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<SEC-DOCUMENT>0000950103-06-001914.txt : 20060808
<SEC-HEADER>0000950103-06-001914.hdr.sgml : 20060808
<ACCEPTANCE-DATETIME>20060808170150
ACCESSION NUMBER:		0000950103-06-001914
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060808
FILED AS OF DATE:		20060808
DATE AS OF CHANGE:		20060808

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:		061013967

	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>dp03268_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 August, 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>
<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>
<P align="left">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="center"><b><font basesize=2 size=2 baseface="serif" face="serif">ITEM </font></b></td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center"><HR noshade align="center" width="100%" size=1></td>
  </tr>
  <tr>
    <td width="5%" align="center" valign="top"><b><font basesize=2 size=2 baseface="serif" face="serif">1.</font></b></td>
    <td width="95%"> <font size="2" face="Times New Roman, Times, serif"><B> <strong>Interim Financial Statements for the
          Quarter and Six-month Period Ended June 30, 2006 and Independent Accountants&#146;
    Review Report. </strong> </B></font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="top"><b><font basesize=2 size=2 baseface="serif" face="serif">2.</font></b></td>
    <td><font size="2" face="Times New Roman, Times, serif"><B><strong>Minutes
            of Board of Directors' Meeting, August 2, 2006.</strong></B></font></td>
  </tr>
</table>
<P align="left"><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align=right><FONT size=2 face="sans-serif"><strong>Item 1</strong></font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%"><I><FONT size=2 face="sans-serif">(Convenience Translation
          into English from<br>
the Original Previously Issued in Portuguese)</FONT></I></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%"> <B><I><FONT size=4 face="serif">Ultrapar Participa&ccedil;&otilde;es
    S.A.</FONT></I></B></td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%"> <I><FONT size=2 face="sans-serif">Interim Financial Statements
          for the Quarter<br>
and Six-month Period Ended June 30, 2006<br>
and Independent Accountants&#146; Review Report</FONT></I></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="60%"> <FONT size=1 face="sans-serif">Deloitte Touche Tohmatsu
    Auditores Independentes</FONT></td>
  </tr>
</table>

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

<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
<FONT size=2 face="serif">INDEPENDENT ACCOUNTANTS&#146; REVIEW REPORT</FONT><FONT size=2 face="serif"> </FONT></P>
<FONT size=2 face="serif">To the Shareholders and Management of</FONT><BR>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. </FONT><BR>
<FONT size=2 face="serif">S&atilde;o Paulo - SP</FONT>
<P>
<FONT size=2 face="serif">1.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">We have performed a special review of the accompanying interim financial statements of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries as
of and for the quarter and six-month period ended June 30, 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></P>
<P>
<FONT size=2 face="serif">2.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">We conducted our review in accordance with specific standards established by the Brazilian Institute of Independent Auditors (IBRACON), together with
the Federal Accounting Council, which consisted principally of: (a) inquiries of and discussions with persons responsible for the accounting, financial and operating areas as to the criteria adopted in preparing the interim financial statements, and
(b) review of the information and subsequent events that had or might have had material effects on the financial position and results of operations of the Company and its subsidiaries. </FONT></P>
<P>
<FONT size=2 face="serif">3.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">Based on our special review, we are not aware of any material modifications that should be made to the financial statements referred to in paragraph
1 for them to be in conformity with Brazilian accounting practices and standards established by the Brazilian Securities Commission (CVM), specifically applicable to the preparation of mandatory interim financial statements. </FONT></P>
<P>
<FONT size=2 face="serif">4.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 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 June 30, 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 subject 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></P>
<P>
<FONT size=2 face="serif">5.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">We had previously reviewed the Company and consolidated balance sheets as of March 31, 2006 and the Company and consolidated statements of income for
the six-month period ended June 30, 2005, presented for comparative purposes, and issued unqualified special review reports thereon, dated April 28, 2006 and July 29, 2005, respectively.</FONT></P>

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

<FONT size=1 face="sans-serif">Deloitte Touche Tohmatsu</FONT><P>
<FONT size=2 face="serif">6.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">The accompanying interim financial statements have been translated into English for the convenience of readers outside Brazil. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">S&atilde;o Paulo, July 28, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=left>
<FONT size=2 face="serif">Altair Tadeu Rossato</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Auditores Independentes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=28% align=left>
<FONT size=2 face="serif">Engagement partner</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">2</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>
<u><P align="left">
  <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT> </P></u>

<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">BALANCE SHEETS AS OF JUNE 30, 2006 AND MARCH 31, 2006<br>
      (In thousands of Brazilian reais &#150; R&#36;) </FONT>
<hr width=100% size=1 noshade>
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="center" valign="bottom">
    <TD width=52%>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan=5> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Company</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan=5> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Consolidated</FONT></B> </TD>
  </TR>
  <TR align="center">
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width=52%> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">ASSETS</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/31/06</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/31/06</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CURRENT ASSETS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash and banks</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">47,256</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">26,470</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Temporary cash investments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">378,986</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,064,124</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,058,660</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts receivable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">355,644</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">335,002</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Inventories</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">197,250</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">208,403</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recoverable taxes</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,825</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,491</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">59,117</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">42</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,255</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,552</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dividends receivable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">12,232</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">23</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,668</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,006</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepaid expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">8,540</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,873</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total current assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">408,797</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,794,228</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,729,083</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LONG-TERM ASSETS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Cash investments</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">522,376</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">382,124</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Related companies</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,409</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,273</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,955</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,976</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">72,540</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">61,348</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Recoverable taxes</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,603</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">42,413</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">46,882</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Escrow deposits</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,053</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,802</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts receivable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">21,278</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">20,986</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Prepaid expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,790</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,799</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">728</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">239</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">387</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total long-term assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,716</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">693,962</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">547,283</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">PERMANENT ASSETS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Investments:</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary and affiliated companies</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,293,225</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,828</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,242</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,169</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Property, plant and equipment</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,089,193</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,070,187</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred charges</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">107,122</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102,533</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total permanent assets</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,293,411</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,229,312</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,205,079</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TOTAL ASSETS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,731,924</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,717,502</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,481,445</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%"><HR noshade size=2></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%"><HR noshade size=2></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%"><HR noshade size=2></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%"><HR noshade size=2></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width=52%>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8%>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
  </TR>
  <TR align="center">
    <TD></TD>
    <TD></TD>
    <TD colspan=5 valign="bottom"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Company</FONT></B> </TD>
    <TD width=2% valign="bottom">&nbsp; </TD>
    <TD colspan=5 valign="bottom"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Consolidated</FONT></B> </TD>
  </TR>
  <TR align="center">
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="8%"><HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
  </TR>
  <TR align="center" valign="bottom">
    <TD width=52%> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/31/06</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">03/31/06</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">CURRENT LIABILITIES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans and financing</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">120,263</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">129,661</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debentures</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,346</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,173</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">15,346</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,173</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Trade accounts payable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">324</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">273</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,036</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">94,440</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Payroll and related charges</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">45</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">41</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">66,901</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">56,286</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Taxes payable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">7</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">10</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,029</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,726</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Dividends payable</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,355</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,715</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">16,364</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">17,337</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,431</FONT> </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">837</FONT> </TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">210</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">230</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,402</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,784</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total current liabilities</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">29,081</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">333,982</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">320,474</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">LONG-TERM LIABILITIES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Loans and financing</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,036,059</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">905,911</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Debentures</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% 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=8% 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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Related companies</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">447,061</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,060</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">4,984</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,746</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">24,499</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other taxes</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">9,063</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">42,092</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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 width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,114</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,441</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total long-term liabilities</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">756,124</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,410,071</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,276,838</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MINORITY INTEREST</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">31,884</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,764</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">STOCKHOLDERS&#146; EQUITY</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% 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=8% 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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Capital reserve</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">431</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">381</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Revaluation reserve</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,186</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,186</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,600</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Profit reserves</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% 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=8% 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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Treasury shares</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(8,433</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=8% 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>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Retained earnings</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">151,845</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">151,845</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">63,396</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total stockholders&#146; equity</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,946,719</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,941,565</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,853,369</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Total minority interest and stockholders&#146; equity</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,946,719</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,973,449</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,884,133</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,731,924</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,717,502</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,481,445</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD> </TD>
    <TD>
      <HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
  </TR>
</TABLE>
<p><font basesize=2 size=2 baseface="serif" face="serif">The accompanying notes are integral part of these financial statements.</font><BR>
</p>

