Correlatos</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,839</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,066</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">753</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">127</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,219</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Copagaz Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">80</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,918</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SHV G&aacute;s Brasil Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Plenog&aacute;s - Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">871</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">116</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">257</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,409</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">447,252</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,955</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,984</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,508</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,737</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total as of December 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,409</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">404,230</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,706</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,049</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,335</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,764</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
</TR>
</table>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=71% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="6" align=center>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR>
        <TD width="71%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Transactions</FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD colspan="2" rowspan="3" align=center><font basesize=2 size=2 baseface="serif" face="serif">Financial<br>
    income<br>
        (expenses)</font>       </TD>
  </TR>
<TR>
        <TD width="71%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=71% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Sales</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Purchases </FONT>
        </TD>
        <TD width=2% align=center>&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 GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(85</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">30,561</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">1,955</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">764</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">461,508</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Copagaz Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">264</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,541</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">149,613</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">258</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,836</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">643,637</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(85</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=71% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total as of March 31, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,384</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">676,088</FONT>
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">128</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 16 - </FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The loan balance with Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A. is adjusted based on the Brazilian long-term interest rate (TJLP). Other loans are not subject to financial
charges. Purchase and sale transactions refer substantially to purchases of raw materials, other materials and transportation and storage services, carried out at market prices and conditions.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The loan agreement with Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda. results substantially from the sale of shares issued by Oxiteno S.A. -
Ind&uacute;stria e Com&eacute;rcio to the Company, so as to avoid cross shareholding resulting from a corporate restructuring conducted in 2002.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social contribution 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company and its subsidiaries recognize tax assets and liabilities, which do not expire, arising from tax loss carryforwards, temporary add-backs, revaluation of property, plant and equipment,
and other procedures. The tax credits are based on continuing profitability from operations. Deferred income and social contribution taxes are presented in the following principal categories:</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR>
        <TD width="64%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
      <hr noshade size=1>       </TD>
        <TD width="2%" align="center"><hr noshade size=1></TD>
        <TD width="7%" align="center"><hr noshade size=1></TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
    <TD width="2%" align="center"><hr noshade size=1></TD>
    <TD width="7%" align="center"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="64%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">contribution taxes on:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for loss of assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,172</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,783</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision for contingencies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,849</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,921</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,131</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other provisions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">92</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">87</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,555</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,765</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">tax loss carryforwards</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,252</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,281</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,936</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">83,900</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">82,960</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">92</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">87</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,552</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,969</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,849</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">61,348</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,991</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">contribution taxes on:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Revaluation of property, plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,146</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,245</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income earned abroad</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,583</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,124</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,729</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,369</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">230</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">249</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,499</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,120</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 17 -</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The estimated recovery of deferred income and social contribution assets is shown below: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=82% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">To Through 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">92</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,552</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,395</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2008</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,616</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2009</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,337</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">83,900</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=82% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Conciliation of income and social contribution taxes in the statements of income Income and social contribution taxes are reconciled to statutory tax rates as follows:</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=56% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan=5 align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan=5 align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income before taxes, equity in</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">subsidiaries and affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">and minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,509</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(153</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">69,520</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">112,035</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Statutory tax rates - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes at</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">statutory rates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(513</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">52</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,637</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(38,092</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustments to the effective tax rate:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating provisions and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">nondeductible expenses/nontaxable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,367</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustments to estimated income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">443</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">429</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Workers&#146; meal program (PAT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">250</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">127</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(126</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">774</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">before benefit of tax holidays</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(507</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,022</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(31,395</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Benefit of tax holidays - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,369</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,901</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">in the statements of income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(507</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,653</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10,494</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(578</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(90</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(28,430</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(35,797</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">149</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,408</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,402</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Benefit of tax holidays - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,369</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,901</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The benefit of tax holidays of subsidiaries in the amount of R&#36;11,369 in 2006 (R&#36;20,901 in 2005), derived substantially from operations in regions entitled to incentive, are classified as
income and social contribution taxes in the statements of income. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 18 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left"><BR>
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c) Tax exemption </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The following indirect subsidiaries have partial or full exemption from income tax in connection with a government program for the development of the Northeast Region of Brazil: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Exemption</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Expiration</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=center> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Plants</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- %</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">date</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=68% align=left><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=left><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">

        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cama&ccedil;ari plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Mataripe unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2013</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Suape unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ilh&eacute;us unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Aracaju unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Caucaia unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tequimar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Aratu Terminal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Suape Terminal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(storage of acetic</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left nowrap>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">acid and butadiene</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">byproducts) (*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2005</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0><TR>
<TD width="5%">&nbsp;</TD><TD width="5%" valign="top"><font basesize=2 size=2 baseface="serif" face="serif">(*)</font></TD>
<TD width=90% valign="top">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In December 2005, this base&#146;s exemption expired and a request was filed with ADENE (Northeast Development Agency), the agency in charge of managing this incentive program, seeking a 75% income tax reduction until 2015, still pending approval by ADENE. Should the request
not be approved, the company will file a new request, for a income tax reduction of 25% until 2008 and 12.5% from 2009 until 2013, to which it is entitled as it is located in an incentive area and considered a priority economic activity for the
region&#146;s development. As the request has not yet been approved, there is no reduction considered in the income tax calculation relating to such unit in 2006.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=100% colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INVESTMENTS</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Subsidiaries of the Company</FONT>        </TD>
</TR>
</TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan=4 align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Equity in subsidiaries<br>
and affiliated companies</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width=62% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2%><HR noshade size=1></TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD width=2%><HR noshade size=1></TD>
  <TD width=7% align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=62% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">301,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">280,733</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,235</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,731</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo - Opera&ccedil;&otilde;es</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">597,132</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">597,239</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(106</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,383</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">47,253</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,072</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,180</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,203</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,269,615</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,229,829</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39,786</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,527</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 GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,215,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,153,873</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,095</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,844</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 GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 19 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<font basesize=1 size=1 baseface="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</font><br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b) Affiliated companies (consolidated)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

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

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>&nbsp;
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=7% align=center>&nbsp;</TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="4" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Equity in subsidiaries<br>
and affiliated companies</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width="62%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=center><HR noshade size=1></TD>
  <TD width="2%" align="center"><HR noshade size=1></TD>
  <TD width="7%" align=center><HR noshade size=1></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="7%" align=center><HR noshade size=1></TD>
  <TD width="2%" align="center"><HR noshade size=1></TD>
  <TD width="7%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width="62%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>
 &nbsp; &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,807</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,764</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,435</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,418</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="62%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=62% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,242</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,182</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="62%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The investment of subsidiary
Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio in the affiliated company Oxicap Ind&uacute;stria de Gases Ltda. and the investment of subsidiary Oxiteno Nordeste
S.A. -Ind&uacute;stria e Com&eacute;rcio in the affiliated company Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A. are carried under the equity method based on the affiliates&#146; financial
statements as of February 28, 2006 and as of March 31, 2006, respectively.</FONT>
<p><font basesize=2 size=2 baseface="serif" face="serif">11. PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED)</font>
</p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="7%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="7%" align=center>&nbsp;</TD>
  <TD width="2%" align=center>&nbsp;</TD>
  <TD width="2%" align=center>&nbsp;</TD>
  <TD width="7%" align=center>&nbsp;</TD>
  <TD width="2%" align=center GUTTER>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="7%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="7%" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>&nbsp;
</TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="9" align=center>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="42%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center"><font basesize=2 size=2 baseface="serif" face="serif">Annual</font>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">depreciation </FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">Revalued</font></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Accumulated</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provision</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net book</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net book</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">rates - %</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">cost</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">depreciation </FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">for losses</font></TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="42%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Land</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,044</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,044</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,147</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Buildings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4 to 5</font>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">432,104</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(155,766</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">276,338</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">279,691</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5 to 10</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">867,932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(426,424</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(412</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">441,096</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">450,413</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">268,764</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(148,441</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">120,323</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">127,295</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Vehicles</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20 to 30</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">167,806</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(123,276</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">44,530</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,127</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,417</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,931</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,486</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,661</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Construction in progress</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,947</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,947</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,254</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Imports in transit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">285</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">285</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">763</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Intangibles</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2.5 to 20</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">106,966</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(46,204</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(631</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,131</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,134</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=42% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20 to 30</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">50,101</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(30,094</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,244</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 GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><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=42% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,010,366</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">939,136</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,043</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,070,187</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,072,729</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 GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR></table>
<p><font basesize=2 size=2 baseface="serif" face="serif">The subsidiaries recorded, in previous years, revaluation of property, plant and equipment items. The revaluation balances are shown below:</font>
</p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="7" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="60%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center"><hr noshade size=1>
        </TD>
        <TD width="2%" align="center"><hr noshade size=1></TD>
        <TD width="2%" align="center"><hr noshade size=1></TD>
        <TD width="7%" align="center"><hr noshade size=1></TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><hr noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center"><hr noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

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

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

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

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>&nbsp;
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">Accumulated</font></TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">book</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net book</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">Revaluation</font></TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=7% align=center><font basesize=2 size=2 baseface="serif" face="serif">depreciation</font></TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=60% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=1></TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=1></TD>
  <TD width=2% align=left GUTTER><hr noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Land</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,571</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,571</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,571</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Buildings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,696</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(35,168</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,528</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,933</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">31,740</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(30,457</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,283</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,362</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Vehicles</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,087</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,087</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">48,911</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(48,911</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="60%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">144,005</font> </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=7% align=right><font basesize=2 size=2 baseface="serif" face="serif">(</font><font basesize=2 size=2 baseface="serif" face="serif">115,623</font></TD>
        <TD GUTTER width=2% align=left><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,382</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,866</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="60%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=right><hr noshade size=1></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 20 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The depreciation of theses revaluations in the amount of R&#36;484 was recorded in the statements of income. The amount of deferred taxes on revaluations totals R&#36;8,313, of which R&#36;1,146
is recorded as long-term liabilities, as shown in Note 9.a), and R&#36;7,167 is accrued in the same period in which certain subsidiaries realize the revaluation reserve, since these revaluations occurred prior to the issuance of CVM Resolution No.
183/95.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Construction in progress refers substantially to improvements of subsidiaries&#146; plants. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Buildings include R&#36;61,076 (R&#36;61,514 in 2005) of leasehold improvements that are being amortized on a straight-line basis at 4% per year. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Intangibles include software in the amount of R&#36;24,394 (R&#36;24,368 in 2005), technology in the amount of R&#36;13,735 (R&#36;11,053 in 2005), goodwill in the amount of R&#36;6,588
(R&#36;7,114 in 2005) and commercial property rights, mainly those described below: </FONT></P>
<UL>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On July 11, 2002, the subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar won a bid</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">for use of the site where the Aratu
Terminal is located for another 20 years, renewable for</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the same period. The price paid by Tequimar amounted to R&#36;12,000 and is being</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">amortized from August 2002 to July 2042.<br>
<br>
</FONT></LI>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Further, the subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has a lease</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">agreement for an area adjacent to the Port of
Santos for 20 years, effective December</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2002 and renewable for another 20 years, for building and operating a terminal for</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">receiving, tankage, handling and distribution of bulk liquids. The price paid by Tequimar</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">was R&#36;3,803 and is being amortized from August 2005 until December
2022.</FONT></LI>
</UL>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other refers to computer equipment in the amount of R&#36;13,802 (R&#36;14,963 in 2005) and advances to suppliers in the amount of R&#36;6,204 (R&#36;1,724 in 2005). </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">There were no changes in the valuation allowance for property, plant and equipment during the period presented. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">DEFERRED CHARGES (CONSOLIDATED)</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Represented substantially by costs incurred in the implementation of systems modernization projects in the amount of R&#36;9,218 (R&#36;8,654 in 2005), amortized over five to ten years, and for
costs associated with the installation of Ultrasystem equipment at customers&#146; facilities in the amount of R&#36;62,249 (R&#36;60,300 in 2005), amortized over the terms of the LPG supply contracts with these customers. Deferred charges also
include the goodwill from acquisitions and expenses on studies and projects.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 21 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<p><font basesize=2 size=2 baseface="serif" face="serif">13. LOANS, FINANCING AND DEBENTURES (CONSOLIDATED) </font></p>
<p><font basesize=2 size=2 baseface="serif" face="serif">a) Composition</font>
</p>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR align="center" valign="bottom">
    <TD width=51%> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Description</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/31/2006</FONT> </TD>
    <TD GUTTER width=2%>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">12/31/2005</FONT> </TD>
    <TD GUTTER width=2%>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Index / Currency</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Annual
    interest<br>
    rate 2006 - %</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Maturity
        and<br>
      amortization</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left><hr noshade size=1></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=left><hr noshade size=1></TD>
    <TD width=2% align=left GUTTER><hr noshade size=1></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=left><hr noshade size=1></TD>
    <TD width=2% align=left GUTTER><hr noshade size=1></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=left><hr noshade size=1></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=left><hr noshade size=1></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=7% align=left><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Foreign currency:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Syndicated loan</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">132,172</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">140,639</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5.05</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Notes (b)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">554,037</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">586,471</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7.25</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2015</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Working capital loan</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2,758</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">443</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">MX&#36; + TIIE (i)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1.0</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Monthly until 2006</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Foreign financing</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">26,089</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">28,542</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36; + LIBOR</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2.0</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2009</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Inventories and property, plant</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">and equipment financing</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9,158</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10,957</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">MX&#36; + TIIE (i)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 1.5 to 2.0</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2010</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Advances on foreign exchange</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>