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

<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">STATEMENTS OF INCOME <br>
</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FOR THE QUARTERS ENDED JUNE 30, 2006 AND 2005<br>
(In thousands of Brazilian reais &#150; R&#36;, except for earnings per share) </FONT>
<hr width=100% size=1 noshade>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan=5 align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Company</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan=5 align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Consolidated</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align="center"><HR noshade size=1></TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/05</FONT></B></TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/05</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">GROSS SALES AND SERVICES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,300,713</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,319,063</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deductions</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(103,375</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(117,021</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NET SALES AND SERVICES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,197,338</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,202,042</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(960,708</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(951,032</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">GROSS PROFIT</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">236,630</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">251,010</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">91,775</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,209</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">588</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,445</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OPERATING (EXPENSES) INCOME</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(405</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(49</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(146,770</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(132,311</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Selling</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(41,573</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(46,398</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">General and administrative</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(404</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=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(67,780</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(52,177</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Management compensation</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,402</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,727</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation and amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(30,562</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(31,307</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other operating income, net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">547</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(702</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEMS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">91,370</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,160</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,448</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">120,144</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income (expenses), net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,296</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(968</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">22,482</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(16,647</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">13,606</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,493</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">40,143</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,728</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,310</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15,461</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(17,661</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(35,375</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME FROM OPERATIONS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,666</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">89,192</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">112,930</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">103,497</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Nonoperating (expenses) income, net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(11,143</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(697</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">MINORITY INTEREST</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">93,666</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">89,192</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">101,787</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">102,800</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5,561</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">340</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,532</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(12,575</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(5,572</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">32</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(37,756</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(32,786</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Benefit of tax holidays &#150; ADENE</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">19,384</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">18,457</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">308</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">5,840</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,754</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>

  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME BEFORE MINORITY INTEREST</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">88,105</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">89,532</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">89,255</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">90,225</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minority interest</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,150</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(693</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NET INCOME</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">88,105</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">89,532</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">88,105</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">89,532</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EARNINGS PER SHARE &#150; R&#36;</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.08589</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00110</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.08589</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00110</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </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>
</TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The accompanying notes are integral part of these financial statements. </FONT></P>

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

<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">STATEMENTS OF INCOME <br>
</FONT><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2006 AND 2005<br>
(In thousands of Brazilian reais &#150; R&#36;, except for earnings per share) </FONT>
<hr width=100% size=1 noshade>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan=5 align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Company</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan=5 align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">Consolidated</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%" 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="8%" 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="8%" 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="8%" align="center"><HR noshade size=1></TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/05</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/06</FONT></B> </TD>
    <TD width=2% align="center">&nbsp; </TD>
    <TD colspan="2" align="center"> <B><FONT BASESIZE=1 size=1 BASEFACE="serif" face="serif">06/30/05</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">GROSS SALES AND SERVICES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,499,693</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,576,386</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deductions</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(204,614</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(237,347</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NET SALES AND SERVICES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,295,079</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">2,339,039</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,859,417</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,829,249</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">GROSS PROFIT</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">435,662</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">509,790</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153,870</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">191,053</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">647</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,374</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">OPERATING (EXPENSES) INCOME</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(406</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(221</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(286,605</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(268,421</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Selling</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(93,556</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(90,105</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">General and administrative</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(405</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(222</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(130,339</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(113,149</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Management compensation</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,646</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,951</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Depreciation and amortization</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(61,140</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(62,670</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Other operating income, net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1,076</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">454</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">ITEMS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">153,464</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">190,832</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">149,704</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">242,743</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial results</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">3,806</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(949</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">34,896</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(25,473</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial income</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">28,280</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">14,932</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">73,817</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39,875</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Financial expenses</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(24,474</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(15,881</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(38,921</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(65,348</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME FROM OPERATIONS</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">157,270</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">189,883</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">184,600</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">217,270</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Nonoperating (expenses) income, net</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(13,234</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,506</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME BEFORE TAXES ON INCOME</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">157,270</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">189,883</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">171,366</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">214,764</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% 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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,068</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">399</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(24,185</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(23,069</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Current</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(6,150</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(58</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(66,186</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(68,583</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=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Tax benefit &#150; ADENE</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">30,753</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">39,358</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Deferred</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">82</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">457</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">11,248</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">6,156</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">INCOME BEFORE MINORITY INTEREST</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">151,202</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">190,282</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">147,181</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">191,695</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Minority interest</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">&#150;</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(2,288</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=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(1,413</FONT> </TD>
    <TD GUTTER width=2% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">)</FONT> </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">NET INCOME</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">151,202</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">190,282</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">144,893</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">190,282</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="52%" align="left"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=2>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=2>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=2>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=2>
    </TD>
    <TD width="2%" GUTTER>
      <HR noshade size=2>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=52% align=left> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">EARNINGS PER SHARE &#150; R&#36;</FONT> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.86356</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00235</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">1.78580</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=right> <FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">0.00235</FONT> </TD>
    <TD GUTTER width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD align="left"> </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>
</TABLE>
<P align="left">
<FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">The accompanying notes are integral part of these financial statements. </FONT></P>
<p align="right">
  <FONT size=2 face="serif">5</FONT>
</p>
<br>
  <br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P>
<FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></P>
<P>
<FONT size=2 face="serif">IDENTIFICATION </FONT></P>
<TABLE width="95%" border=1 cellpadding=4 cellspacing=0>
<TR valign="bottom">
        <TD width=25% align=left>
<B><FONT size=2 face="serif">01.01 - CAPITAL COMPOSITION</FONT></B>
        </TD>
        <TD width=25% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=25% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=25% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD width=25%> <FONT size=2 face="serif"><B>Number
    of shares<br>
        </B>(Thousands)</FONT></TD>
        <TD width=25%>
      <FONT size=2 face="serif"><B>Current quarter<br>
      </B>6/30/2006</FONT></TD>
        <TD width=25%>
      <FONT size=2 face="serif"><B>Prior quarter<br>
      </B>3/31/2006</FONT></TD>
        <TD width=25%>
      <FONT size=2 face="serif"><B>Same quarter in prior
year<br>
      </B>6/30/2005</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align=left>
<B><FONT size=2 face="serif">Paid-up Capital</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=25% align=left>
<FONT size=2 face="serif">1 - Common</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">49,430</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">49,430</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">49,429,897</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<FONT size=2 face="serif">2 - Preferred</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">31,895</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">31,895</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">31,895,512</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<FONT size=2 face="serif">3 - Total</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">81,325</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">81,325</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">81,325,409</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align=left>
<B><FONT size=2 face="serif">Treasury Stock</FONT></B>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=25% align=left>
<FONT size=2 face="serif">4 - Common</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">6,616</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<FONT size=2 face="serif">5 - Preferred</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">182</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">182</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">211,097</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=25% align=left>
<FONT size=2 face="serif">6 - Total</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">189</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">189</FONT>
        </TD>
        <TD width=25% align=right>
<FONT size=2 face="serif">217,713</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=1 cellpadding=4 cellspacing=0>
<TR valign="bottom">
        <TD colspan=7 align=left>
<B><FONT size=2 face="serif">01.02 - DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER</FONT></B>     </TD>
  </TR>
<TR align="center" valign="bottom">
        <TD width=12%>
<FONT size=2 face="serif">1 - ITEM</FONT></TD>
        <TD width=17%>
<FONT size=2 face="serif">2 - EVENT</FONT></TD>
        <TD width=12%><font size=2 face="serif">3 - APPROVAL</font></TD>
        <TD width=17%>
<FONT size=2 face="serif"> 4 - REVENUE</FONT></TD>
        <TD width=18%><FONT size=2 face="serif">5 - BEGINNING OF<br>
    PAYMENT</FONT></TD>
        <TD width=12%>
<FONT size=2 face="serif">7 - TYPE<br>
OF SHARE</FONT></TD>
        <TD width=12%>
<FONT size=2 face="serif">8 - AMOUNT<br>
PER SHARE</FONT></TD>
</TR>
<TR align="center" valign="bottom">
        <TD width=12%><font size="2">&nbsp;</font>