    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">contracts</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4,840</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9,771</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 4.50 to 5.20</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Maximum of 60 days</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">National Bank for Economic</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">and Social Development</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(BNDES)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">19,073</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">UMBNDES (ii)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 8.26 to</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Monthly until 2010</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">22,330</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10.01</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">National Bank for Economic</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">and Social Development</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(BNDES)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,945</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 9.41 to</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Monthly until 2011</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">261</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10.46</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Export prepayments, net of</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">linked operations</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">23,246</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">44,852</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">US&#36;</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 4.22 to 6.85</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Subtotal</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">773,318</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">844,266</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=left><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=left><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Local currency:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">National Bank for Economic</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">and Social Development</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(BNDES)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">169,585</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">173,055</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">TJLP (iii)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 1.5 to 4.85</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Monthly until 2011</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">National Bank for Economic</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">and Social Development</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(BNDES)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8,912</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11,244</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>  <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">IGP-M (iv)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6.5</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Government Agency for</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Machinery and Equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Financing (FINAME)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">47,773</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">47,676</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">TJLP (iii)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">From 1.8 to 4.85</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Monthly until 2011</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Research and project financing</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(FINEP)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35,662</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">38,059</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">TJLP (iii)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(2.0)</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Monthly until 2009</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Debentures (c)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">304,173</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">317,853</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">CDI</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">102.5</FONT> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Semiannually until 2008</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">322</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">163</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Subtotal</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">566,427</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">588,050</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Total loans, financing and</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">debentures</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,339,745</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,432,316</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Current liabilities</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(133,834</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(153,708</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">)</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% align=left> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Long-term liabilities</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,205,911</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=right> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,278,608</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=center nowrap>&nbsp; </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD width=7% align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
       <TD align=left>&nbsp;</TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=right><hr noshade size=1></TD>
       <TD GUTTER align=left><hr noshade size=1></TD>
       <TD>&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=center nowrap>&nbsp;</TD>
       <TD align="center">&nbsp;</TD>
       <TD align=left nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<TABLE width="95%" border=0 cellpadding=2 cellspacing=0>
<TR valign="top">
        <TD width="5%" nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(i)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">MX&#36; = Mexican peso;
TIIE = Mexican break-even interbank interest rate.</FONT></TD>
</TR><TR valign="top">
        <TD width="5%" nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(ii)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">UMBNDES = BNDES monetary
unit. This is a &#147;basket&#148; of currencies representing the composition
of the BNDES debt in foreign currency, 88%, of which is linked to the U.S.  dollar.</FONT></TD>
</TR><TR valign="top">
        <TD width="5%" nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(iii)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">TJLP = fixed by the CMN
(National Monetary Council); TJLP is the basic cost of BNDES financing.</FONT></TD>
</TR><TR valign="top">
        <TD width="5%" nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">(iv)</FONT></TD>
        <TD width=95%>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">IGP-M = General Market
Price Index, a measure of Brazilian inflation calculated by the Get&uacute;lio
Vargas Foundation.</FONT></TD>
</TR></TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The long-term amounts have the following composition by year of maturity:</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=72% height="23" align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=12% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=72% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=right><hr noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From 1 to 2 years</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">390,684</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,958</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From 2 to 3 years</FONT>    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">200,238</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">515,458</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From 3 to 4 years</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">64,825</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">74,954</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">From 4 to 5 years</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,064</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,064</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">More than 5 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">543,100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">585,174</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=72% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=right><hr noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=72% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,205,911</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,278,608</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=72% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=right><hr noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 22 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Notes in the foreign market</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In June 1997, the subsidiary Companhia Ultragaz S.A. issued US&#36;60 million in notes, maturing in 2005. In June 2005, maturity was extended to June 2020, with put/call options in June
2008.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In January 2004, the subsidiary LPG International Inc. issued US&#36;60 million in notes to acquire the notes of Companhia Ultragaz S.A. In June 2005, the subsidiary LPG International Inc., which
held all notes issued by Companhia Ultragaz S.A., sold them to the subsidiary Oxiteno Overseas Corporation, which financed their acquisition through a syndicated loan in the amount of US&#36;60 million maturing in June 2008, with annual interest
rate of 5.05%. The loan was guaranteed by the Company and Oxiteno</FONT><font basesize=2 size=2 baseface="serif" face="serif"> S.</font><font basesize=2 size=2 baseface="serif" face="serif">A. - Ind&uacute;stria e Com&eacute;rcio, which, among others, assumed the commitment of </font><font basesize=2 size=2 baseface="serif" face="serif">maintaining the financial index determined by the ratio between net debt and consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) lesser than or equal to 3.5, and the ratio between consolidated EBITDA and consolidated net financial expenses greater than or equal to 1.5. The subsidiary LPG International Inc. used the proceeds from the sale of notes of Companhia Ultragaz S.A. to redeem notes issued by it.</font>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In December 2005, the subsidiary LPG International Inc. issued notes in the amount of US&#36;250 million, maturing in December 2015, with annual interest rate of 7.25% paid semiannually, with the
first payment scheduled for June 2006. The issue price was 98.75% of the notes&#146; face value, which represented a total yield for investors of 7.429% per year upon issuance. The notes were guaranteed by the Company and by Oxiteno S.</FONT><font basesize=2 size=2 baseface="serif" face="serif">A. - Ind&uacute;stria e Com&eacute;rcio.</font> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As a result of the issuance of notes and the syndicated loan, the Company and its subsidiaries mentioned above are subject to covenants that limit, among other things, their ability to incur
indebtedness and establish liens on assets, engage in mergers and acquisitions, conduct transactions with securities issued by it, and conduct transactions with affiliated companies. The restrictions imposed on the Company and its subsidiaries have
not limited their ability to conduct their business to date and not restricted the performance of its strategy.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debentures</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On February 2, 2005, the Extraordinary Stockholders&#146; Meeting approved the issuance by the Company and the public distribution in a single series of 30,000 nonconvertible debentures with
nominal unit value of R&#36;10,000.00 (ten thousand Brazilian reais), totaling R&#36;300,000.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On March 30, 2005, the Company&#146;s Board of Directors, as delegated by the Extraordinary Stockholders&#146; Meeting, approved the interest rate determined through a bookbuilding process on the
same date.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On April 6, 2005, the Brazilian Securities Commission (CVM) registered the operation, and funds of R&#36;304,854, net of commission, were received on April 8, 2005.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 23 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Characteristics of the debentures are: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Nominal unit value:</FONT>
        </TD>
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">R&#36;10,000.00</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Final maturity:</FONT>
        </TD>
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">March 1, 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Nominal value payment:</FONT>
        </TD>
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Lump sum at final maturity</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Yield:</FONT>
        </TD>
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102.5% of CDI</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Yield payment:</FONT>
        </TD>
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Semiannually, beginning March 1, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Repricing:</FONT>
        </TD>
        <TD width=50% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">None</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD>

<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The debentures are subject to commitments that restrict, among other things, certain operations of merger or spin-off, as well as the disposal of operating assets that would result in a reduction
of more than 25% of consolidated net sales, and also included the obligation to maintain a consolidated net debt to EBITDA ratio less than or equal to 3.5. Thus far, none of these commitments have restricted the ability of the Company and its
subsidiaries to conduct business.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Collateral</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">A portion of the financing is collateralized by liens on property, plant and equipment, shares, promissory notes and guarantees provided by the Company and its subsidiaries, as shown
below:</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=82% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=82% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amount of financing secured by:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">52,001</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">53,734</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares of affiliated companies and minority</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">stockholders&#146; guarantees</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,912</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,244</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=82% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=1></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=82% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">60,913</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">64,978</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=82% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<blockquote>
  <p align="left">
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other loans are collateralized by guarantees issued by the Company and by the future flow of exports. The Company is responsible for sureties and guarantees offered on behalf of its subsidiaries,
    amounting to R&#36;954,399 (R&#36;1,017,858 in 2005). </FONT></p>
  <p align="left">
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certain subsidiaries have issued guarantees to financial institutions related to amounts owed to those institutions by some of their customers (vendor financing). In the event any subsidiary is
    required to make a payment under the guarantees, the subsidiary may recover such amounts paid directly from its customers through commercial collection. Maximum future payments related to these guarantees amount to R&#36;22,555 (R&#36;33,208 in
    2005), with terms of up to 210 days. As of March 31, 2006, the Company and its subsidiaries have not incurred any loss nor recorded any liability related to these guarantees. </FONT></p>
  <p align="left">
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Certain subsidiaries have conducted operations denominated &#147;supplier finance&#148; with its suppliers. In the operation, the banks advance to suppliers the proceeds from sales made to the
    subsidiaries, through acceptance by the subsidiaries with the banks. Those operations have an average term of nine days and are recorded as bank loans, since the suppliers received the funds from the banks, using the subsidiaries&#146; credit. The
    amount as of March 31, 2006 totalized R&#36;322. Financial income related to this operation for the quarter amounted to R&#36;6 and is recorded in financial income. </FONT></p>
</blockquote>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 24 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=100% colspan=2>
<FONT BASESIZE=2 size=2 BASEFACE="serif" 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company is a listed corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 81,325,409 shares without par value,
comprised of 49,429,897 common and 31,895,512 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of March 31, 2006, 11,318,826 preferred shares were outstanding abroad, in the form of American Depositary Receipts - ADRs.</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 BASESIZE=2 size=2 BASEFACE="serif" 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 colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">At the beginning of 2000, the Company granted, through a stockholders agreement, tag- -along rights, which assure to minority stockholders identical conditions to those negotiated by the
controlling shareholders in case of disposal of shareholding control of the Company. The tag-along rights guarantee 100% of the offer amount for all types of shares of the Company. On May 18, 2004, the Company included the tag-along rights in its
bylaws.</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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company is authorized to increase its capital, regardless of amendment to the bylaws, through a resolution of the Board of Directors, until it reaches R&#36;1,500,000 (one billion and five
hundred million reais), by means of issuance of common or preferred shares, without keeping the existing ratio, observed the limit of 2/3 of preferred shares to the total shares issued.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company acquired its own shares at market price, without capital reduction, for holding in treasury and subsequent disposal or cancellation, in accordance with the provisions of Brazilian
Securities Commission (CVM) Instructions No. 10, of February 14, 1980, and No. 268, of November 13, 1997.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">As of March 31, 2006, the Company&#146;s financial statements record 182,697 preferred shares and 6,617 common shares in treasury, which were acquired at the average cost of R&#36;26.09 and
R&#36;19.30 per share, respectively. The consolidated financial statements record 377,847 preferred shares and 6,617 common shares in treasury, which were acquired at the average cost of R&#36;24.35 and R&#36;19.30 per share,
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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The market price of preferred shares issued by the Company as of March 31, 2006 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R&#36;38.00.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" 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 BASESIZE=2 size=2 BASEFACE="serif" face="serif">The capital reserve in the amount of R&#36;2,046 reflects the goodwill on the disposal of shares to be held in treasury in the Company&#146;s subsidiaries, at the average price of R&#36;33.21 per
share. Executives of these subsidiaries were given the usufruct of such shares, as described in Note 21.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 25 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Revaluation reserve</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This reserve reflects the revaluation write-up of assets of subsidiaries and is realized based upon depreciation, write-off or disposal of revalued assets, including the related tax
effects.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In some cases, taxes on the revaluation reserve of certain subsidiaries are recognized only upon the realization of this reserve, since the revaluations occurred prior to the publication of CVM
Resolution No. 183/95. Taxes on these reserves are R&#36;7,167 (R&#36;7,288 in 2005).</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retention of profits reserve</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This reserve is supported by the investment program, in conformity with article 196 of Brazilian corporate law, and includes both a portion of net income and the realization of the revaluation
reserve.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Realizable profits reserve</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">This reserve is established in conformity with article 197 of Brazilian corporate law, based on the equity in subsidiaries and affiliated companies. Realization of the reserve usually occurs upon
receipt of dividends, disposal and write-off of investments.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Conciliation of stockholders&#146; equity - Company and consolidated</FONT>       </TD>
</TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD GUTTER align=left><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>

  <TD align=right><hr noshade size=1>    </TD>
  <TD GUTTER align=left><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,858,687</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,795,643</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3,651</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3,761</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital reserve arising from sale of treasury shares to</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,667</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,717</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD GUTTER align=left><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD GUTTER align=left><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,853,369</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,790,165</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD GUTTER align=left><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD GUTTER align=left><hr noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">h)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reconciliation of net income - Company and consolidated</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The reconciliation of net income, Company and consolidated, shows the effect of the reversal of the allowance for scheduled factory maintenance shutdown of some subsidiaries, net of income and
social contribution taxes, recorded in retained earnings, in accordance with CVM Resolution No. 489/05 and Technical Interpretation No.&ordm; 01/2006 by IBRACON, as follows:</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD GUTTER align=left><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net income - Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,097</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reversal of allowance for factory maintenance shutdown by</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the subsidiary Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(796</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reversal of allowance for factory maintenance shutdown by</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">the subsidiary Oxiteno Nordeste S.A. Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5,513</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD GUTTER align=left><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net income - consolidated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56,788</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,750</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD GUTTER align=left><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 26 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NONOPERATING EXPENSES, NET (CONSOLIDATED)</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Refers principally to the result on the disposal of permanent assets, especially cylinders.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CONCILIATION OF EBITDA (CONSOLIDATED)</FONT>      </TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><font basesize=2 size=2 baseface="serif" face="serif">EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by the Company as shown below: </font> </TD>
</TR>
</TABLE>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=38% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="13" align=center>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="38%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Operating income from</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,158</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">35,558</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">711</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,243</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71,670</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">113,773</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(-) Equity in subsidiaries and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(728</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">669</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(59</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(+/-) Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(expense)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,120</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5,765</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">970</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,499</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,414</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,826</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(+) Depreciation and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,226</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,409</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7,618</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">179</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">47,432</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,491</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=38% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">55,264</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,474</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,299</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,592</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">106,629</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">168,161</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SEGMENT INFORMATION</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company has three reportable segments: gas, chemicals and logistics. The gas segment distributes LPG to retail, commercial and industrial consumers mainly in the South, Southeast and
Northeast Regions of Brazil. The chemicals segment primarily produces ethylene oxide, ethylene glycols, ethanolamines and etherglycols. Operations in the logistics segment include storage and transportation, mainly in the Southeast and Northeast
Regions of Brazil. Reportable segments are strategic business units that offer different products and services. Intersegment sales are transacted at prices approximating those that the selling entity is able to obtain with third
parties.</FONT> </TD>
</TR></TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The principal financial information about each of the Company&#146;s reportable segments is as follows: </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=46% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="9" align=center>
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="46%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Consolidated</FONT>
        </TD>
</TR>
<TR>
  <TD> </TD>
  <TD> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center"><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net sales, net of related-party</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">694,033</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">357,457</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,230</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,097,741</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,136,997</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income from operations before</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">financial income (expenses) and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">equity in subsidiaries and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">27,038</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,065</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,681</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,413</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,197</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">122,670</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">55,264</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,474</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,299</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,592</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">106,629</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">168,161</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=46% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total assets, net of related parties</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">847,587</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,935,530</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">284,427</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">413,901</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,481,445</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,528,982</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 27 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<p><br>
    <font basesize=1 size=1 baseface="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</font>

</p>
<p><font basesize=2 size=2 baseface="serif" face="serif">18. FINANCIAL INCOME AND EXPENSES, NET (CONSOLIDATED)</font>
</p>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD GUTTER width=2% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD GUTTER width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on temporary cash investments and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp;&nbsp;&nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">long-term cash investment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">43,371</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,199</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,605</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,377</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary and exchange variations income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,882</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(52</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">580</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">623</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,674</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,147</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial expenses:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(20,324</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(10,196</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest on debentures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,807</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Bank charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,806</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,165</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Monetary and exchange variations expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,350</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(778</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial results from currency hedge transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(9,039</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,016</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CPMF/IOF/other financial expenses (*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,000</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,080</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
&nbsp;&nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,634</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(738</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,260</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,973</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial results</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,414</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,826</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=2></TD>
  <TD width=2% align=left GUTTER><hr noshade size=2></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=right><hr noshade size=2></TD>
  <TD width=2% align=left GUTTER><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap><font basesize=2 size=2 baseface="serif" face="serif">(*)</font></TD>
  <TD colspan=3><font basesize=2 size=2 baseface="serif" face="serif">Including R&#36;15,886 referring to the reversal of the provision for PIS and COFINS contingencies mentioned in Note 20 a).</font></TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD colspan=3>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=100% colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">RISKS AND FINANCIAL INSTRUMENTS (CONSOLIDATED)</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=100% colspan=3>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The main risk factors to which the Company and its subsidiaries are exposed reflect strategic/operating and economic/financial aspects. Strategic/operating risks (such as behavior of demand,
competition, technological innovation, and significant structural changes in industry, among others) are addressed by the Company&#146;s management model. Economic/financial risks mainly reflect customer default, macroeconomic variables such as
exchange and interest rates, as well as the characteristics of the financial instruments used by the Company. These risks are managed through control policies, specific strategies and the determination of limits, as follows:</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width=90% colspan=2>      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Customer default - These risks are managed by specific policies for accepting customers and analyzing credit, and are mitigated by diversification of sales. As of March 31, 2006, the subsidiaries
  Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio and Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio maintained R&#36;866 (R&#36;848 in 2005) and the subsidiaries of Ultragaz Participa&ccedil;&otilde;es Ltda. maintained R&#36;24,828
  (R&#36;25,191 in 2005) as an allowance for doubtful accounts.</FONT>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD width=100% colspan=2>      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest rates - The Company and its subsidiaries adopt conservative policies to obtain and invest funds and to minimize the cost of capital. Temporary cash investments of the Company and its
  subsidiaries are comprised substantially of transactions linked to the interbank deposit rate (CDI), as described in Note 4. A portion of the financial assets is intended for foreign currency hedges, as mentioned below. Borrowings are originate from
  the BNDES, and foreign currency financing, as mentioned in Note 13.</FONT>    </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 28 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
  <TABLE border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap>
        <LI></LI></TD>
      <TD width=90% colspan=2><font basesize=2 size=2 baseface="serif" face="serif">Exchange rate - The Company&#146;s subsidiaries use hedge (mainly US&#36; to CDI) instruments</font> <font basesize=2 size=2 baseface="serif" face="serif">available in the financial market to cover assets and liabilities in foreign currency, so as</font> <font basesize=2 size=2 baseface="serif" face="serif">to reduce the exchange variation effects on their results. Such hedges have amounts,</font> <font basesize=2 size=2 baseface="serif"
face="serif">periods and indexes equivalent to the assets and liabilities in foreign currency to which</font> <font basesize=2 size=2 baseface="serif" face="serif">they are linked. Shown below are the assets and liabilities in foreign currency, translated into Brazilian reais at March 31, 2006 and December 31, 2005:</font> </TD>
    </TR>
  </TABLE>
  <br>
  <TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=80% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr noshade size=1>    </TD>
  <TD width=2% align=left GUTTER><hr noshade size=1>    </TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments abroad and hedges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">94,617</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">126,236</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign cash and cash equivalents</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,380</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,129</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign temporary cash and long-term cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">674,836</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">722,565</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Receivables from foreign customers, net of advances on</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">exchange contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,447</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,949</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">795,280</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">873,879</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Foreign currency financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">773,318</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">844,266</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Import payables</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,479</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,054</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">797,797</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">860,320</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net (liability) asset position</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,517</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,559</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
</TR>
</TABLE>
  <BR>
<UL>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The exchange rate variation related to cash and banks, investments, temporary cash</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">investments, and long-term cash investments of
foreign subsidiaries was recorded as</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">financial expense in the consolidated statement of income for 2006, in the amount of</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif">R&#36;11,545 (financial income of R&#36;1,900 in 2005).</FONT></LI>
<br>
<br>
<LI>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Market value of financial instruments</FONT>
</LI>
</UL>
<blockquote>
  <p>
    <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Market value of financial instruments as of March 31, 2006 and December 31, 2005 are</FONT> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">as follows:</FONT>
  </p>
</blockquote>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
  </TR>
<TR>
        <TD width="64%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="7%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="7%" align="center">
<HR noshade size=1>     </TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="7%" align="center"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Book</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Market</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Book</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Market</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">value</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=7% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash and banks</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,470</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,470</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32,714</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32,714</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Temporary cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,058,660</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,055,744</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,218,210</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,215,638</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Long-term cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">382,124</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">382,124</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">372,692</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">372,692</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,467,254</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,464,338</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,623,616</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,621,044</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current and long-term loans and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,035,572</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,029,726</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,114,463</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,113,665</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current and long-term debentures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">304,173</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">304,322</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">317,853</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">318,495</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,339,745</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,334,048</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,432,316</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,432,160</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="64%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investment-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=64% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investment in affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,694</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,518</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,694</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23,703</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 29 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<table border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign=top nowrap>&nbsp;</td>
    <td width="90%"><font basesize=2 size=2 baseface="serif" face="serif">The market value of financial instruments was obtained through the commonly used marking to market methodology, which consists of carrying the balances of the instruments until the maturity at the respective contracted rates, discounting them to present value at market rates as of March 31, 2006 and December 31, 2005. The market value of investment in affiliated company is based on the share price trading on the S&atilde;o Paulo Stock Exchange - BOVESPA. </font></td>
  </tr>
  <tr>
    <td width="5%" valign=top nowrap>&nbsp;</td>
    <td colspan=2>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign=top nowrap> <font basesize=2 size=2 baseface="serif" face="serif">20.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100% colspan=2> <font basesize=2 size=2 baseface="serif" face="serif">CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</font> </td>
  </tr>
  <tr>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="5%" valign=top nowrap> <font basesize=2 size=2 baseface="serif" face="serif">a)</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=90%> <font basesize=2 size=2 baseface="serif" face="serif">Labor, civil and tax 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 basesize=2 size=2 baseface="serif" face="serif">The Petrochemical Industry Labor Union, of which the employees of Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio are members, filed an action against the subsidiary in 1990, demanding compliance with the adjustments established in a collective labor agreement, in lieu of the salary policies effectively followed. At the same time, the employers&#146; association proposed a collective bargaining for the interpretation and clarification of the fourth clause of the agreement. Based on the opinion of its legal counsel, who analyzed the last decision of the Federal Supreme Court (STF) on the collective bargaining, as well as the status of the individual lawsuit of the subsidiary, management believes that a reserve is not necessary as of March 31, 2006.</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 basesize=2 size=2 baseface="serif" face="serif">The subsidiaries Companhia Ultragaz S.A. and SPG&aacute;s Distribuidora de G&aacute;s Ltda. are parties to an administrative proceeding at the SDE (Economic Law Department), linked to CADE (Administrative Council for Economic Defense), under the allegation of anticompetitive practice in the municipalities of a region of the State of Minas Gerais in 2001. In September 2005, the SDE issued a technical notice recommending to CADE a ruling against the companies involved in this proceeding. In their defense, the subsidiaries&#146; arguments, among others, are that: (i) under the terms of the notice issued by the Company&#146;s chief executive officer on July 4, 2000, the subsidiaries&#146; employees were forbidden to discuss with third parties matters related to prices; and (ii) no consistent evidence was attached to the proceeding&#146;s records, and the SDE acknowledges its failure in the attempt to prove the practice. In view of
the arguments presented, the fact that the technical notice has no binding effect on CADE&#146;s decision, and their legal counsel&#146;s opinion, the subsidiaries did not record a provision for this issue. Should CADE&#146;s decision be unfavorable, the subsidiaries can still discuss the issue at the judicial level.</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 basesize=2 size=2 baseface="serif" face="serif">The subsidiary Companhia Ultragaz S.A. is a defendant in lawsuits relating to damages caused by an explosion in 1996 in a shopping mall in the city of Osasco, State of S&atilde;o Paulo. Such lawsuits involve: (i) individual suits filed by victims of the explosion claiming damages from Ultragaz for the loss of economic benefit and for pain and suffering; (ii) lawsuit for reimbursement of expenses by the administration company of the shopping mall and its insurance company; and (iii) class action suit seeking indemnification for property damage 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 Ultramar&#146;s on-site LPG storage facilities did not contribute to the explosion. Of the 54 lawsuits judged thus far, a</font> </td>
  </tr>
  <tr>
    <td colspan=3>&nbsp;</td>
  </tr>
</table>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 30 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<blockquote>
  <blockquote>
    <p align="left">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">favorable judgment was obtained for 53, with 1 unfavorable decision, which is still subject to appeal, and whose amount, should the decision be upheld, is R&#36;17. The subsidiary has insurance
      for this contingency, and the uninsured contingent amount is R&#36;39,633. The Company has not recorded any provision for this amount, since it believes the probability of loss is remote. </FONT></p>
    <p align="left">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" 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 ongoing questioning
        refers to the levy of these taxes on sources other than revenues. The unpaid amounts were recorded in the financial statements of the Company and its subsidiaries, totaling R&#36;21,370 (R&#36;36,966 in 2005). Recently the Federal Supreme Court
        (STF) has decided the matter favorable to the taxpayer. Although it is a precedent, the effect of this decision does not automatically apply to all companies, since they must await judgment of their own lawsuits. On 3/29/2006 a final and
        unappealable decision was rendered on the lawsuit of the subsidiary Companhia Ultragaz S.A. Based on this decision the subsidiary reversed the existing provision in the amount of R&#36;15,886, net of attorney&#146;s fees, as financial income in the
        statement of income for the quarter. In addition to the accrued amount, the Company has other subsidiaries that have been unsuccessful in obtaining an injunction and, accordingly, have been paying the taxes. Thus, should there be final favorable
      outcomes for the subsidiaries in all lawsuits, the Company estimates that the total effect on income before income and social contribution taxes should reach R&#36;42,027, net of attorney&#146;s fees. </FONT></p>
    <p align="left">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The subsidiary Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio and its subsidiary Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio accrued R&#36;14,824 (R&#36;14,532 in 2005) for ICMS
      tax assessments being judged at lower-level and appeal-level administrative courts. The subsidiaries are currently awaiting a decision on the appeals.</FONT></p>
    <p align="left">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The subsidiary Uting&aacute;s Armazenadora S.A. has been challenging in court ISS (Service Tax) tax assessments issued by the municipal government of Santo Andr&eacute;. Legal counsel of the
        subsidiary classifies the risk as low, since a significant portion of the lower-court decisions was favorable to the subsidiary. The thesis defended by the subsidiary is supported by the opinion of a renowned tax specialist. The unprovisioned
      updated amount of the contingency as of March 31, 2006 is R&#36;31,292 (R&#36;29,995 in 2005). </FONT></p>
    <p align="left">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">On October 7, 2005, the subsidiaries of Ultragaz Participa&ccedil;&otilde;es Ltda. filed for and obtained an injunction to support the offset of PIS and COFINS credits against other federal taxes
        administered by the Federal Revenue Service (SRF), notably income and social contribution taxes. According to the injunction obtained, the subsidiaries have been making escrow deposits for these debits and recognizing the corresponding liability for
      this purpose. </FONT></p>
    <p align="left">
      <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company and its subsidiaries have other ongoing administrative and judicial proceedings; legal counsel classified the risks on these proceedings as possible and/or remote and, therefore, no
      reserves for potential losses on these proceedings have been recorded. </FONT></p>
  </blockquote>
</blockquote>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 31 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD colspan="16" align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width="45%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="16" align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Escrow deposits and provisions are summarized below:</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=45% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance on</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

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

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reversal/</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