        </TD>
        <TD width=17%><font size="2">&nbsp;</font>

        </TD>
        <TD width=12%><font size="2">&nbsp;</font></TD>
        <TD width=17%><font size="2">&nbsp;</font>

        </TD>
        <TD width=18%><font size="2">&nbsp;</font>
</TD>
        <TD width=12%><font size="2">&nbsp;</font>
</TD>
        <TD width=12%><font size="2">&nbsp;</font>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=1 cellpadding=4 cellspacing=0>
<TR valign="bottom">
        <TD colspan="7" align=left> <B><FONT size=2 face="serif">01.03 - SUBSCRIBED
              CAPITAL AND ALTERATIONS IN THE CURRENT YEAR</FONT></B></TD>
  </TR>
<TR align="center" valign="bottom">
        <TD width=12%>
<FONT size=2 face="serif">1 - ITEM</FONT>
        </TD>
        <TD width=17%><font size=2 face="serif">2 - DATE OF<br>
          ALTERATION</font>

        </TD>
        <TD width=12%>
<FONT size=2 face="serif">3 - AMOUNT OF THE<br>
CAPITAL<br>
(IN THOUSANDS OF REAIS)</FONT></TD>
        <TD width=17%><FONT size=2 face="serif">4 - AMOUNT OF THE<br>
    ALTERATION<br>
    (IN THOUSANDS OF REAIS)</FONT></TD>
        <TD width=18%><FONT size=2 face="serif">5 - NATURE OF<br>
ALTERATION</FONT>

        </TD>
        <TD width=12%><FONT size=2 face="serif">7 - NUMBER<br>
    OF SHARES<br>
    ISSUED<br>
    (THOUSAND)</FONT></TD>
        <TD width=12%><FONT size=2 face="serif">8 - SHARE<br>
    PRICE ON<br>
    ISSUE DATE<br>
    (IN REAIS)</FONT></TD>
</TR>
<TR align="center" valign="bottom">
        <TD width=12%><font size="2">&nbsp;</font>

        </TD>
        <TD width=17%><font size="2">&nbsp;</font>
        </TD>
        <TD width=12%><font size="2">&nbsp;</font>

        </TD>
        <TD width=17%><font size="2">&nbsp;</font>

        </TD>
        <TD width=18%><font size="2">&nbsp;</font>
        </TD>
        <TD width=12%><font size="2">&nbsp;</font>
</TD>
        <TD width=12%><font size="2">&nbsp;</font>
</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">6</FONT></P>

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

<P>
<FONT size=2 face="serif">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<u><P>
<FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></P></u>
<FONT size=2 face="serif">NOTES TO THE INTERIM FINANCIAL STATEMENTS<br>
FOR THE QUARTER ENDED JUNE 30, 2006<br>
(In thousands of Brazilian reais - R$, unless otherwise stated) </FONT>
<hr width=100% size=1 noshade>
<P>
<FONT size=2 face="serif">1. OPERATIONS </FONT></P>
<P>
<FONT size=2 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></P>
<P>
<FONT size=2 face="serif">Through its subsidiaries, the Company is engaged in the distribution of liquefied petroleum gas - LPG (Ultragaz), production and sale of chemicals (Oxiteno) and logistic services for chemicals and fuels (Ultracargo).
</FONT></P>
<P>
<FONT size=2 face="serif">2.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">PRESENTATION OF INTERIM FINANCIAL STATEMENTS AND </FONT><FONT size=2 face="serif">SIGNIFICANT ACCOUNTING PRACTICES </FONT></P>
<P>
<FONT size=2 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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif"> a) Results of operations</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>
<FONT size=2 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</FONT>
<FONT size=2 face="serif">performed, and the transfer of risks, rights and obligations associated with the</FONT>
<FONT size=2 face="serif">ownership of products takes place.</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif"> b) Current and long-term assets</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>
<FONT size=2 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</FONT>
<FONT size=2 face="serif">investments include the results from hedge transactions, as described in Notes 4 and 19,</FONT>
<FONT size=2 face="serif">that management intends to hold to maturity.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>
<FONT size=2 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 valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif"> Inventories are stated at the lower of average cost
of acquisition or production, market or net realizable value.</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>

        </TD>
        <TD width=95% align=left>
<FONT size=2 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</FONT>
<FONT size=2 face="serif">potential losses.</FONT>      </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">7</FONT></P>

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

  <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and
  Subsidiaries</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;
        </TD>
        <TD width=95% align=left>
<FONT size=2 face="serif"> c) Permanent assets</FONT></TD>
</TR>
</TABLE>
<BR>
<UL>
<LI>
<FONT size=2 face="serif">Investments</FONT><br>
<br>
<BR>
<FONT size=2 face="serif">Significant investments in subsidiaries and affiliated companies are recorded under</FONT> <FONT size=2 face="serif">the equity method, as shown in Note 10.</FONT><br>
<br>
<BR>
<FONT size=2 face="serif">Other investments are stated at acquisition cost, less an allowance for losses, should</FONT> <FONT size=2 face="serif">the loss not be considered temporary.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Property, plant and equipment</FONT><br>
<br>
<BR>
<FONT size=2 face="serif">Stated at cost of acquisition, process or construction, and include revaluation write-</FONT> <FONT size=2 face="serif">ups, recorded in prior years, based on appraisal reports issued by independent</FONT> <FONT size=2
face="serif">appraisers, in accordance with item 68, letter b), of CVM Resolution No. 183/95.</FONT><br>
<br>
<BR>
<FONT size=2 face="serif">Depreciation is calculated on a straight-line basis at the annual rates described in</FONT> <FONT size=2 face="serif">Note 11, based on the economic useful lives of the assets.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Deferred charges</FONT><br>
<br>
<BR>
<FONT size=2 face="serif">Deferred charges comprise costs incurred in the installation of equipment at</FONT> <FONT size=2 face="serif">customers&#146; facilities, projects to modernize systems, and goodwill on acquisition of</FONT> <FONT size=2
face="serif">subsidiaries, as mentioned in Note 12.</FONT></LI>
</UL>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> d) Current and long-term liabilities</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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 width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> e) Income and social contribution taxes</FONT>       </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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 width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> f) Basis for translation of the financial statements
of foreign subsidiaries</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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 width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> g) Statements of Cash flows</FONT>   </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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></TABLE>
<P align="right">
<FONT size=2 face="serif">8</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">3.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">CONSOLIDATION PRINCIPLES </FONT></P>
<P>
<FONT size=2 face="serif">The consolidated financial statements have been prepared in accordance with the basic consolidation principles established by Brazilian corporate law and the Brazilian Securities Commission (CVM), and include the following
direct and indirect subsidiaries: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center> <FONT size=2 face="serif">Ownership interest -
    %</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="7" align=center><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">6/30/2006</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">3/31/2006</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Direct </FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Indirect</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Direct</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Indirect</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">56</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">LPG International Inc.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">99</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Transultra - Armazenamento e Transporte</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Qu&iacute;micos Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Barrington S.L.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno International Corp.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Overseas Corp.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">Upon consolidation, intercompany investments, accounts, transactions and profits were eliminated. Minority interest in subsidiaries is presented separately in the financial statements. </FONT></P>
<P align="right">
<FONT size=2 face="serif">9</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">4.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">TEMPORARY CASH AND LONG-TERM INVESTMENTS </FONT></P>
<P>
<FONT size=2 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 and corporate securities; and (iii) currency hedges. They are stated at cost plus accrued income on a &#147;pro rata temporis&#148; basis.</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=56% align=left>

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

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan=4>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Austrian notes, indexed in</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2% align=left><HR noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Brazilian reais</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">366,546</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">356,055</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Securities and fixed-income funds</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">378,986</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">479,713</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">457,354</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Foreign investments (a) (c)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">787,734</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">674,836</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Net expenses on hedge transactions (b)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(47,493</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(47,461</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp; </TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">378,986</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,586,500</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,440,784</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">378,986</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">373,326</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,064,124</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,058,660</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">522,376</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">382,124</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> (a) Investments made by the indirect subsidiaries Oxiteno
Overseas Corp., Oxiteno International Corp. 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 width="5%" align="left">&nbsp;</TD>

  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> (b) Accumulated gain or loss on hedge positions (see
Note 19).</FONT>        </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> (c) In April 2006, subsidiary Oxiteno Overseas Corp.,
owner of notes in the amount of US$ 60 million issued by Companhia Ultragaz S.A.
in the international market in 1997 (Original Notes), sold these Original Notes
to a foreign  financial institution.</FONT><font size=2 face="serif"> Concurrently,
subsidiary Oxiteno Overseas Corp. acquired from this financial institution a
credit linked note backed by the Original Notes. This transaction provides a
financial gain for the Company, corresponding to the difference between the interest
rate paid for the credit linked note and the Original Notes, as mentioned in
Note 13b.</font> </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">5. TRADE ACCOUNTS RECEIVABLE (CONSOLIDATED)</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Domestic customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">375,673</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">359,358</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Foreign customers</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">71,714</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">76,263</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">(-) Advances on export contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(45,333</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(52,767</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">(-) Allowance for doubtful accounts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(25,132</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(26,866</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">376,922</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">355,988</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">355,644</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">335,002</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=76% align=left>
<FONT size=2 face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">21,278</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">20,986</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">10</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<p><br>
    <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries</FONT></p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=88% align=left> <FONT size=2 face="serif">The changes in the allowance for doubtful accounts are shown below:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left> <FONT size=2 face="serif">Balance as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,866</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left> <FONT size=2 face="serif">Addition recorded in selling expenses</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,393</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left> <FONT size=2 face="serif">Utilization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(3,127</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left> <FONT size=2 face="serif">Balance as of June 30, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">25,132</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">6.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INVENTORIES (CONSOLIDATED) </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center><FONT size=2 face="serif">6/30/2006</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="6" align=center><FONT size=2 face="serif">3/31/2006</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="6" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Cost</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Provision<br>
for losses</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Net</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Cost</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Provision<br>
for losses</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Net</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">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Finished products</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">108,733</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,274</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">107,459</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">102,617</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,230</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100,387</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Work in process</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">222</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">408</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">408</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Raw materials</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,679</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(79</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,600</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,563</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(88</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,475</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Liquefied petroleum gas (LPG)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,351</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,351</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,618</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,618</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Supplies and cylinders for resale</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">18,491</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(773</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17,718</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17,350</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(604</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16,746</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>
<FONT size=2 face="serif">Advances to suppliers - mainly LPG</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,900</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,900</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">21,769</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">21,769</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">199,376</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,126</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">197,250</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">211,325</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">2,922</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">208,403</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=88% align=left>
<FONT size=2 face="serif">The changes in the provision for losses on inventories are shown below:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left>
<FONT size=2 face="serif">Balance as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,922</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left>
<FONT size=2 face="serif">Addition</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(796</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=88% align=left>
<FONT size=2 face="serif">Balance as of June 30, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">2,126</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade>    </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">7.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RECOVERABLE TAXES </FONT></P>
<P>
<FONT size=2 face="serif">Represented substantially by credit balances of ICMS (state VAT), IPI (federal VAT), PIS and COFINS (taxes on revenue), and income and social contribution taxes. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=56% align=left>

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

        </TD>
</TR>
<TR>
        <TD width="56%">
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD colspan=4>
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>

        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,365</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,697</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">53,927</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60,000</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">77,344</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75,563</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Provision for losses - ICMS (*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(39,433</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(40,268</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">PIS and COFINS (**)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32,917</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,489</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">IPI</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">287</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">164</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">VAT of subsidiary Canamex</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
 &nbsp;<FONT size=2 face="serif">Qu&iacute;micos S.A. de C.V.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,146</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,714</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">41</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">716</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">337</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">22,428</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">23,760</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">132,904</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">105,999</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16,825</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,928</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">90,491</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">59,117</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">5,603</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">11,832</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">42,413</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">46,882</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<p><FONT size=2 face="serif">(*)
    <FONT size=2 face="serif">The provision refers to credit balances that the
subsidiaries estimate they will be unable to offset in the future.</FONT> </FONT></p>
<P align="right">
<FONT size=2 face="serif">11</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">(**) Refers substantially to the credit arising from the final and unappealable decision rendered on the lawsuit of subsidiary Oxiteno Nordeste S.A. Ind&uacute;stria e Com&eacute;rcio as shown in note 20.a). </FONT></P>
<P>
<FONT size=2 face="serif">The changes in the provision for losses on ICMS are shown below:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Balance as of March 31, 2006</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,268</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Addition</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,926</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Reversal</FONT>
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(9,761</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Balance as of June 30, 2006</FONT>
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">39,433</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD align=left><hr width=100% size=2 noshade>    </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">8.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RELATED COMPANIES </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=2 face="serif">Company</FONT></TD>
  </TR>
<TR>
        <TD width="80%">
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=2 face="serif">Loans</FONT></TD>
  </TR>
<TR>
        <TD width="80%">
        </TD>
        <TD>
        </TD>
        <TD colspan=3>
      <hr noshade size=1>       </TD>
  </TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">Assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">Liabilities</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">390,947</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Transultra - Armazenamento e Transporte Especializado Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">164</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Melamina Ultra S.A. Ind&uacute;stria Qu&iacute;mica</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">456</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,355</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,951</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,939</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,658</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Total as of June 30, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">20,409</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">447,061</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Total as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">14,409</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">447,252</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
</TR>
</TABLE>
<BR>