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

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Balance on</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Provisions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additions</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">utilization</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Update</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">03/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,272</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">483</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(314</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">323</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,764</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Labor claims</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PIS and COFINS on other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">revenues</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">36,966</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(16,465</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">869</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,370</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,532</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">292</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,824</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(-) Escrow deposits</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,148</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">555</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(252</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,955</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">54,622</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(72</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,779</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,232</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39,003</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD GUTTER align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD GUTTER align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD GUTTER align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD GUTTER align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD GUTTER align=left><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Contracts</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has contracts with CODEBA - Companhia Docas do Estado da Bahia and Complexo Industrial Portu&aacute;rio Governador Eraldo Gueiros
in connection with their port facilities in Aratu and Suape, respectively. Such contracts establish minimum cargo movement of 1,000,000 tons per year for Aratu, effective through 2022, and 250,000 tons per year for Suape, effective through 2027. If
annual movement is less than the minimum required, the subsidiary is required to pay the difference between the actual movement and the minimum contractual movement, using the port rates in effect at the date established for payment.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><font basesize=2 size=2 baseface="serif" face="serif">As of March 31, 2006, such rates were R&#36;3.67 and R&#36;3.44 per ton for Aratu and Suape, respectively. The subsidiary has met the minimum cargo movement limits since inception of the contracts.</font> </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><font basesize=2 size=2 baseface="serif" face="serif">The subsidiary Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio has a supply contract with Braskem S.A., effective through 2012, which establishes a minimum consumption level of ethylene per year. The minimum purchase commitment and the actual demand for the period ended March 31, 2006 and 2005, expressed in tons of ethylene, are summarized below. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine of 40% of the current ethylene price for the quantity not purchased.</font></TD>
</TR>
<TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>&nbsp;</TD>
</TR></TABLE>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minimum purchase</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Actual demand</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=center nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">commitment</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(real)1</FONT><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">st </FONT></SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">quarter</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width=68% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=12% align=left><hr noshade size=1>    </TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr noshade size=1>    </TD>
  <TD width=2%><hr noshade size=1></TD>
  <TD width=7% align=right><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="68%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="12%" 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>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In tons</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=12% align=right>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">137,900</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">44,995</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">49,863</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="68%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="12%" align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;     </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Insurance coverage for subsidiaries</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company has appropriate insurance policies to cover various risks, including loss and damage from fire, lightning, explosion of any nature, windstorm, plane crash and electrical damage, among
others, protecting the units and other branches of all subsidiaries, with coverage amounting to US&#36;240 million.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 32 -</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<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;</TD>
  <TD width="90%"><font basesize=2 size=2 baseface="serif" face="serif">For the units of Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio, Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio and Canamex Qu&iacute;micos S.A. de C.V., there is also loss of income insurance against losses from potential accidents related to their assets, with coverage amounting to US&#36;128 million.</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 basesize=2 size=2 baseface="serif" face="serif">A civil liability insurance program covers all Group companies, with coverage of US&#36;150 million, for losses and damage from accidents caused to third parties, related to the commercial/industrial operations and/or distribution and sale of products and services.</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%"><p align="left"> <font basesize=2 size=2 baseface="serif" face="serif">Group life insurance, personal accident insurance, health insurance, and domestic and international transportation insurance are also contracted. </font></p></TD>
</TR></table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">STOCK COMPENSATION PLAN (CONSOLIDATED)</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Extraordinary Stockholders&#146; Meeting held on November 26, 2003 approved a compensation plan 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 grant, provided that the
professional relationship between the beneficiary and the Company and its subsidiaries is not interrupted. The total amount granted to executives until March 31, 2006, including taxes, was R&#36;8,940 (R&#36;8,940 in 2005). This amount is being
amortized over a period of ten years and the amortization related to the quarter ended March 31, 2006, in the amount of R&#36;223 (R&#36;191 in 2005), was recorded as an operating expense.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" 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 colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In August 2001, the Company and its subsidiaries began to provide a defined contribution pension plan to their employees. This plan is managed by Ultraprev - Associa&ccedil;&atilde;o de
Previd&ecirc;ncia Complementar. Under the terms of the plan, the basic contribution of each participating employee is defined annually by the participant between 0% and 11% of his/her salary. The sponsoring companies provide a matching contribution
in an identical amount as the basic contribution. As participants retire, they may opt to receive monthly: (i) a percentage varying between 0.5% and 1.0% of the fund accumulated in their name in Ultraprev; or (ii) a fixed-monthly amount that will
deplete the fund accumulated in the participant&#146;s name in a period of 5 to 25 years. Accordingly, neither the Company nor its subsidiaries assume responsibility for guaranteeing the levels of amounts or periods of receipt of the retirement
benefit. In 2006, the Company and its subsidiaries contributed R&#36;800 (R&#36;1,192 in 2005) to Ultraprev, which was charged to income for the period. The total number of participating employees as of March 31, 2006 was 5,906, with no participants
retired to date. Additionally, Ultraprev has 1 active participant and 31 former employees receiving defined benefits according to the policies of a previous plan.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 33 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23.</FONT>&nbsp; &nbsp; &nbsp;    </TD>
        <TD width=95%>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SUPPLEMENTARY INFORMATION OF THE STATEMENTS OF CASH FLOWS - INDIRECT METHOD (CONSOLIDATED)</FONT> </TD>
</TR></TABLE>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepared in accordance with Accounting Standard and Procedure (NPC) No. 20 issued by IBRACON (Brazilian Institute of Independent Auditors). </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr align=center width=100% size=1 noshade>    </TD>
  <TD width=2% align=left GUTTER><hr align=center width=100% size=1 noshade></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left><hr align=center width=100% size=1 noshade></TD>
  <TD width=2% align=left GUTTER><hr align=center width=100% size=1 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash flows from operating activities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56,788</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">100,750</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Adjustments to reconcile net income to cash provide by</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">operating activities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Equity in subsidiaries and affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(59</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">71</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">47,432</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45,491</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PIS and COFINS credits on depreciation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">557</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">279</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest, foreign exchange and indexation</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(33,081</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,299</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(580</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,402</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,138</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">720</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Proceeds from disposals of permanent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,091</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,383</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Allowance for probable losses on permanent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">481</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Reversal of allowance for factory shutdown, net of taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,309</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">101</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Increase) decrease in current assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,326</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,836</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inventories</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(16,654</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(39,891</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,814</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4,027</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(398</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,325</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,080</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,431</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Increase (decrease) in current liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,502</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(23,839</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Payroll and related charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(9,780</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(30,955</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Taxes payable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,394</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,270</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">199</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(39</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(9,611</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">673</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Increase) decrease in long-term assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recoverable taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(105</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">206</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Escrow deposits</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(418</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,140</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts receivable</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,742</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,134</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">184</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepaid expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(655</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=78% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Increase (decrease) in long-term liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15,619</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,983</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(306</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">125</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr align=center width=100% size=1 noshade>
  </TD>
  <TD align=left GUTTER><hr align=center width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr align=center width=100% size=1 noshade></TD>
  <TD align=left GUTTER><hr align=center width=100% size=1 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net cash provided by operating activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">42,747</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">62,168</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr align=center width=100% size=1 noshade>
  </TD>
  <TD align=left GUTTER><hr align=center width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr align=center width=100% size=1 noshade></TD>
  <TD align=left GUTTER><hr align=center width=100% size=1 noshade></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 34 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2006</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/31/2005</FONT>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash flows from investing activities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash investments in long-term, net of redemption</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(300,775</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additions to property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(40,893</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(40,112</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Additions to deferred charges</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15,677</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,543</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Proceeds from sales of permanent assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,166</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">740</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Acquisition of minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net cash used in investing activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(54,408</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">351,690</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="78%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=1>    </TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash flows from financing activities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans, financing and debentures:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Issuances</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">83,331</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">81,228</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(149,631</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(125,884</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dividends paid</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(86,518</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(71,764</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Related companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,315</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">202</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net cash used in financing activities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(154,133</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">116,218</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net decrease in cash and banks and temporary cash investments</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(165,794</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">405,740</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="78%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="7%" align=left><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash and banks and temporary cash investments at the beginning</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">of the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,250,924</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">558,379</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash and banks and temporary cash investments at the end of the</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,085,130</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">152,639</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Supplemental disclosure of cash flow information:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Interest paid on loans and financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">33,784</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,436</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes paid in the period</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,662</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,017</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 35 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font basesize=2 size=2 baseface="serif" face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font basesize=2 size=2 baseface="serif" face="serif">OTHER INFORMATION CONSIDERED MATERIAL BY THE COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;    </td>
  </tr>
</table>
<hr noshade size=1>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares directly or indirectly owned by the controlling shareholders, members of the Board of Directors, Executive Officers and members of the Fiscal Council as of March 31, 2006 </FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=73% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Common</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Preferred</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="73%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=73% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Controlling Shareholders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">33,748,059</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">885,979</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">34,634,038</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=73% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Board of Directors&sup1;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">46</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">52</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=73% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Officers&sup2;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif"> 139,950</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">139,950</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=73% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Fiscal Council</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif"> 1,071</FONT>
        </TD>
        <TD width=2% align="right">&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,071</FONT>
        </TD>
</TR>
<TR>
        <TD width="73%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Note: &sup1;Shares owned by members of the Board of Directors which were not included in Controlling Shareholders' position<br>
</FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&sup2;Shares owned by Officers which were not included in
Controlling Shareholders' and Board of Directors' positions</FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Shares directly or indirectly owned by the controlling shareholders, members of the Board of Directors, Executive Officers and members of the Fiscal Council</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=53% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="5" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Mar-31-06</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="5" align=center>
      <B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Mar-31-05&sup3;</FONT></B>
        </TD>
  </TR>
<TR>
  <TD width="53%">&nbsp;
  </TD>
  <TD width="2%"> </TD>
  <TD width="7%" align="center">
    <HR noshade size=1>  </TD>
  <TD width="2%" align="center"><HR noshade size=1> </TD>
  <TD width="7%" align="center">
    <HR noshade size=1>  </TD>
  <TD width="2%" align="center"><HR noshade size=1> </TD>
  <TD width="7%" align="center">
    <HR noshade size=1>  </TD>
  <TD width="2%" align="center"> </TD>
  <TD width="7%" align="center">
    <HR noshade size=1>  </TD>
  <TD width="2%" align="center"><HR noshade size=1> </TD>
  <TD width="7%" align="center">
    <HR noshade size=1>  </TD>
  <TD width="2%" align="center"><HR noshade size=1> </TD>
  <TD width="7%" align="center">
    <HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD width=53% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Common</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Preferred</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Common</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Preferred</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="53%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=53% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Controlling Shareholders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">33,748,059</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">885,979</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">34,634,038</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">33,748,075</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">7,240,641</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">40,988,716</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=53% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Board of Directors&sup1;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">46</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">52</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">45</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">7</FONT>        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">52</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=53% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Officers&sup2;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif"> 139,950</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">139,950</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">129,950</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">129,950</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=53% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Fiscal Council</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font basesize=1 size=1 baseface="sans-serif" face="sans-serif">- </font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,071</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,071</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,071</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,071</FONT>
        </TD>
</TR>
<TR>
  <TD width="53%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
</TR>
</TABLE>
<BR>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Note: &sup1;Shares
which were not included in Controlling Shareholders' position<br>
</FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&sup2;Shares
which were not included in Controlling Shareholders' and Board of Directors'
positions<br>
</FONT><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&sup3;Quantities
in 2005 are retroactively adjusted for the reverse stock split carried by Ultrapar
in August 2005, in the proportion of 1000:1 shares.</FONT>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total free float and its percentage of total shares as of March 31, 2006</FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=67% align=left>&nbsp; </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Common</FONT></B>    </TD>
        <TD GUTTER width=2% align=center>&nbsp; </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Preferred</FONT></B> </TD>
        <TD GUTTER width=2% align=center>&nbsp; </TD>
        <TD width=2% align="center">&nbsp;      </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total</FONT></B>     </TD>
        <TD GUTTER width=2% align=center>&nbsp; </TD>
</TR>
<TR>
        <TD width="67%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=67% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total Shares</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">49,429,897</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">31,895,512</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">81,325,409</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=67% align=left>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">( - ) Shares held in treasury</FONT>     </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,617</FONT>    </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">182,697</FONT>  </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">189,314</FONT>  </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=67% align=left>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">( - ) Shares owned by Controlling Shareholders</FONT>    </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">33,748,059</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">885,979</FONT>  </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">34,634,038</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">(
      - ) Shares owned by Management</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">46</FONT> </TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">139,956</FONT> </TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">140,002</FONT> </TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR>
  <TD width="67%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD width=67% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Free-float</FONT></TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">15,675,175</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">30,686,880</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">46,362,055</FONT>       </TD>
        <TD GUTTER width=2% align=left>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=67% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">% Free-float / Total Shares</FONT></B>       </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">31.71</FONT></B>     </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">96.21</FONT></B>     </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B> </TD>
        <TD width=2%>&nbsp;     </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">57.01</FONT></B>     </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B> </TD>
</TR>
<TR>
        <TD width="67%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1>      </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 36 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The Company&#146;s shareholders that holds more than 5% of voting or non-voting capital, up to the individual level, and breakdown of their shareholdings as of March 31, 2006 </FONT></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Common</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Preferred</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="40%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultra S.A. Participa&ccedil;&otilde;es</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">32,646,696</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">66.04</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">12</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.00</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">32,646,708</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">40.14</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Parth Investments Company&sup1;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">9,311,730</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">18.84</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,396,759</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4.38</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">10,708,489</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">13.17</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Monteiro Aranha S.A.&sup2;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">5,212,637</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">10.55</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,011,888</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3.17</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,224,525</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">7.65</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Shares held in treasury</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,617</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.01</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">182,697</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.57</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">189,314</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.23</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Dodge &amp; Cox, Inc.&sup3;</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.00</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,819,785</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">21.38</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,819,785</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">8.39</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Others</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">2,252,217</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4.56</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">22,484,371</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">70.50</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">24,736,588</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">30.42</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR>
  <TD width="40%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">TOTAL</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">49,429,897</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">31,895,512</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">81,325,409</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
</TR>
<TR>
  <TD width="40%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
</TR>
</TABLE>
<BR>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&sup1;Company
headquartered outside of Brazil</FONT>
<P align="left"><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif"> &sup2;Public listed company</FONT></P>
<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">&sup3;Company headquartered outside of Brazil, position according to last available data as at January 2006</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">ULTRA S.A. PARTICIPA&Ccedil;&Otilde;ES</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Common</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Preferred</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Total</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=center>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="40%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Paulo Guilherme Aguiar Cunha</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">11,974,109</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">18.95</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.00</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">11,974,109</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">13.52</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ana Maria Villela Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3,663,669</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">5.80</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3,186,410</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">12.57</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,850,079</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">7.74</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Christy Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6,425,199</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">10.17</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4,990,444</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">19.69</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">11,415,643</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">12.89</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Rog&eacute;rio Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">7,953,538</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">12.58</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3,917,200</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">15.46</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">11,870,738</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">13.41</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Joyce Igel de Castro Andrade</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">8,401,501</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">13.29</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4,365,161</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">17.22</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">12,766,662</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">14.42</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">M&aacute;rcia Igel Joppert</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">8,401,501</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">13.29</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4,365,161</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">17.22</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">12,766,662</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">14.42</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">F&aacute;bio Igel</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">7,437,724</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">11.77</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4,070,447</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">16.06</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">11,508,171</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">13.00</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Lucio de Castro Andrade Filho</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3,775,470</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">5.97</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right><font size="2">-</font>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">0.00</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3,775,470</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">4.26</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Others</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">5,169,337</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">8.18</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">448,063</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1.78</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">5,617,400</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">6.34</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR>
  <TD width="40%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1>
  </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">TOTAL</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">63,202,048</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">25,342,886</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">88,544,934</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
</TR>
<TR>
  <TD width="40%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1>  </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=80% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">CHRISTY PARTICIPA&Ccedil;&Otilde;ES LTDA.</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Capital Stock</FONT></B>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=7% align=center>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD width="80%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>
  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Maria da Concei&ccedil;&atilde;o Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">3,066</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">34.90</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">H&eacute;lio Marcos Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,906</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">21.70</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Cristiana Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,906</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">21.70</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Maria Coutinho Beltr&atilde;o</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">1,906</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">21.70</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT>
        </TD>
</TR>
<TR>
  <TD width="80%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%"><HR noshade size=1> </TD>
  <TD width="7%">
    <HR noshade size=1>  </TD>
  <TD width="2%" GUTTER>
    <HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">TOTAL</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">8,784</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">100.00</FONT></B>
        </TD>
        <TD GUTTER width=2% align=left>
<B><FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">%</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="80%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 37 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=99% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=99% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INVESTMENTS IN SUBSIDIARIES AND/OR AFFILIATES</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=5% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1 - Item</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2 - Company name</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3
            - Corporate<br>
      taxpayer number<br>
(CNPJ)</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=14% align=center nowrap> <FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4 - Classification</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5
- - % of<br>
ownership<br>
interest in<br>
investee</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6 - % of<br>
investor&#146;s<br>
stockholders<br>
equity</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">7 - Type of company</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">8
- - Number of<br>
shares held in<br>
the current quarter<br>
(in thousands)</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">9
- - Number of<br>
shares held in<br>
the prior quarter<br>
(in thousands)</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="14%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="7%">
<HR noshade size=1>     </TD>
        <TD width="2%">
        </TD>
        <TD width="14%">
<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="16%">
<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=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">01</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">34.266.973/0001-99</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">32.13</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2,461</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2,461</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">02</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">57.651.960/0001-39</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">16.24</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4,336</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4,336</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">61.604.112/0001-46</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2.54</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">27,734</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">27,734</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">04</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">62.545.686/0001-53</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Closely-held subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">68.31</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35,102</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">35,102</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14.109.664/0001-06</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">99.24</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">52,83</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5,242</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5,242</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">14.688.220/0001-64</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">99.43</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">6.16</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">12,539</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">12,539</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Tequimar</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">07</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">60.959.889/0001-60</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">3.79</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">34,999</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">34,999</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
 &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">08</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">61.602.199/0001-12</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">98.54</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">22.56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">799,775</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">799,767</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">09</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">65.828.550/0001-49</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">4.72</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,314</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1,314</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">10</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">46.395.687/0001-02</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">5.88</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">24</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">24</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">11</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">61.916.920/0001-49</FONT>
        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">55.99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1.41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2,751</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">2,751</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
 &nbsp; &nbsp;<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">12</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left nowrap>&nbsp;