<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><FONT size=2 face="serif">Consolidated</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><FONT size=2 face="serif">Loans</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><FONT size=2 face="serif">Trade accounts</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Assets</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Liabilities</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Receivable</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Payable</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp;<FONT size=2 face="serif">S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,932</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp;<FONT size=2 face="serif">Equipamentos de Processamentos de</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
 &nbsp;<FONT size=2 face="serif">Dados e Servi&ccedil;os Correlatos</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,254</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">399</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">629</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">145</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,279</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,482</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">SHV G&aacute;s Brasil Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">62</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Plenog&aacute;s - Distribuidora de G&aacute;s S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">871</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">19</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">257</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</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">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Total as of June 30, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">5,273</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">5,060</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">11,605</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">29,525</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Total as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">4,955</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">4,984</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">16,508</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">29,737</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">12</FONT></P>

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

<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><FONT size=2 face="serif">Consolidated</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">Transactions</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Financial</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">income</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Sales</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Purchases</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">(expenses)</FONT></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">61,797</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,948</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Liquig&aacute;s Distribuidora S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,694</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(76</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">975,924</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">515</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Braskem S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25,688</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">299,356</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">839</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</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><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Total as of June 30, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">28,752</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,341,025</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(76</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=left>
<FONT size=2 face="serif">Total as of June 30, 2005</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">43,447</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,395,416</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">257</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 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></P>
<P>
<FONT size=2 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></P>
<P align="right">
<FONT size=2 face="serif">13</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">9.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> a) Deferred income and social contribution taxes</FONT>      </TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">The Company and its subsidiaries recognize tax assets and liabilities, which do not expire, arising from tax loss carryforwards, temporary add-backs, revaluation of property, plant and equipment, and 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 width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Assets:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Deferred income and social</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;contribution taxes on:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Provision for loss of assets</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,747</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,172</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Provision for contingencies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,976</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,684</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,921</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Other provisions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">42</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">92</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,563</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17,555</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Income and social contribution</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax loss carryforwards</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">37,801</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">30,252</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=60% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">3,018</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">3,007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">94,795</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">83,900</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">42</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">92</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,255</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,552</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">2,976</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">2,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">72,540</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">61,348</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Liabilities:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Deferred income and social</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;contribution taxes on:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Revaluation of property, plant</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,049</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,146</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Income earned abroad</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">23,907</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">23,583</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=60% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">24,956</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">24,729</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Current portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">210</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">230</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Long-term portion</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">24,746</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">24,499</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">14</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">The estimated recovery of deferred income and social contribution assets is shown below: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">Company</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 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=80% align=left>
<FONT size=2 face="serif">To through 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">42</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,255</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2007</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,705</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2008</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,976</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,113</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">2009</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">26,722</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">3,018</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">94,795</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif">b) 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 width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=52% align=left>

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Consolidated</FONT>
        </TD>
  </TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="8%" 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="8%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center">&nbsp;
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="8%" 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="8%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006 </FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">6/30/2005</font></TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">6/30/2006</font></TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2005</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Income (loss) before taxes, equity in</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">subsidiaries and affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">and minority interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,400</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,170</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">170,719</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">213,390</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Statutory tax rates - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">34,00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">34,00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">34,00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">34,00</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Income and social contribution taxes at</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=left>&nbsp;</TD>
        <TD width=2% align=left>

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">statutory rates</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">1,156</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">398</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">58,044</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(72,553</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Adjustments to the effective tax rate:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">Operating provisions and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 <FONT size=2 face="serif"> <FONT size=2 face="serif">nondeductible expenses/nontaxable</FONT> income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(19</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,715</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">Adjustments to estimated income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">948</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">640</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">Interest on Capital</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(4,893</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">Workers&#146; meal program (PAT)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">483</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(40</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">802</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">before benefit of tax holidays</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">6,068</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">399</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">54,938</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(62,427</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Benefit of tax holidays - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30,753</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">in the statements of income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(6,068</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">399</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(24,185</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(23,069</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Current</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(6,150</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(58</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(66,186</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(68,583</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Deferred</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">82</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">457</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,248</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Benefit of tax holidays - ADENE</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30,753</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">The benefit of tax holidays of subsidiaries in the amount of R$30,753 as of June 30, 2006 (R$39,358 as of June 30, 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="right">
<FONT size=2 face="serif">15</FONT></P>

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

  <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and
Subsidiaries</FONT></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" align="left">&nbsp;</td>
    <td width="95%"><FONT size=2 face="serif"> c) Tax exemption</FONT></td>
  </tr>
</table>
<P>
<FONT size=2 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 width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=70% align=left>
      <FONT size=2 face="serif">Subsidiary</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Plants</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">Exemption<br>
      - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">Expiration<br>
      date</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr align="left" width="10%" size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Cama&ccedil;ari plant</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Mataripe unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2013</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Suape unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Ilh&eacute;us unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Aracaju unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Caucaia unit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Tequimar </FONT><FONT size=2 face="sans-serif">(*)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">Aratu Terminal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">(*) In December 2005, the Suape unit&#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. This reduction was granted on April 22, 2006. On June 8, 2006, the incentive-granting report issued by ADENE was forwarded to the Federal Revenue Service (SRF) for approval within 120 days. Should such request not be approved, the
company will file a new request, for an 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. </FONT></P>
<P>
<FONT size=2 face="serif">10.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INVESTMENTS </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif"> a) Subsidiaries of the Company</FONT></TD>
</TR>
<TR><TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
      <FONT size=2 face="serif">Investments</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan=3 align=center>
      <FONT size=2 face="serif"> <FONT size=2 face="serif">Equity in subsidiaries</FONT><br>
      and affiliated companies</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">6/30/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">312,902</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">301,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,686</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">17,196</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">598,834</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">597,132</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,595</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,923</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48,419</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47,253</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,347</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,459</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,333,070</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,269,615</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">103,242</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">164,475</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">2,293,225</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">2,215,915</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">153,870</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">191,053</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">16</FONT></P>

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

<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" align="left" valign=top nowrap>&nbsp;</TD>
        <TD width="95%" valign=top><font size=2 face="serif">b)</font>&nbsp;<font size=2 face="serif">Affiliated companies (consolidated)</font> &nbsp; &nbsp;  </TD>
  </TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center> <FONT size=2 face="serif">Investments</FONT></TD>
  <TD width=2% align="center">&nbsp; </TD>
  <TD colspan=3 align=center> <FONT size=2 face="serif"> <FONT size=2 face="serif">Equity
        in subsidiaries</FONT><br>
  and affiliated companies</FONT> </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=center> <FONT size=2 face="serif">6/30/2006</FONT> </TD>
  <TD width=2% align="center">&nbsp; </TD>
  <TD width=8% align=center> <FONT size=2 face="serif">3/31/2006</FONT> </TD>
  <TD width=2% align="center">&nbsp; </TD>
  <TD width=8% align=center> <FONT size=2 face="serif">6/30/2006</FONT> </TD>
  <TD width=2% align="center">&nbsp; </TD>
  <TD width=8% align=center> <FONT size=2 face="serif">6/30/2005</FONT> </TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&uacute;stria</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">e Com&eacute;rcio S.A.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,398</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,807</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">634</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,418</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Oxicap Ind&uacute;stria de Gases Ltda.</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,430</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,435</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">13</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(44</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">4,828</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">4,242</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">647</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,374</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<P>
<FONT size=2 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 May 31, 2006 and as of June 30, 2006,
respectively. </FONT></P>
<P>
<FONT size=2 face="serif">11.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">PROPERTY, PLANT AND EQUIPMENT (CONSOLIDATED) </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=left>

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

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD colspan="9" align=center>
      <FONT size=2 face="serif">6/30/2006</FONT></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD colspan=9 align=center><HR noshade size=1>  </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
      <FONT size=2 face="serif">Annual<br>
</FONT><FONT size=2 face="serif">depreciation<br>
</FONT><FONT size=2 face="serif">rates - %</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=9% align=center>
      <FONT size=2 face="serif">Revalued<br>
      cost</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=11% align=center>
      <FONT size=2 face="serif">Accumulated<br>
      depreciation </FONT>
        </TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=2% align=center>&nbsp;</TD>
        <TD width=8% align=center><font size=2 face="serif">Provision<br>
    for losses</font></TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=9% align=center>
      <FONT size=2 face="serif">Net book<br>
      value</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">Net book<br>
      value</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">47,902</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,803</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">46,099</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48,044</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">4 to 5</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">432,966</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(159,835</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(604</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">272,527</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">276,338</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">5 to 10</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">874,205</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(440,112</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(412</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">433,681</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">441,096</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">269,059</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(151,222</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">117,837</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">120,323</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">20 to 30</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">169,008</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(127,078</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">41,930</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44,530</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">22,969</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(9,409</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">13,560</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13,486</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Construction in progress</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">70,046</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">70,046</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">45,947</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Imports in transit</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">147</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">147</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">285</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Intangibles</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">2.5 to 20</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">111,436</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(49,208</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(631</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">61,597</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60,131</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=center>
<FONT size=2 face="serif">20 to 30</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
      <FONT size=2 face="serif">63,566</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
      <FONT size=2 face="serif">(31,797</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
      <FONT size=2 face="serif">31,769</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">20,007</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=20% align=left>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
      <FONT size=2 face="serif">2,061,304</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">968,661</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">3,450</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=right>
      <FONT size=2 face="serif">1,089,193</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,070,187</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">17</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">The changes in the provision for losses on property, plant and equipment are shown below:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Balance as of March 31, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,043</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Addition</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">2,407</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=90% align=left>
<FONT size=2 face="serif">Balance as of June 30, 2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">3,450</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">The subsidiaries recorded, in previous years, revaluation of property, plant and equipment items. The revaluation balances are shown below: </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center> <FONT size=2 face="serif">6/30/2006</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center> <FONT size=2 face="serif">3/31/2006</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="6" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Revaluation</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Accumulated<br>
depreciation</FONT></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Net<br>
book<br>
value</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Net book<br>
  </FONT><FONT size=2 face="serif">value</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,504</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,504</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,571</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">46,696</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(35,575</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,121</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,528</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31,738</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(30,527</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,211</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,283</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,087</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,087</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>
<FONT size=2 face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">48,911</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(48,911</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</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">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=56% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">143,936</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">116,100</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">27,836</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">28,382</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">The depreciation of theses revaluations in the amount of R$964 was recorded in the statements of income. The amount of deferred taxes on revaluations totals R$8,075, of which R$1,049 is recorded as long-term liabilities, as
shown in Note 9.a), and R$7,026 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>
<FONT size=2 face="serif">Construction in progress refers substantially to improvements of subsidiaries&#146; plants. </FONT></P>
<P>
<FONT size=2 face="serif">Buildings include R$60,756 (R$61,076 as of March 31, 2006) of leasehold improvements that are being amortized on a straight-line basis at 4% per year. </FONT></P>
<P>
<FONT size=2 face="serif">Intangibles include software in the amount of R$24,311 (R$24,394 as of March 31, 2006), technology in the amount of R$15,607 (R$13,735 as of March 31, 2006), goodwill in the amount of R$6,412 (R$6,588 as of March 31, 2006)
and commercial property rights, mainly those described below: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">On July 11, 2002, the subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar won a bid</FONT> <FONT size=2 face="serif">for use of the site where the Aratu Terminal is located for another 20 years, renewable for</FONT>
<FONT size=2 face="serif">the same period. The price paid by Tequimar amounted to R$12,000 and is being</FONT> <FONT size=2 face="serif">amortized from August 2002 to July 2042.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Further, the subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has a lease</FONT> <FONT size=2 face="serif">agreement for an area adjacent to the Port of Santos for 20 years, effective December</FONT> <FONT size=2
face="serif">2002 and renewable for another 20 years, for building and operating a terminal for</FONT> <FONT size=2 face="serif">receiving, tankage, handling and distribution of bulk liquids. The price paid by Tequimar</FONT> <FONT size=2
face="serif">was R$3,803 and is being amortized from August 2005 until December 2022.</FONT></LI>
</UL>
<P align="right">
<FONT size=2 face="serif">18</FONT></P>

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

<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P>
<FONT size=2 face="serif">Other refers to computer equipment in the amount of R$12,831 (R$13,802 as of March 31, 2006) and advances to suppliers in the amount of R$18,941 (R$6,204 as of March 31, 2006). </FONT></P>
<P>
<FONT size=2 face="serif">There were no changes in the valuation allowance for property, plant and equipment during the period presented. </FONT></P>
<P>
<FONT size=2 face="serif">12.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">DEFERRED CHARGES (CONSOLIDATED)</FONT></P>
<P>
<FONT size=2 face="serif">Represented substantially by costs incurred in the implementation of systems modernization projects in the amount of R$9,522 (R$9,218 as of March 31, 2006), 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$62,003 (R$62,249 as of March 31, 2006), 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></P>
<P>
<FONT size=2 face="serif">13.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">LOANS, FINANCING AND DEBENTURES (CONSOLIDATED)</FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="5%" align="left">&nbsp;</td>
    <td width="95%"><font size="2"> a) Composition </font></td>
  </tr>
</table>
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=40%>

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

        </TD>
        <TD width=2%>

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align="center">
<FONT size=1 face="serif">Annual interest</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14%>