        </TD>
        <TD width=2% nowrap>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Investee of subsidiary/affiliated company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">100.00</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">1.44</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=16% align=center nowrap>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Commercial, industrial and other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">122,048</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">122,048</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Note: This </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">information</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> is an </FONT><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">integral</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> part of the interim </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">financial</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif"
face="serif"> </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">statements</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> as </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">required</FONT><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif"> by the CVM.</FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 38 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=70% align=left><font basesize=2 size=2 baseface="serif" face="serif">CHARACTERISTICS OF DEBENTURES</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=28% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=70% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=28% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1- ITEM</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">01</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2- ORDER NUMBER</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SINGLE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3- REGISTRATION NUMBER IN THE CVM</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CVM/SRE/DEB/2005/015</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4- REGISTRATION DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4/06/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5-SERIES ISSUED</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">UN</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6- ISSUE TYPE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SINGLE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7- ISSUE NATURE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PUBLIC</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8- ISSUE DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/01/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8- MATURITY DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3/01/2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10- DEBENTURE TYPE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NO PREFERENCE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11-YIELD</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102.5% of the CDI</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12-PREMIUM/DISCOUNT</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13- PAR VALUE (REAIS)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10,000.00</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14- ISSUED AMOUNT (IN THOUSANDS OF REAIS)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">304,173</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15- ISSUED SECURITIES</FONT>
<font basesize=2 size=2 baseface="serif" face="serif">(UNIT)</font>     </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16- OUTSTANDING SECURITIES</FONT>
<font basesize=2 size=2 baseface="serif" face="serif">(UNIT)</font>     </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17- SECURITIES HELD IN
TREASURY</FONT>
<font basesize=2 size=2 baseface="serif" face="serif">(UNIT)</font>     </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18- REDEEMED SECURITIES</FONT>
<font basesize=2 size=2 baseface="serif" face="serif">(UNIT)</font>     </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19- CONVERTED SECURITIES</FONT>
<font basesize=2 size=2 baseface="serif" face="serif">(UNIT)</font>     </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20- UNPLACED SECURITIES</FONT>
<font basesize=2 size=2 baseface="serif" face="serif">(UNIT)</font>     </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21- LAST RESET DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22- NEXT EVENT DATE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9/01/2006</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 39 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<img src="biglogo.jpg"><BR>
<P align="center">
<B><I><FONT BASESIZE=5 size=5 BASEFACE="sans-serif" face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. </FONT></I></B><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT></B></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MD&amp;A - ANALYSIS OF CONSOLIDATED EARNINGS <br>
First Quarter 2006 </FONT></B></P>
<P align="left">
<B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1)</FONT></I></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif"> </FONT></I></B><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Key Indicators -
Consolidated:</FONT></I></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(R&#36; million)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>&nbsp;</TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;</TD>
        <TD width=2% align="center" nowrap>&nbsp;</TD>
        <TD width=7% align=center nowrap>&nbsp;</TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;</TD>
        <TD width=2% align="center" nowrap>&nbsp;</TD>
        <TD width=7% align=center nowrap>&nbsp;</TD>
        <TD width=2% align=center nowrap GUTTER>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Change</FONT>
        </TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;

        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Change</FONT>
        </TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD align=center nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1Q 06</FONT> </TD>
        <TD align=center nowrap GUTTER>&nbsp; </TD>
        <TD align="center" nowrap>&nbsp; </TD>
        <TD align=center nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1Q 05</FONT> </TD>
        <TD align=center nowrap GUTTER> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT> </TD>
        <TD align="center" nowrap>&nbsp; </TD>
        <TD align=center nowrap> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4Q 05</FONT> </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;

        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1Q06 vs. 1Q05</FONT>
        </TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;

        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=7% align=center nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1Q06 vs. 4Q05</FONT>
        </TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;

        </TD>
</TR>

<TR>
  <TD> </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD> </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
  <TD align="center"> </TD>
  <TD align="center">
    <HR noshade size=1>
  </TD>
  <TD align="center" GUTTER>
    <HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Net sales and services</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,097.7</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,137.0</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,125.5</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(3%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cost of sales and services</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(898.7</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(878.2</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(944.5</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5%)</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Gross Profit</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">199.0</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">258.8</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">181.0</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(23%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10%&nbsp;</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Selling, general and administrative</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(140.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(137.3</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(141.8</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1%)</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other operating income (expense), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.6</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.2</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(50%)</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">143%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">Income from operations before</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">financial items</FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">59.2</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">122.7</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">37.8</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">(52%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">57%&nbsp;</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income (expense), net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8.8</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.9</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">241%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,278%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Equity in subsidiaries and affiliated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=left>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.1</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.2</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-&nbsp;&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">-&nbsp;&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Nonoperating expense, net</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2.1</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1.8</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.5</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(240%)</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">Income before taxes and social</FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">69.5</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">112.0</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">40.4</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">(38%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">72%</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">contribution</FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=left><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=left><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=left><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=left><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=left><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(23.0</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(31.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(7.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(27%)</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">211%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Benefit of tax holidays</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20.9</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9.1</FONT>
        </TD>
        <TD GUTTER width=2% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(45%)</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">25%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom">
        <TD width=45% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1.1</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.7</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0.4</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">57%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">175%&nbsp;</FONT>
        </TD>
        <TD GUTTER width=2% align=left>
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">Net income</FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">56.8</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">100.8</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">41.7</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">(44%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">36%&nbsp;</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">106.6</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">168.2</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">86.5</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER><font color="#0000FF">&nbsp;</font>

        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">(37%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
        <TD width=2%><font color="#0000FF">&nbsp;</font>
        </TD>
        <TD width=7% align=right>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif">23%&nbsp;</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT color="#0000FF" size=2 face="serif" BASESIZE=2 BASEFACE="serif"></FONT></B>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Volume - LPG sales</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">355.2</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">355,3</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">377.4</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(0%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6%)</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
</TR>

<TR valign="bottom" bgcolor="#CCCCCC">
        <TD width=45% align=left>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Volume - Chemicals sales</FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">128.8</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">119.9</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">120.6</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7%&nbsp;</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=7% align=right>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7%&nbsp;</FONT></B>
        </TD>
        <TD width=2% align=left GUTTER>
<B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"></FONT></B>
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 40 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left"><B><I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2) Performance Analysis: </FONT></I></B>
</P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Net Sales and Services</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> - Ultrapar's net consolidated sales and services in 1Q06 amounted to R&#36; 1,097.7 million, down 3%
compared to the same quarter in 2005 and down 2% in relation to 4Q05.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz: In 1Q06, Brazil's LPG market expanded by 1.3% compared to the same period in 2005. In this same period, Ultragaz's sales volume totaled 355.2 thousand tons, flat compared to 1Q05. The
level sales performance in relation to the market already reflects a number of initiatives taken as part of Ultragaz&#146;s distribution structure review. Compared to 4Q05, sales volume at Ultragaz saw a retraction of 6%, as a result of seasonal
effects between the two periods. Both the bottled and bulk segments remained flat in relation to 1Q05. In the large bulk segment, the reverse seen in falling sales volume reflects the revision of the use of LPG </FONT><I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif">vis &agrave; vis</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> the natural gas, driven by the uncertainties regarding natural gas supply from Bolivia. Net sales at Ultragaz amounted to R&#36; 694.2
million in 1Q06, up 3% compared to 1Q05, as a result of the market repositioning brought about by the company's distribution structure review. Compared to 4Q05, net sales decreased by 4%.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno: Total sales volume at Oxiteno amounted to 128.8 thousand tons in 1Q06, up 7% in relation to 1Q05. In this same period, sales in the domestic market increased by 2.5 thousand tons, or 3%,
compared to 1Q05, basically due to increased sales in the paints, varnishes, cosmetics and detergents segments. Export markets saw an increase of 6.4 thousand tons, or 18%, compared to 1Q05, as a consequence of (i) higher sales to China and (ii) a
27% increase in the volume sold by Canamex. Compared to 4Q05, Oxiteno's sales volume increased by 7%, as a result of increased exports. In 4Q05, Oxiteno's exports were impacted by a stoppage to replace the catalysts in the Cama&ccedil;ari plant.
Oxiteno&#146;s net sales in 1Q06 amounted to R&#36; 357.4 million, down 15% compared to 1Q05, basically due to: (i) the 18% stronger Brazilian real, partially offset by an increase of 7% in sales volume and (ii) the drop in the international glycol
price in 2005. Compared to 4Q05, despite a stronger Brazilian real, Oxiteno's net sales were up 1%, due to a 7% increase in sales volume. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo: The average storage levels of Ultracargo, measured in cubic meters, increased by 3% in 1Q06, compared to 1Q05, due to the start-up of operations at the Santos Intermodal Terminal -
TIS, in mid-2005. Compared to 4Q05, average storage levels saw a retraction of 3%, as a consequence of the temporary non-availability of various tanks at Suape, due to expansion works. Ultracargo reported net services of R&#36; 58.1 million in 1Q06,
up 7% compared to 1Q05, due basically to (i) the additional revenue from TIS and (ii) contractual tariffs readjustments. Compared to 4Q05, net services saw a reduction of 3%, basically due to lower operational volume.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Cost of Sales:</u> </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultrapar's cost of sales in 1Q06 amounted to R&#36; 898.7 million, up 2% compared to 1Q05, but down 5% in
relation to 4Q05. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz: The cost of sales in the quarter increased by 2% compared to 1Q05, basically due to an increase in freight costs, as a result of fuel price increases during last year, and the rise in
personnel costs, as a result of collective wage increase agreement in 2005. Compared to 4Q05, the cost of sales was down 8%, or R&#36; 48.3 million, due to: (i) a reduction of 6% in sales volume and (ii) the initiatives taken as part of the
company's distribution structure review, including the effect of non-recurring costs reported in 4Q05. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno: Oxiteno's cost of sales in 1Q06 amounted to R&#36; 279.2 million, up 3% compared to 1Q05, due to (i) an increase in sales volume and the rise in the dollar cost of ethylene, partially
offset by the appreciation in the Brazilian real, and (ii) an increase in fixed costs, as a result of a reduction in the finished products goods inventory. Compared to 4Q05, the cost of sales increased by 2% as a result of a 7% increase in sales
volume and the effect of the 2% appreciation in the Brazilian real. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo: The cost of services provided by Ultracargo in 1Q06 was up by 4%, compared to the same quarter in 2005, principally as a result of (i) the start-up of operations at the Santos
Intermodal Terminal, (ii) the increase in fuel costs, and (iii) increased salaries as a result of the annual collective wage agreement. When compared to 4Q05, Ultracargo's cost of services was down by 8%, basically due to lower operational volume.
</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Gross Profit:</u> </FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">In 1Q06 Ultrapar reported a gross profit of R&#36;199.0 million, a decrease of 23% in relation to 1Q05. Compared
to 4Q05, the gross profit increased by 10%.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Selling, General and Administrative Expenses:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> In 1Q06, Ultrapar's selling, general and administrative expenses amounted to
R&#36; 140.4 million, up 2% compared to 1Q05, and down 1% compared to 4Q05. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 41 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz: Selling, general and administrative expenses at Ultragaz amounted to R&#36; 74.1 million, up 2% compared to 1Q05, principally due to an increase in personnel expenses, in accordance
with the annual collective wage agreement. Compared to 4Q05, selling, general and administrative expenses were down by 2%, the result of a 12% drop in selling expenses - in 4Q05 there were non-recurring expenses related to the company's distribution
structure review. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno: Oxiteno's selling, general and administrative expenses amounted to R&#36; 49.1 million in 1Q06, 6% lower than in 1Q05, due to a reduction in the provision for employee profit sharing,
partially offset by an increase in freight expenses, in line with the rise in volume sold. Compared to 4Q05, there was a reduction of R&#36; 0.4 million, or 1%. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo: Selling, general and administrative expenses at Ultracargo amounted to R&#36; 18.4 million in 1Q06, a 36% increase compared to the same period in 2005, basically due to expansion in
the size of the operational workforce, as a result of new operations, and the increase in staff salaries as a result of the annual collective wage agreement. Compared to 4Q05, there was an increase of R&#36; 0.3 million, or 2%. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Income from Operations before Financial Items:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Ultrapar reported an income from operations before financial items of R&#36;
59.2 million, 52% lower than the operating income reported in 1Q05. Compared to 4Q05, Ultrapar&#146;s income from operations before financial items increased by 57%. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Financial Income (Expenses), Net:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Ultrapar reported financial income, net, of R&#36; 12.4 million in 1Q06 compared to net
financial expenses of R&#36; 8.8 million in 1Q05. This improvement in the financial result is explained by (i) the non-recurring positive effect of R&#36; 15.9 million, the result of winning a court case in regard PIS and COFINS taxes, explained in
further detail below and (ii) an increase in the company's net cash position, which amounted to R&#36; 127.4 million at the end of 1Q06, compared to a net debt of R&#36; 17.6 million at the end of 1Q05. Through its subsidiaries, Ultrapar had filed
lawsuits questioning the levy of PIS and COFINS taxes on sources of income other than revenues. In March 2006 the Federal Supreme Court decided one of the lawsuits favorable to Ultrapar. The amount of R&#36; 15.9 million booked in the financial
income refers only to the amount disputed by Ultragaz. Ultrapar has other subsidiaries which are also disputing this issue, but which have yet to have their cases ruled on. Should these subsidiaries also obtain a favorable final court decision,
Ultrapar estimates that the total effect on financial income will be an additional R&#36; 42 million, net of legal fees. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Nonoperating Income (Expenses), Net:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> In 1Q06 Ultrapar reported nonoperating expenses, net, of R&#36; 2.1 million, an increase
of 17% compared to 1Q05, when Ultrapar reported a non-operating expenses, net, of R&#36; 1.8 million. In both periods, the non-operating expenses were largely due to the scrapping of storage cylinders at Ultragaz. Compared to 4Q05, when Ultrapar
reported nonoperating income, net, of R&#36; 1.5 million, the company saw a decrease of 240%, due to the sale of assets (vehicles and land) in 4Q05. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Income and Social Contribution:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Ultrapar&#146;s 1Q06 income and social contribution taxes expenses amounted to R&#36; 23.0
million, a decrease of 27% in relation to 1Q05, when Ultrapar&#146;s income and social contribution taxes expenses were R&#36; 31.4 million, as a result of the decrease in income from operations. Compared to 4Q05, when the company reported R&#36;
7.4 million, Ultrapar&#146;s income and social contribution taxes expenses were 211% higher, due to the increase in income from operations.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Benefit of Tax Holidays:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Ultrapar is entitle to federal tax benefits for its activities in the Northeast Region of Brazil, due
to the federal program for development of the region. Tax benefits cover Oxiteno&#146;s plant in Cama&ccedil;ari, Bahiana Distribuidora de G&aacute;s and Tequimar. Ultrapar's operations generated R&#36; 11.4 million in benefits of tax holidays in
1Q06, compared to R&#36; 20.9 million generated in 1Q05. The drop in benefits of tax holidays reflects the company&#146;s lower income from operations and the increase in the proportion of income from operations generated by Ultragaz, which enjoys
lower benefit of tax holidays.</FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>Net Income:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Ultrapar's consolidated net income in 1Q06 amounted to R&#36; 56.8 million, down 44% compared to 1Q05, but up 36%
compared to 4Q05. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"><u>EBITDA:</u></FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> Ultrapar's consolidated operating cash generation (EBITDA) amounted to R&#36; 106.6 million in 1Q06, 37% lower than in
1Q05, but 23% higher than in 4Q05. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultragaz: EBITDA at Ultragaz amounted to R&#36; 55.3 million in 1Q06, 22% and 61% higher than the respective figures reported in 1Q05 and 4Q05, as a result of market repositioning and operational
efficiencies driven by the company's distribution structure review. </FONT></P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 42 -</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="sans-serif" face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
</P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Oxiteno: Oxiteno ended 1Q06 with EBITDA of R&#36; 40.5 million, a 64% reduction compared to 1Q05, basically as a result of the appreciation in the Brazilian real on the company's sales, the high
oil price level and the drop in international petrochemical commodity prices in 2005. Compared to 4Q05, this reduction amounted to 4%, basically due to the appreciation in the Brazilian real. </FONT></P>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Ultracargo: EBITDA at Ultracargo amounted to R&#36; 9.3 million, down 7%, or R&#36; 0.7 million, compared to 1Q05, basically due to the new operations in the ramp up phase. However, compared to
4Q05, EBITDA saw an improvement of 16%. </FONT></P>
<p align="center"><u><font basesize=2 size=2 baseface="serif" face="serif">EBITDA</font></u>
</p>
<table border=1 width=95% cellspacing=0 cellpadding=2>
  <tr valign="bottom">
    <td width=20% align=left> <i><font basesize=2 size=2 baseface="serif" face="serif">R&#36; million</font></i> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">1Q06</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">1</font><font basesize=2 size=2 baseface="serif" face="serif">Q05</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">4Q05</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">Change<br>
      1Q06 X 1Q05</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">Change<br>
      1Q06 X 4Q05</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=20% align=left> <font basesize=2 size=2 baseface="serif" face="serif">Ultrapar</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">106.6</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">168.2</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">86.5</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">(37%)</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">23%</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=20% align=left> <font basesize=2 size=2 baseface="serif" face="serif">Ultragaz</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">55.3</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">45.4</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">34.4</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">22%</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">61%</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=20% align=left> <font basesize=2 size=2 baseface="serif" face="serif">Oxiteno</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">40.5</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">111.4</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">42.2</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">(64%)</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">(4%)</font> </td>
  </tr>
  <tr valign="bottom">
    <td width=20% align=left> <font basesize=2 size=2 baseface="serif" face="serif">Ultracargo</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">9.3</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">10.0</font> </td>
    <td width=16% align=center> <font basesize=2 size=2 baseface="serif" face="serif">8.0</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">(7%)</font> </td>
    <td width=16% align=center> <font basesize=1 size=2 baseface="serif" face="serif">16%</font> </td>
  </tr>
</table>
<BR>
<I><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">We hereby inform that, in accordance with the requirements of CVM Resolution 381/03, our independent auditors Deloitte Touche Tohmatsu Auditores Independentes have not performed during this
first three months of 2006 any service other than the external audit of the financial statements of Ultrapar and affiliated companies and subsidiaries. We also inform that there is no expectation, for the current year, for Deloitte to perform any
other service amounting to more than 5% of the auditing cost.</FONT></I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif"> </FONT>
<P align="left">
<FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">RU0062*.*</FONT><BR>
</P>
<P align="center">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">- 43 -</FONT></P>