        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD width=40%>
      <FONT size=1 face="serif">Description</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2">
      <FONT size=1 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="2">
      <FONT size=1 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align="center">
      <FONT size=1 face="serif">Index/Currency</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align="center">
      <FONT size=1 face="serif">rate 2006 - %</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14%>
      <FONT size=1 face="serif">Maturity and amortization</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=40% align=left><hr width=100% size=1 noshade>    </TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=left><hr width=100% size=1 noshade></TD>
  <TD width=2% align=left><hr width=100% size=1 noshade></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=left><hr width=100% size=1 noshade></TD>
  <TD width=2%><hr width=100% size=1 noshade></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=center><hr width=100% size=1 noshade></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=center><hr width=100% size=1 noshade></TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=14% align=left><hr width=100% size=1 noshade></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Foreign currency:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Syndicated loan</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">130,022</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">132,172</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">5.05</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Notes (b)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">672,412</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">554,037</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">From 7.25 to 9.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2020</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Working capital loan</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">7,932</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,758</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">MX$ + TIIE (i)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">1.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Monthly until 2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Foreign financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">26,457</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">26,089</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">US$ + LIBOR</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">2.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left>
 &nbsp;<FONT size=1 face="serif">Inventories and property, plant</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=left>&nbsp;</TD>
        <TD width=2% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and equipment financing</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">8,765</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">9,158</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">MX$ + TIIE (i)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">2.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2010</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left>
 &nbsp;<FONT size=1 face="serif">Advances on foreign exchange</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=left>&nbsp;</TD>
        <TD width=2% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">contracts</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">5,313</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,840</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">From 4.85 to 5.68</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Maximum of 60 days</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">From 8.58 to</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Monthly until 2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">17,420</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">19,073</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">UMBNDES (ii)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">10.33</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">From 8.63 to</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">After Nov/06, monthly until</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,593</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1,945</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">10.78</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Export prepayments, net of</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">linked operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">15,034</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">23,246</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">US$</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">From 4.22 to 6.20</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Subtotal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">885,948</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">773,318</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Local currency:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">161,577</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">169,585</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">TJLP (iii)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">From 1.50 to 4.85</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Monthly until 2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">9,116</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">8,912</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">IGP-M (iv)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">6.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Government Agency for</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
&nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Financing (FINAME)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">47,971</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">47,773</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">TJLP (iii)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">From 1.8 to 4.85</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Monthly until 2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left>
 &nbsp;<FONT size=1 face="serif">Research and project financing</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=left>&nbsp;</TD>
        <TD width=2% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(FINEP)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">51,299</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">35,662</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">TJLP (iii)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">From (2.0) to 5.0</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Monthly until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Debentures (c)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">315,346</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">304,173</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">CDI</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
<FONT size=1 face="serif">102.5</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">Other</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">411</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">322</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Subtotal</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">585,720</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">566,427</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Total loans, financing and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
 &nbsp;<FONT size=1 face="serif">debentures</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">1,471,668</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">1,339,745</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Current liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">(135,609</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width="8%" align=right>
      <FONT size=1 face="serif">(133,834</FONT>
        </TD>
        <TD width="2%" align=left><font size=1 face="serif">)</font></TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=center>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=1 face="serif">Long-term liabilities</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">1,336,059</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=1 face="serif">1,205,911</FONT>
        </TD>
        <TD width=2%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=center></TD>
  <TD>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<br>
<br>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="5%"><font size=1 face="serif">(i)</font></td>
    <td width="95%"><font size=1 face="serif">MX$ = Mexican peso; TIIE = Mexican break-even interbank interest rate.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P align="right"><FONT size=2 face="serif">19</FONT></P>

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

  <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(ii)</FONT>   </TD>
        <TD width="95%">
<FONT size=1 face="serif">UMBNDES = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing the composition of the BNDES debt in foreign currency, 87%, of which is linked to the U.S. dollar.</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(iii)</FONT>  </TD>
        <TD width="95%">
<FONT size=1 face="serif">TJLP = fixed by the CMN (National Monetary Council); TJLP is the basic cost of BNDES financing.</FONT>        </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(iv)</FONT>   </TD>
        <TD width="95%">
<FONT size=1 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>
<FONT size=2 face="serif">The long-term amounts have the following composition by year of maturity:</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=80% align=left>&nbsp;</TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=right><hr width=100% size=1 noshade>    </TD>
  <TD width=2%>&nbsp;</TD>
  <TD width=8% align=right><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">From 1 to 2 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">389,849</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">390,684</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">From 2 to 3 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">204,617</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">200,238</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">From 3 to 4 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">59,697</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64,825</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">From 4 to 5 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,479</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,064</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">More than 5 years</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">675,417</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">543,100</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="80%" align=left></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,336,059</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,205,911</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="80%" align=left></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><hr width=100% size=2 noshade>    </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<FONT size=2 face="serif">b) Notes in the foreign market</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">In June 1997, the subsidiary Companhia Ultragaz S.A. issued US$60 million in notes, (Original 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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">In June 2005, the subsidiary Oxiteno Overseas Corp. acquired the full amount of Original Notes issued by Companhia Ultragaz S.A., with funds from a syndicated loan in the amount of US$60 million with maturity in June 2008
and interest rate of 5.05% per year. The syndicated loan was guaranteed by the Company and the subsidiary Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio.</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">In April 2006, the subsidiary Oxiteno Overseas Corp. sold the Original Notes to a financial institution. Concurrently, the subsidiary acquired from this financial institution a credit linked note backed by the Original
Notes, as mentioned in Note 4, thus obtaining an additional return on this investment. The transaction matures in 2020, and the subsidiary as well as the financial institution may redeem it early, with the subsidiary having only an annual option of
redemption (purchase) in or after June 2008. In the event of insolvency of the financial institution, Companhia Ultragaz S.A. would be required to settle the Original Notes, although Oxiteno Overseas Corp. would continue to be creditor of the credit
linked note. Thus, the Company stopped eliminating the Original Notes in its financial statements.</FONT>       </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">In December 2005, the subsidiary LPG International Inc. issued notes in the amount of US$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.A. - Ind&uacute;stria e
Com&eacute;rcio.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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:</FONT>        </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<P align="right">
<FONT size=2 face="serif">20</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><UL>
<LI>
<FONT size=2 face="serif">Limitation of transactions with shareholders that hold amounts of 5% or more of</FONT> <FONT size=2 face="serif">any class of Capital Stock of Ultrapar, except upon fair and reasonable terms no</FONT> <FONT size=2
face="serif">less favorable to Ultrapar than could be obtained in a comparable arm&#146;s-length</FONT> <FONT size=2 face="serif">transaction with a third party;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Obligation of having board of directors resolution for transactions with related</FONT> <FONT size=2 face="serif">parties higher than US$ 15 million (excluding transactions by the Company with</FONT> <FONT size=2
face="serif">subsidiaries and between subsidiaries);<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Restriction of disposal of the totality or near totality of the assets of Ultrapar and</FONT> <FONT size=2 face="serif">subsidiaries;<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Restriction of encumbrances on assets in excess of US$ 150 million or 15% of the</FONT> <FONT size=2 face="serif">value of consolidated tangible assets.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Maintenance of financial ratio, between consolidated net debt and consolidated</FONT> <FONT size=2 face="serif">EBITDA, less than or equal to 3.5; and<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Maintenance of financial ratio, between consolidated EBITDA and consolidated net</FONT> <FONT size=2 face="serif">financial expenses higher than or equal to 1.5.</FONT></LI>
</UL>