<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>



<P align="center"> <B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">SIGNATURES</FONT></B></P>
<P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td colspan="3"><B><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR HOLDINGS INC.</FONT></B> </td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="Times New Roman, Times, serif">Date:</font></td>
    <td><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">June 12, 2006</FONT></td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp; </td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
    <td colspan="2"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">/s/
              F&aacute;bio
          Schvartsman</FONT></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2"><hr align="left" width=65% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">Name: </font><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">F&aacute;bio Schvartsman</FONT> </td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td colspan="3"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">Title: </font><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Chief Financial and Investor Relations Officer</FONT> </td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<BR>
<P align="left"> <I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Minutes of a Meeting of the Board of Directors, May 30, 2006 / 1</FONT></I><I><SUP><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">st</FONT></SUP></I><I><FONT BASESIZE=2 size=2
BASEFACE="serif" face="serif"> quarter 2006 Financial Statement &#150; amended, May 10, 2006) </FONT></I></P>
<P align="center"> <FONT face="serif" size=2>- 44 -</FONT></P>

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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>biglogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 biglogo.jpg
M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@,#`@(#`@("`P0#`P,#!`0$`@,$!`0$!`,$!`,!`@("`@("`@("`@,"
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__$`:(```$%`0$!`0$!```````````!`@,$!08'"`D*"P$``P$!
M`0$!`0$!`0````````$"`P0%!@<("0H+$``"`0,#`@0#!04$!````7T!`@,`
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1``(!`@0$`P0'!00$``$"=P`!`@,1
M!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_``!$(`&D`9@,!$0`"$0$#$0'_V@`,
M`P$``A$#$0`_`/WXH`*`"@"GJ-]%I=A>:A-%>3PV%M-=20:=8WFIW\J01M(T
M=GIVGPS7-[<L%PD$$4DCL0JJ20*NG!SG"G%QBYM13E*,(IMVO*4FHQ7>4FDE
MJW8F<E3A*;3:IIR:C%RDTE>T8Q3E)]HQ3;>B39\2?%7]JCXOZ/!+9?!W]E#X
MR>,-2:.41ZUXN\-W?AGP];R_\L)4TZW>?5-3C/):*1=*8<`/DDK]EEO#&52E
MS9KQ/@,+3_Y]X>O"K4_\#ERTH^J=3OY/P<5G.)IJ4,'E6+G-:*53#UE!/6[Y
M8QO)=;<T+]&CXOUC]H?_`(*AZE)(UC\$[OPW&Q&R'1OA5=W!@`8-A)?$&J:B
M7)`VEG0Y#,0J'!7ZFED/AY223S6%=KK4Q\%?U5*-.V][)Z::O6_B3S;B7[&`
MJ4WY86K;[I4Y-=[<VG=G):?\2?\`@K+J=_;V%MI7CZWENYQ%$^H?"OX6:580
MER2/M&HZIX2AM[2!1QYD\ZC`&6)/.]3+?#>E"5257".--7:AC<74EYVA3K2G
M)OM%-]D<\,9Q=4G&$%6@Y:+FPD(17K*I0C&/K*21W!^-O_!4WP?J]WIFI?"@
M>+GT^X>&2=_AU9ZII-W\L962SU7P5JNGP75LRC<&AER#*ZN0R[(N99/X=8JC
M&I3S&.%4U=)8R5.<=])4\1"I*+OW6MDUIJ^K^TN)\/4E"K@I57%V]W#S</E*
ME!I^JE;H]4SZT^%'[5GQRU".*Q^,W[(_Q<\,7BH=_B#P-H%YKNBS29!S)H>H
MR0ZAIT>TD8BN=38D=`#Q\WF7"^2TVY9/Q1@:T'M2Q-:%*<=_^7L+TY=-7"DM
M7VU];!YSC':&,RG$TVE\=*A6LW?K3E#W%Y^UGW=KZ?<^D:E%K&F6&J06VHV4
M-_;174=IJVG7FD:G;+*H;R;[3-0ABN;&Y7.'BFC1E(Y%?%U:3H5)TG*$G2DX
MWISC.#L]XS@W&47TE%M,^@IS4H1DHR@FKVE%QDK]'%V:?DS1K,L*`"@`H`*`
M/SZ_:X_;V\%?L\R:KX#\+0P^*OC!#96-Q%I=S&W_``B_AW^T&6:-_$][#>V\
M[71L/](33[/=*1/;M,\"2JS?<\,<%8O.E1QN*YL-E3E)<T?XU7ET?LHV:4>;
MW74EI=245*SM\_F^>4\NYJ%"#JXM6T46X4[VE^\LT[N+344TVFO>CN?G7_P]
MF_:#_P"A1^#?_@N\5_\`S65]W_Q#;(?Y\?\`^!4__E9\[_K5F?\`SXI?^$]7
M_P":0_X>S?M!_P#0H_!O_P`%WBO_`.:RC_B&V0_SX_\`\"I__*P_UJS/_GQ2
M_P#">K_\TA_P]F_:#_Z%'X-_^"[Q7_\`-91_Q#;(?Y\?_P"!4_\`Y6'^M69_
M\^*7_A/5_P#FDP_$O_!3_P#::\7:'J.BZ+9^`_"=R\274WB'P?H6KW>MZ996
MD\4]W+"-:U;4K.UMWC7R9KB:T?RXYF*M&^UUVP_A]P]A*U.K.EB<2HW2I8B:
MC2E)Q:2?LU3G)KXE&,ES-:W5T\JW$N;5:4Z<(1H2:^.G1E"<>NCG5J1UV:Y+
MM/W6G9FI:?\`!6#]HBVMH()_#OPAOYH8DCEO9])\1V\UTZJ`T\L-IXI2&)W/
M)6)$4$\`#BLI>'&0.3<?KU--W45.#4?)-T[V72^O=MZFD>*<T22="GIWH5&_
MFU7BONC'T+'_``]F_:#_`.A1^#?_`(+O%?\`\UE+_B&V0_SX_P#\"I__`"L?
M^M69_P#/BE_X3U?_`)I#_A[-^T'_`-"C\&__``7>*_\`YK*/^(;9#_/C_P#P
M*G_\K#_6K,_^?%+_`,)ZO_S2?>G[)/\`P4,\)?'._P!*^'GQ$M+#P5\5=0EN
MX]-:PD"^#/$[(RR6EGI%S>W\MWI^O2Q.Z#3KGS!,UMFWN)))Q;1?%\3\#8C)
MZ=7'Y<YXC+:2BYQFG[>C>Z<I*,5&5)63<TTX\WO123D>_E.?T\:X4,1!X?$M
MM)\KA3DWLH\TFXREJE&\DVE[UY*)^DM?GY]&%`!0!\6_M0_MN?#O]F34M'\,
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MT;M^;*'_``W_`/LP_P#1E?@__P`%GPZ_^8^K_P!3N(/^BPQ/_@6*_P#F@G_6
M/*O^A-2^ZG_\I#_AO_\`9A_Z,K\'_P#@L^'7_P`Q]'^IW$'_`$6&)_\``L5_
M\T!_K'E7_0FI?=3_`/E(?\-__LP_]&5^#_\`P6?#K_YCZ/\`4[B#_HL,3_X%
MBO\`YH#_`%CRK_H34ONI_P#RDNV'_!2+X+^&[VSF\&?LH^'O#=O>F\M/%1TY
M/!VEWFI:-)I]W'!IUM+I?AJ)95?4I;26876Z/R8)HPC/,&CF?`^:5Z<XXKB>
MO7G'E='F]O*,)\R<IM3K-WY$XQY=;M-NR''BC!491]AE5.G%W52W+%N+322Y
M:2W;3;=]+KEUYE3/_!0']F-B6;]BWP@S,268Z;\.B22<DDGPADDGO5?ZG<0?
M]%AB?_`L5_\`-`O]8\J_Z$U+[J?_`,I$_P"&_P#]F'_HROP?_P""SX=?_,?1
M_J=Q!_T6&)_\"Q7_`,T!_K'E7_0FI?=3_P#E(?\`#?\`^S#_`-&5^#__``6?
M#K_YCZ/]3N(/^BPQ/_@6*_\`F@/]8\J_Z$U+[J?_`,I+-G_P4+_9LT^[M;^P
M_8U\+V-]8W$%Y97MG9_#ZVN[.[MI5FMKJUN8?"2R6]Q%,B2))&RLC(K*00#4
MRX+SZ<90GQ=7G":<91E+%.,HM6::=>S36C3T:T&N),K3363TDUJFE3336S7[
MD^\/V8_V[/AU^TEXDOO!-KX?UKP1XRM]/N=7L-(U>YM=2L]9TRR>%+Z33]4L
MDC47EO\`:(GDM9X8F,;-)$TJQ3>5\9Q!P;C<APT<9]8IXO"<\:<I0C*$J<I)
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M71)+[SC/^$S_`."2'_0I7?\`X(_C5_\`)E=7U7Q,_P"@FG_X'EW_`,B8^VX1
M_P"?$/NG_P#)!_PF?_!)#_H4KO\`\$?QJ_\`DRCZKXF?]!-/_P`#R[_Y$/;<
M(_\`/B'W3_\`D@_X3/\`X)(?]"E=_P#@C^-7_P`F4?5?$S_H)I_^!Y=_\B'M
MN$?^?$/NG_\`)!_PF?\`P20_Z%*[_P#!'\:O_DRCZKXF?]!-/_P/+O\`Y$/;
M<(_\^(?=/_Y(6'XF_P#!*#%_H!^'<T.EQO8:A%KDGA3XBR37]TR7*2V5GJ,=
M])KMK!;*R^;!.+6TE>=6C$QBW(WE_B0N2LL?3=1<T7357")16GO.#@J#<K:2
MBY3BM^6]G*Q'"2<J7U:/)!J2E:=FY;J+YN9)65UHGVV;3_A,_P#@DA_T*5W_
M`."/XU?_`"92^J^)G_033_\``\N_^1*]MPC_`,^(?=/_`.2#_A,_^"2'_0I7
M?_@C^-7_`,F4?5?$S_H)I_\`@>7?_(A[;A'_`)\0^Z?_`,D'_"9_\$D/^A2N
M_P#P1_&K_P"3*/JOB9_T$T__``/+O_D0]MPC_P`^(?=/_P"2#_A,_P#@DA_T
M*5W_`."/XU?_`"91]5\3/^@FG_X'EW_R(>VX1_Y\0^Z?_P`D=5X)^-7_``2[
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MT_35-'%_M`_#?P3\5?AAK'@_XD>+M5\&>!9[K3+[Q'JFEZ[H_AM)K:PO8Y[.
MPU/5M;L+JVM],?5?L$K+MB9Y;6W02;69).W(L?B\LS&GBL!A(8S&1C.-*$Z=
M2KRN4;2E"G2G"3E[/GCU2C*3M=)KGS+#4,5A)T<37>&P]TZDE*$/=6RE*:<5
M'FY6[K5I+J?"GAK_`()N_L<>,DNY/!_Q*\:^*H].>&._?PU\2?!>N)8R7"R/
M;I=MI?AF<6SRK%*4$FTL(V*YVG'V6(X]XHP7)]:RK"X3GOR>UPN*I<UK7Y>>
MO&]KJ]MKJ^Y\]1X9R6NF\/CJE91M=TZN&FE>]K\M%VO9V[ZECQ%_P31_9#\'
M6,6I^+/B!X]\+:;+=1V,.H>(OB%X/T.QDO9HYIHK.*[U+PO#$]T\-O<2+$K%
MV6"1@"$8B</Q_P`2XJ;IX3+,)B9QBY.-+"XFI)1NDY-0KMJ-Y)-M6NTNJ*J\
M+Y/AX\]?&5:$+VYIU,-"-W=VO*@E=I-V\F<S+^P-^PC!86FJR_&W5X=+OKJ\
ML;'4I?C!\.H["\O=/CMIK^SM+QM!$-Q=6T5[9O-%&[/&MW"SA1*A;H7&G&'/
M*G'(J7/3492BL#C.:,9MJ,I15:\5)QDHMI)N+2O9F#R#A^,(U'FCC3E=1E[?
M"*+Y;*5G[*SY7*-[;<RONC<B_P"";_[&TWAM_&,'Q,\9R^$(O,\SQ5%\2O!4
MGAN/RKLV$N_7$\-&R39?`V[9G&V4>6</Q6+X\XHCB%A'E.&CBNE%X3%*KK'G
M7[OV_/K'WMM8^]MJ:KAG)?8^W6.J?5TK^T]KAO9VO9OG]CRVOION<M_PPQ^P
M!_T7RZ_\/5\,_P#Y2UT?ZX\9_P#0@I_^$&-_^7'/_8G#?_0W7_A3@_\`Y4:V
MI?L5?\$][Z#2X;?XP6>COIMF]I/<Z;\;?!33ZQ(UU/<B_P!4_M.*\C^V*LX@
M'V..SB\J"(&(N"[94N+.-:3J<V3^UYY72G@,0E35DN6'LY0]UVYO>YI7;]ZU
MDM)Y/PS)04<RA2Y4T^7$X;WM6[RYHRUUM[O*K)73=V\S_AA3]@,(LA^/-Z(V
M9T23_A=/PU",\81I$5O[$P6598R0#D"12?O#.O\`KCQDO^9!35O^H#&:?^5B
M/[#X;LG_`&OIT?UG!]-_^77FOO&?\,,?L`?]%\NO_#U?#/\`^4M'^N/&?_0@
MI_\`A!C?_EPO[$X;_P"ANO\`PIP?_P`J.M\.?\$VOV._%\5Q/X1^(_C?Q1!:
M.L5U-X<^(_@S6XK:1AN6.XDTSPS,L+E>0KD$CFN>OQ[Q/@^58K*L+A>?6/M<
M+B:=UJKKGKQOJFM.S.FCPQDU>+EA\;5K16C=.IAII/UC0:.D_P"'4_[-7_0=
M^+?_`(5?A_\`^8^N;_B).>?]`F`_\$UO_FDU_P!4,M_Y_P")^^A_\SG`ZS_P
M3^_88\-:C=:/XA^,VNZ!JU@8Q>Z5K/Q<^'NE:C9F6".YB%U8WV@136Y>VFBE
M7S$7<DJ.,JP)[J/&W%U>$*F'R2C6IR^&5/!8N<7K9\LHUFGJFM'NK;G+/A_(
M*-1TJF9RI58V3A*OA(R3=FDXNBFKIIK36Z/O[X!?!3PG\!?`J>"_`OB3Q5X@
M\)3WTVN:,OB;5],UI--354CN+B/1+O3=*LE72[J<O>[#YRF6[FEC(\YMWQ.=
MYOB<YQGUK%X:CAL3"*IS]C"=/FY-%SQG4F^:*7+T=E9[*WTF6X"EEU#V%"K.
MI1<N>/.XOEYDK\O)&*LWKHK:WW;;^3?^"HGCR/PO^SC'X2C9A>_$?QAHFBB-
M7*#^S-"D;Q5J$K!6&]!<:3IL)4AE)NP3T%?2>'>"=;/)XKX89?AZD]OMU;4(
MI.UHNU2<KW3M%VZGD<5UW1RU4H\T77J13:TM&'O.[NMY<BMK=-NVES'_`."4
M_A6VT?\`9]\2>)!#&EYXL^(^KL;A(]CR:;H6DZ-I=G;L^WYUAU#^VF&"5!N7
M&`V_.OB/B9U,YPN&N^3"X6+2;VE5J5)2?E>*I[V;M?9HGA*DH9=4JM6G5K23
M;5FXQC'E7FDY2:_Q,^>O^"N7CE9M;^$'PQA<C[!I^N^/-3B#-Y;G4)E\/:+O
MC#;/,C%EKA#%2RB8XP)#GW/#/!^SPV:YC:SJ3I86#V<5!.M4L^TG*FK=UOI8
M\_C#$.+PV&BTDHN;2TDG.5HOTM3FK=6]=C\QOB,]QIW@GX)^'9X_*AL?A[JW
MBZ2#''V[QQXZ\4WR3E2`/,D\+:3X2P<`E47YFC\O;^AX6SQ.92@_>EBH45+;
MW:&&H1MWLJ\\0^MVWHG>_P`QBG*-+!8>,E%\FJ3?QNI-<VCT4H\MU:]XWNU8
M_H!\+_LOW'B_]ACP#^SY_P`)0?!#ZWX5\*ZOXBU>ST/^UIA<WVLV_C[5;'[!
M<ZC8DRRZO.L,LLDOW8G'EX8*GXKB>(X83C+'9W]5^M1HU:M*E3=54URPI_5H
MR4U"=ER)R2BMVO>>M_T"CEDZV18?`JI]5=6$9S]USMSR]LX64Z;TE)+1[+EV
M/R3_`&P/V,-#_93T+P3J47Q-N_&NI^,]8U33K72;CPE9:`EO9:180W=_J(N8
M=>O7E:.>\TZ'RQ"%_P!,W%U*JK_I/#7%=3B2IC(1R[ZC3P4(2E-8B56\JDG&
M,+.G34;I2E>[?NVMN?(9UDRRFE2DL5[6=1NR4)4[1C92>M:I?WIPV2MK=[)]
M_P#LO_\`!.^U_:*^$VG_`!0O/BC=^#!J>LZ[IEIH]MX-L];0V^B7K:<UX;V;
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MBOXOL=6N--L9]4LK;0=`DMK/49;6*2]M;>29!(\$5RTL:,X#%4!;DFOSBMXF
M8F%:K"CEE&I2C.2A)U:UY04FHR=FE=QLW9)7V/JJ7",/9T_:XN4:G+'G2C)I
M2LN9)^U5TG>SLO1'YN:M#XH_8Y_:AOM*\&^);K4-3^&GC+2;'^TK6%M('B?1
M;^'2K^YTK4[".2=/L]]I>I?9;B`F=-^7CR5C(^\H_5^)\AI2Q5!0I9C0E/V<
MGS^QJ1YXJ4)>Z[PG#FBURRY=&TVSYFHJ^1YK*-.LYRPS<DUS04HI<_(TW)J,
MDN62N[INS>C/Z8?C+\5?#_P1^&7BWXG^)DFGTKPKIPNA86KQQW>J:A=7$-AI
M.D6;2G:MS>ZI=VELK$$)YQ=@50U^`93EE?-\PPN78=J%3$2MS23Y:<(IRG.5
MM;1A%R>U[6NKGZ?C,53P.&JXFI\%)+1:7;:BEY7;5WM%7D]$S^3KXA>*?$'Q
M.\8>-?BAKEI(]SXG\57FI:K<Q13S:=IM_KLM[?V&BI=R*5B6*QM9HK6%V5S;
MZ:VQ=L+;?Z1P>'I9?A<+@</+EI8:E&%--I2E"FHP=3EO=WE9U)*Z4YI-WDK_
M`(_B:];$UJV*GS+VTW)O513FY-*ZLE\,E%=HO>S/ZA?V0-:?7OV8/@9?R,[2
MQ?#GP]I,C.06,OA^U&@R$E0!]_36P?3')ZG^?>*J:I<1YS&*LI8JK46EOXK]
MKMTOSW/UC)ZBJ97@91^&-)15^T+P7X1ZZ][NY^2/_!5/Q_\`VY\3?"W@82,(
MOA[_`&Y+/&2-@E\3^'?A]JL$H11D,L2W`R><3,%X8U^E>'6#]AEE?$17O8]T
M[;;4:N*A;?2[:[)VOT1\?Q;7=3$T<*E9T6U&SMI4A2DTU?ORVNNA^JG[$O@:
M?X>_LM_!_1+M$2^O_#;>+;T(`")O&VH7GBR*-P`,216>L6T!#?,/(PQ)!K\Z
MXOQD<9Q'FE2F_P!W2J^PCOJL/&-!M7;TE*FY:66NB2T/K,BH?5LIP4+_`!P]
MK?K:JW4BGYQA*,7;3330_&'_`(*+7%YXX_;#U;PKIA\^]LM(^'O@33HD;S!]
MNU:Q@U6*-1%E@WVWQ5M*8+;E/J`/U7@6,,'PQA:TX\D93Q.(F]KQC.4.ME\-
M'1WMZ'Q7$DW6SOV,%[U)4HI=VXQFHZ)]9=$_BV[\/X\\.Z3\0_VT='^&&CHD
M?AS2O'_PV^"]LGEE+?\`LCX>VWAOX?:M<QP.7*P7#:!J=WM8N6^TDDL6Y[L)
M7K9=PU/,*K_VEX7%9@[V;Y\3[;&4T^6R;2JPCHULEI:RY<12ABL\A@Z?NTZ<
MZ>%LTDDJ,51F[+1IN$IK:Z:329_3ZJJBJB*J(BA550%5548554<*H```'3%?
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M^(?&W[5'Q'\5^`]+O_$6N_\`"V/$&K^&++3]"F\37-VGA;6IGTFX.A1V=P=1
MMHK'1[>:2"2"2/R8660>6IK]SRNC2P&19?AL74AAZ5/!TJ=9RJ*C&/M:251>
MT;CR.4JDDI)J7,[Q?-8_-,94JXG-\15PL92DZTI4TM9<L7=63NK-*[BTTDVF
MFKH]]\6?MF_\%`=&T*YNO$]SXH\':-=-_9[:[??!FS\-1VTUQM5(K;6-2\,Q
MQ6EX^\+$V[?N8;/F`QXV%X4X+G5C]6I4<54@G)4XYA[;1;N5.%5MQ5[O1(].
MMG/$%*,I5'5I075TZ*BKWT35!/H[VDI):W6YV/\`P3M^$_A/X[?&'Q'\3?B;
MXHU7Q=XQ\`WEKXKE\,^(-.?4(O$6J:M),FE^+M4\37.JS2:I+8:E:S2-I\UE
M!B?[!)YL\*O$.;CC,\1DV4X?!Y;AXX6AC5*A[6D_9^PA!)RH4Z48*,%4IRLI
MJ;?+[1*,96D;<-X2CCL9+%8B<ZM:A>;C-.492;T;G*;=XM\S4HRYGRRY[\\3
MK_\`@J)^T<GB3Q':?L]^&_M"Z9X&U&TU_P`=WBNHBU3Q)<:1'<Z)HMM&AS);
M:;IVJR7$Y=MKW=Y$@0/I^]N/P]R+ZKAGG-=KVN.BZ=!6M[.BJC4YMM:.I*%E
MR[03O\5C7BK,O:58Y92;A&E).HWHG-I<NO\`+!-WW3DW=+D3EQ7QCT_X+^%O
MV"/AMX`\)^/OAGK?Q*M/''ASQ[XWT[PUXBT+5O$%WK&MZ1XGAU&&Y2RNI+B?
M^R+?6M.TQI541K'I"=-_S=V71SFIQCF6,Q6`Q>'R[ZM4PV'G6HU:=)0IU:'*
MXN24?WSA.JE>[YVUMISX_P"H4>'L+A:&)H5,3&I"K45.<)3YG&:DVHR;3BI1
MB]U9:76I^C/_``33\5)XB_93\+:8"/.\%^)/&/AB?Y]SDR:Y<>)X"_[QBH%K
MXD@C4%8\+$H"X&Y_@N/\++#\15JMK1Q=&A5CVTIJC+HOM4FWOO?J?3<+UN?*
M:4-$\/.=/33=JHK^=JB72^Y^9_\`P4V^$'BWPW\<-;^*]Y:RR>$/B9/I=AI&
MH6]O-);Z?>^&?`O@[1IK34KA08K6YNY[>]DMHW9&F2PN2F[RFQ]]P!F6&K9/
M0P%.5L5EO/*I!R2;C6Q->HI4X_$XQ3BJC2:BYQO\2/E^)L)6H9E/&N+]C6E#
MDZ*].E235]5=M/1I.R;2DHR:^AO!7_!5SPOX<\`^&]"U3X/^(KKQ)H'AS3='
MD.G>(M*@T"^N]+L(;&.=+NYMFO+&WN/(61E-G=-#YA0&?9O?P\7X<5:^,Q%>
MEFM.G0K59U$I49NK&,Y.5FHR4)2C>U^:"E:]H7LO1PW%M"CA:-.6%DZE&G&%
ME.RDX14;KW'RJ5KVN^6]KRM=_%?P5NO&_P`7?V@?&?[3&N:8EQI7PPN/$OQ^
M\=7@+Q:5ITGA>TOO$7A;POITUTS"2YFU+3]*L+2W+F1;6SDF?"PLU?7YG#!Y
M;D^$R.A+V<\>J.686#7O3]JX4:U:IR*-DJ<YU:LTDG.5EO8\/`.MB\QK9E*'
M,L-SXJ2=DO<O*,>B]Z=H03UZW:A-KQ'X$_%:U^%WQK\'_%[Q)I-]XG7P]KFJ
M^)+_`$N&]CM+W4=2U/3M6CCD-Y=03*CQZGJ4=RS/&S'R",ACN'IYS@)9AEF,
MRVA5CAOK%.-&,^6\8PC*%[14HZ2A!QT=M>QPX+&1P>84\55A[:-*5VHVBY.*
MM&2Z*\DF^EKV/UC;_@KMX/`)_P"%*>)FP"=J^+M++'`SA1_8W)/85^;1\,L3
M*2BLVIWDTE^XEUT_Y^'UZXRP[:7U*HKZ7=2*2\WIL?$'QKU6/]H[]N73[`V<
MFF6?BCQQ\+?!=SIMQ<?:VTJ.WL?#&D^([22:)8_,6"^76"VV.%N""BOD5]AE
M5+_5_A1R4E5>%PV+Q,96Y%43=:K1DHN]N>#IVUDM59M6/`Q[_M//814?9JO*
ME3<7?W?<C&:=DG>+YMDMOF?T`?'[Q[%\*/@C\3O'BEH)/"_@K6KG2UM]L975
MY;-K#08HSC;$&U>ZL$W;3M#9"G&#^+9%@7FF<Y=@>F(KPY[_`//N+YZK]?9Q
MD_-]3]%S"O\`5,#B:L?=E3IR4+:6G)<L.CLN=QUL[+6S/PM_X)<^'Y=9_:=?
M5I<2?\(G\._%.MS2N"6^V:G<Z3X=CD#<?O)(]9OR3SD;LC)!K]?\0:RH\.SC
M%<JQ.*HTHZVLHJ=9JU[O^''I\^_P?"E+GS.=5)I4J=22;>R=H<N][VG%W:>S
MUN?L'^W1)%#^R7\;VEM+:\7_`(1.*-8;I"\22SZUI4$-V@4@BYM99$N86Z++
M;QD@@$'\QX+3_P!:,G49.%JLM5V]E4;CZ35XOR;/LL]ER95BGRJ7\)6:NES5
MJ<;VTLU>Z?1I/78_&G]A+XOZ-\`]*_:0^+&J:<-4N?#OP_\`"%AHFG(4CFU+
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M[M/FA*+5DW-\_/>[6T532TOOJ]+?J_\`M&_%_P"''P:\`IK?Q5\-:AXH\&ZY
MJ]OX;OM.M=&T+6K#SKNVN[V#^V;3Q'J=E8_89#8/&OF22%I6B58SDE?S?A[*
M<PS?'.AEF)AA,70INK&4JE2E*RE&+]FZ4)SYES)Z)65W<^MS/'8?+\.JF)H3
MKTJDU3Y*<(S=VI23E&4HKE]W>^]M#\Q[G]H+_@F9=:F-6E_9[*W8FBG$=OX9
M^']II_F0[-@.CVOQ$CL#$=B[HC;;).=ZMN.?T>/#_B%&FZ2SZER6:UJUW+WK
MW]]X1SOKH^:ZZ-'RKS/AR[_X1JZN[M*A32^Y5DDO)*S[:GL>F_\`!0+]B[1O
M"]SX'TGX:ZIIO@R\CGAO/"5CX/\`A7:^&KR*Y54N4O-#A\:K9W2S(B"3S87\
MS:-^<5Y,^!.+JF)CC*F:4IXNG;EKRQ.-=:-MN6H\/SQM=VLU;H=D.(\IITG0
MAEN)C1:LX+#T5%^L?:V=^M]^IR/_``V%_P`$\?\`HWS0O_#4?`__`.:>NG_5
M#CK_`*'[_P#"[,/_`)28_P!M9!_T):G_`(1X;_Y,4?MA_P#!/)2"O[/VAJ5(
M92/A1\$`58'(((\3\$'!R*/]4..E_P`S]JW_`%'9A_\`*0_MO(%_S):BM_U!
MX;_Y8)H_[>'[$-AXQOM7M?@(FC:IIEU;:KHWC6S\!?"2+6KW4KJ,S7U\FI+X
M@@GM=1BNI9`T\-_=22%W>1HV8J2KP5QA/#JB\^52$XN%6A+%8WV48*RC#E]D
MU*$HV]UTX15N5)I7*AG^2TZGM(93.$XNZE##T/:IZ.\DI)P;;;B^9N5KZ'HV
MO_\`!23]D[Q7I5QH7BCPAXK\1Z'=F%KO1M?T#X;:OI5T;>:.YMS=:=J'CN6W
MN/*N(HI4\R-MLD2.N&0$<%#P\XGPE15L+CL-AJT+J,Z5;%4YQYE9VE'#*4;I
MM.S5TVGHV;U.)\LJP=.K@,54INUXSH4I1>MU>+JM.SU6F^IA>%?V^_V)_`ES
M=7O@CX6WG@V\OH$M;VZ\*^"?A-X=N+RVCD\V.WNYM(\96[W,*2_.J2%E#<@`
MFM\3P)Q?BXQAB\UI8J%-\T8UL3C:BC)JS<5/#R46UHVMT9T>(LGPS<L/EF(H
M-JS]GAZ,+K3?EJJ^VE]NF[.BUO\`X*5_LJ>)=*O-"\1>%?%VOZ)J$:PZAHVM
MZ'\.-5TJ^B61)EBO-.OO'<L%S&)8XW"R1L`T:MC*@CGH^'7$N%JPK8?&X;#U
MJ3O"=.MBJ<X-IIN,HX92BVFUHUHV:SXHRVI!TZF`Q4X/>,J-)QWOJG5:W2>V
M^IYTG[9?_!/F*">UC^`FD1VUR]O)<VR?"WX)I!<26OGBUDGA7Q0$E>$7-SY;
M,"4^T2;<;VSW_P"I_'-T_P"WG>-[/Z]F%US6YK?N=.;E5[;V5]D<RSS(E%Q6
M355%[KZIATON]I8[CPQ_P48_9"\$Z<VD>#/`OB'PCI+W,EX^E^&/#/PQT#3G
MO)UC2:[:RTKQQ!"US(D42M*4W,(D!)"C''B/#[BG%S53%YA0Q-2*Y5*M7Q=2
M2BKM14IX9M)-MVO;5]S>EQ-E>'CR4,NQ-"%[\L*%&"N^MHU4KZ+4OZS_`,%+
M?V5O$6EWNA^(?"_C#7=%U*$VVHZ/K.B?#G4]+O[=F5F@O=/OO'DL%U"6524E
MC925!QQ44?#KB7#585L/C,-0K4G>$Z=7%0G!]XRCAE*+\TTRY<4Y=.+A/`XN
M4'O&5&DU\TZMCUC]G^[_`&3/VB]&\0:]\/O@%X)L-,\/:I;Z/>7&N?"WX;V<
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MT4D;%'C?P)HZ.CJ<,K(WC,%6!R""`:_2EXD56DX\--Q>J:Q52WRMACY!\)48
MMQ>94HM='1DFOE]:&_\`#IKPG_T<L_\`X0VB_P#S:4?\1'K?]$S+_P`*JG_S
M,+_5/#_]#.C_`."G_P#-8?\`#IKPG_T<L_\`X0VB_P#S:4?\1'K?]$S+_P`*
MJG_S,'^J>'_Z&='_`,%/_P":P_X=-^$@"3^TLX5`S,?^$'T4!44%G8G_`(33
M"@*"23P`"31_Q$>LO^:9DK?]1-3_`.9AKA/#IK_A2I66Z5)IVZ_\Q3MZV*6E
M?\$S?@QX[T71O$/P[_:<EN]#DM)[&[U,:!H6LV^JZWIFH7=AJE[8-'KU@-/L
M_M-O)"EH5N<"`2"YF64.U3X]S/!5:M#'<,N%:+4HPC5JTG"G**E&,KTJG/)I
MIN2<=6UR1M913X:P%:G"IALTIRIM-<SA=.4924N5*M3M&^D;\S27Q3335W_A
MTUX3_P"CEG_\(;1?_FTJ?^(CUO\`HF9?^%53_P"9BO\`5/#_`/0SH_\`@I__
M`#6'_#IKPG_T<L__`(0VB_\`S:4?\1'K?]$S+_PJJ?\`S,'^J>'_`.AG1_\`
M!3_^:P_X=->$_P#HY9__``AM%_\`FTH_XB/6_P"B9E_X55/_`)F#_5/#_P#0
MSH_^"G_\UA_PZ:\)_P#1RS_^$-HO_P`VE'_$1ZW_`$3,O_"JI_\`,P?ZIX?_
M`*&='_P4_P#YK#_ATUX3_P"CEG_\(;1?_FTH_P"(CUO^B9E_X55/_F8/]4\/
M_P!#.C_X*?\`\UCH_P#@DOX7D=(HOVDYGD=@D<<?@31V=W8X541?&9+,2<``
M9.:'XD58IM\-.,8ZMO%5$E_Y;:#7"5%M1CF5)OHE1E?[EBC]0_V??@OI'[/W
MPH\-?"_1[_\`MA=#_M&XU#7FTZ'2KG7=4U74;G4+O4KNSAN)Q%+_`*1';HIG
MF*PV<$>\K&`/SG/,VJ9UF>(S"=-T%5Y8PI<[FJ5.$5&,(R:C=:.3M&*<Y2E9
M-L^MR_!4\MPE/"TVI*G=N7+RN3DV[M7;VM%7;?+%*^A[17D':?F-^V5^P'J?
M[0/CK3OB3\./$7AKPOXBN=+ATCQ=I_B*+4+;3=9-@7&F:[#>:187DRZLEJZV
M4R2VY66&UM")$:W*S?H7"O&L,CP53+L=2K5J$)NI0E1<7*'-\=-QG.FN1OWX
MM2O&3FK-2]WY7.^'99CB(XC#5*=&I))34TTG:]I)Q3;;32:>BY4UNSXW_P"'
M37QW_P"A_P#A+_X,?&/_`,QM?4_\1*RC_H&Q_P#X#1_^:3Q/]3<;_P!!-#_R
MI_\`(!_PZ:^._P#T/_PE_P#!CXQ_^8VC_B)64?\`0-C_`/P&C_\`-(?ZFXW_
M`*":'_E3_P"0)[7_`(),?&PW,"7WQ'^%EI9M+&ES<6L_BV^N8(68*\D%G-X:
MM$NI0I)6)KJW#G"F1,[A,O$K*5&7+A,=*23M%JC%/39R5>?*GU?+*RUY7L5'
M@W&<RYL514;J]N>]GO;W+7ML-F_X)+_&^.:5+3XB?"F6V61E@EFN?%UI-)$#
MB.26UC\+7"V\C*`3&L\P4\!V`R7'Q*RBR_V3'0?5*-%I-[I/V\;^O+&^]EL#
MX-QMW;%4;=+^TOK_`-N?\.1?\.FOCO\`]#_\)?\`P8^,?_F-I_\`$2LH_P"@
M;'_^`T?_`)I)_P!3<;_T$T/_`"I_\@'_``Z:^.__`$/_`,)?_!CXQ_\`F-H_
MXB5E'_0-C_\`P&C_`/-(?ZFXW_H)H?\`E3_Y`/\`ATU\=_\`H?\`X2_^#'QC
M_P#,;1_Q$K*/^@;'_P#@-'_YI#_4W&_]!-#_`,J?_(!_PZ:^._\`T/\`\)?_
M``8^,?\`YC:/^(E91_T#8_\`\!H__-(?ZFXW_H)H?^5/_D`_X=-?'?\`Z'_X
M2_\`@Q\8_P#S&T?\1*RC_H&Q_P#X#1_^:0_U-QO_`$$T/_*G_P`@?5/[(?\`
MP3R\0_`WXI)\3?B;XD\'>))]!TV[A\(Z1X<BU2]BM=:U!5MY->O;K6]*L?(F
MM;!KR&WB@@D/F7OG^=&T"J_SO$W'-#-LM>79=2Q-#V\E[>=9PC^[B[JG&-.I
M4NIRY7-MK2/+9IL]C)N&I9=BOK.)J4ZDJ:?LU#FLI/2[YHJUMU:[O9IJVOZL
M5^;'UH4`%`'YA_M7_LB?'OQ=XHU/XA_L_?&;QEHW]JK;3:K\,KCXB^,?#^FC
M4S((KS4?"U]%K)L=/AGC:.>33)H;2"-XKAX)AYJ6P_1.&^*,FPN&I8#.LKH2
M=*ZABUA,/5DX;QC7BZ?/*2U2JQ<I-.*G%V<SYG-LJS&I.5?+<;.G>S='GE'5
MM\SC)RY4G=-1?*E[R3:<8Q^,?^&0_P#@H]_T.GC/_P`2"U/_`.:2OJO]9^!?
M^@?#_P#AKA_\I/$_LKB?_G_4_P#!\/\`Y8:ME^Q)_P`%`=?L=4MM>^)^J:;:
MP6XNH=.UWXW^+-376+RUW7-G:VT6FW%_!%-]ICB*RWCVZ1R&.3=\FY,Y<6\%
MT)4Y4,'"<FVKTLNHPY$[)M\T:;LTWI'F;7,NMG4<EXCJ*2J8QTU%72G6NI.Z
M:24')7NE9RM;ON97_#(?_!1[_H=/&?\`XD%J?_S25I_K/P+_`-`^'_\`#7#_
M`.4D_P!E<3_\_P"I_P"#X?\`RP/^&0_^"CW_`$.GC/\`\2"U/_YI*/\`6?@7
M_H'P_P#X:X?_`"D/[*XG_P"?]3_P?#_Y8'_#(?\`P4>_Z'3QG_XD%J?_`,TE
M'^L_`O\`T#X?_P`-</\`Y2']E<3_`//^I_X/A_\`+`_X9#_X*/?]#IXS_P#$
M@M3_`/FDH_UGX%_Z!\/_`.&N'_RD/[*XG_Y_U/\`P?#_`.6!_P`,A_\`!1[_
M`*'3QG_XD%J?_P`TE'^L_`O_`$#X?_PUP_\`E(?V5Q/_`,_ZG_@^'_RP^N/V
M6/V/OVBO#GC#1_'O[0/QF\87FG:))<W-E\,[7XE>,O$,.I:C'YD-A<^)[\ZP
MM@^G0N1>)86XO!.Z6PN9$036TGS7$/%61U<)5P62970C5JKEEBI8/#T>2$E[
MRHQ4/:*;NX\\N3E]YP3?+->QE649E"I&MF6,J2A#:BJLGS.VG.XM*R>ME)\V
MSTNG^J5?FQ]2%`!0`4`%`&?JL&H7.F7]MI.H1Z3J<UK/'I^I362ZE#87;QL(
M+J73WG@%[%'(59H?.AW@%1(A.X:494X5:<JM/VM*,DY04G#FCUBI)-Q;Z.SM
MO9[$S4G"4:<E3FTU&35U%]'RW5_2ZN?GM\6_"W_!171]6TCQ3\/OB!\)O'.G
M^%1?W">$]*\.WO@FZ\5M>6DUJ\6NZ)K6N7UEJ(@B?S+=$\2V06X5)40,H!^Z
MRO$<!U*-7#8W`XO`U,3RIUJE55XT;-2_=5*=.,H7DK2<L/-\C<7)IMGSV,H\
M00G2K8>O2K*@G^[BG2YVXI-R@[Q=G=Q7.VKZ)RLU\;^,?VWO^"@/P]GDM_&O
MPDT?PX8V5//OOA3XM:P<NQ1##JEIXEFLYU=U8*8KA@Q4XS7T^%X0X*QB7U/,
M9U[J]H8Z@I)=;PE1C-6TO>.EU?<\:OGF?85R5;"1IJ%KRE!PBKNR]Z2BG=]4
MVMM3S`_\%2OVH`<&S^%JD<%6\':TK*1U#*WBT%6!X((!'>N[_B'O#JT_VS3_
M`*B*?_R@XGQ;F*TY*6GE?\5H>B^$/VZ_V]_'URMIX*^%6B^)96,@SI?PH\7R
M6T?E(DDOG7TGB2.U@VI+$2))D/[U,9+C/+B>"^#<"KXS'U,)'_IYCL/%ZOET
MBJ+D];K1:-.^S.RCGN>UWRT<)&>_PP<MK7^!2M9M)]FTGJT?=7PU;_@HSXL@
MM[_QQ>?`'X7V4Z[FL;[PSKOB;Q+""`4+Z7HGB[^SER,Y5]91U.`4ZX^-S!<!
M81RA@XYEF$X]8UJ=&C_X'4H*IOVHM/>^U_=PSXAJKFJ_5\)'HI+FEKO[L=$O
M62>NR/NO0K75['1].M-?U6WUO6K>UBCU/5[33!HEKJ%X!^^N;;21>7?]G0.Q
M.R`W5P47`,KG+'X[$3HSK5)8:B\-0<FZ=.4_:N$>B=3EASOO+EC=[12T/=IJ
M<(1C.:G.*UDH\J;ZM1N^6_:[]6:U8EA0`4`%`!0`4`%`!0`4`%`!0`4`%`!0
'`4`%`'__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