<P>
<FONT size=2 face="serif">The restrictions imposed on the Company and its subsidiaries are usual in transactions of this nature and have not limited their ability to conduct their business to date. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<FONT size=2 face="serif">c) Debentures</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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$10,000.00 (ten thousand Brazilian reais), totaling R$300,000.</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">On April 6, 2005, the Brazilian Securities Commission (CVM) registered the operation, and funds of R$304,854, net of commission, were received on April 8, 2005.</FONT>       </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="95%">
<FONT size=2 face="serif">Characteristics of the debentures are:</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Nominal unit value:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">R$10,000.00</FONT>
        </TD>
    <TD width=43% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Final maturity:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">March 1, 2008</FONT>
        </TD>
    <TD width=43% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Nominal value payment:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Lump sum at final maturity</FONT>
        </TD>
    <TD width=43% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Yield:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">102.5% of CDI</FONT>
        </TD>
    <TD width=43% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Yield payment:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left nowrap>
<FONT size=2 face="serif">Semiannually, beginning March 1, 2005</FONT>
        </TD>
    <TD width=43% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">Repricing:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=25% align=left>
<FONT size=2 face="serif">None</FONT>
        </TD>
    <TD width=43% align=left>&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">21</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<FONT size=2 face="serif">d) Collateral</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">A portion of the financing is collateralized by liens on property, plant and equipment, shares, promissory notes and guarantees provided by the Company and its subsidiaries, as shown below:</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center nowrap>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=8% align=center nowrap>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=80% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
<FONT size=2 face="serif">Amount of financing secured by:</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
&nbsp; &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,456</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52,001</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="80%" align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Shares of affiliated companies and minority</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>
&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">stockholders&#146; guarantees</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">9,115</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">8,912</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=80% align=left></TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=80% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">60,571</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">60,913</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=80% align=left></TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=right><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<P>
<FONT size=2 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$1,047,541
(R$954,399 as of March 31, 2006). </FONT></P>
<P><FONT size=2 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$26,349 (R$22,555 as of March 31, 2006), with terms
  of up to 180 days. As of June 30, 2006, the Company and its subsidiaries have not incurred any loss nor recorded any liability related to these guarantees. </FONT></P>
<P>
<FONT size=2 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 June 30,
2006 totalized R$411 (R$322 as of March 31, 2006). Financial income related to this operation for the quarter amounted to R$7 (R$6 as of March 31, 2006) and is recorded in financial income. </FONT></P>
<P align="right">
<FONT size=2 face="serif">22</FONT></P>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">14.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">STOCKHOLDERS&#146; EQUITY </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<FONT size=2 face="serif">a) Capital</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">The Company is a listed corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 81,325,409 shares without par value, comprised of 49,429,897
common and 31,895,512 preferred shares.</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">As of June 30, 2006, 11,651,761 preferred shares were outstanding abroad, in the form of American Depositary Receipts - ADRs.</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">Preferred shares are not convertible into common shares, do not entail voting rights, and have priority in capital redemption, without premium, in the event of liquidation of the Company.</FONT>    </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 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$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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<FONT size=2 face="serif">b) Treasury shares</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">As of June 30, 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$26.09 and R$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$24.35 and R$19.30 per share, respectively.</FONT>   </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">The market price of preferred shares issued by the Company as of June 30, 2006 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R$34.10.</FONT>   </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width="95%">
<FONT size=2 face="serif">c) Capital reserve</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">The capital reserve in the amount of R$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$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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<P align="right">
<FONT size=2 face="serif">23</FONT></P>

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

  <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">d) Revaluation reserve</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">In some cases, taxes on the revaluation reserve of certain subsidiaries are recognized only upon the realization of this reserve, since the revaluations occurred prior to the publication of CVM Resolution No. 183/95. Taxes
on these reserves are R$7,026 (R$7,167 as of March 31, 2006).</FONT>    </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif">e) Retention of profits reserve</FONT>        </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">This reserve is supported by the investment program, in conformity with article 196 of Brazilian corporate law, and includes both a portion of net income and the realization of the revaluation reserve.</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="95%">
<FONT size=2 face="serif">f) Realizable profits reserve</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 face="serif">This reserve is established in conformity with article 197 of Brazilian corporate law, based on the equity in subsidiaries and affiliated companies. Realization of the reserve usually occurs upon receipt of dividends,
disposal and write-off of investments.</FONT>   </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>&nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">g) Conciliation of stockholders&#146; equity - Company and consolidated</FONT>        </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=71% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">3/31/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=71% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,946,719</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,858,687</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=71% align=left>
<FONT size=2 face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,539</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,650</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=71% align=left>
<FONT size=2 face="serif">Capital reserve arising from sale of treasury shares to</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=71% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">subsidiaries, net of realization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(1,615</FONT>
        </TD>
        <TD width=2% align=left>
      <FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(1,668</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=71% align=left>
<FONT size=2 face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,941,565</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,853,369</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp;         </TD>
        <TD width="95%">
<FONT size=2 face="serif">h) Reconciliation of net income - Company and consolidated</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="95%">
<FONT size=2 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 width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR></TABLE>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=left></TD>
        <TD width=73% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align=center>

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center>
      <FONT size=2 face="serif">6/30/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
<FONT size=2 face="serif">Net income - Company</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">151,202</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190,282</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
<FONT size=2 face="serif">Reversal of allowance for factory maintenance shutdown by</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">the subsidiary Oxiteno S.A. Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(796</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
<FONT size=2 face="serif">Reversal of allowance for factory maintenance shutdown by</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=center>&nbsp;</TD>
        <TD width=73% align=left>
&nbsp; &nbsp;<FONT size=2 face="serif">the subsidiary Oxiteno Nordeste S.A. Ind&uacute;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(5,513</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
<FONT size=2 face="serif">Net income - consolidated</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">144,893</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">190,282</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<p align="right"><font size="2">24</font><BR>

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

<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><P>
<FONT size=2 face="serif">15.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">NONOPERATING EXPENSES, NET (CONSOLIDATED) </FONT></P>
<P>
<FONT size=2 face="serif">Composed mainly of R$6,675 in expenses on studies and projects, and R$7,596 (R$2,896 as of June 30, 2005) of result on the disposal of permanent assets, especially cylinders and allowance for loss on the disposal of a real
estate property. </FONT></P>
<P>
<FONT size=2 face="serif">16.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">CONCILIATION OF EBITDA (CONSOLIDATED)</FONT></P>
<P>
<FONT size=2 face="serif">EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by the Company as shown below: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="12" align=center><font size=2 face="serif">6/30/2006</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><font size=2 face="serif">6/30/2005</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="12" align=center><hr width=100% size=1 noshade>    </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><hr width=100% size=1 noshade>    </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Ultragaz</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Oxiteno</font></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Ultracargo</font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Other</font></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Consolidated</font></TD>
  <TD align=center></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Consolidated</font></TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>
  </TD>
  <TD align=left><hr width=100% size=1 noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">Operating income from</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">71,310</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">104,313</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,257</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">4,720</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">184,600</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">217,270</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width="32%" align=left>
<FONT size=2 face="serif">(-) Equity in subsidiaries and</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="6%" align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2,103</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,456</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(647</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,374</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">(+/-) Financial income</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">(expense)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5,108</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(38,189</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,972</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(3,787</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(34,896</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25,473</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">(+) Depreciation and</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">amortization</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">56,459</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">22,688</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">13,978</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">373</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">93,498</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">91,336</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=1 noshade>    </TD>
  <TD align=left><hr width=100% size=1 noshade>    </TD>
</TR>
<TR valign="bottom">
        <TD width=32% align=left>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">132,877</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">86,709</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">20,207</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">2,762</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">242,555</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
      <FONT size=2 face="serif">332,705</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width=100% size=2 noshade></TD>
  <TD align=left><hr width=100% size=2 noshade></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="serif">17.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">SEGMENT INFORMATION </FONT></P>
<P>
<FONT size=2 face="serif">The Company has three reportable segments: gas, chemicals and logistics. The gas segment distributes LPG to retail, commercial and industrial consumers mainly in the South, Southeast and Northeast Regions of Brazil. The
chemicals segment primarily produces ethylene oxide, ethylene 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></P>
<P>
<FONT size=2 face="serif">The principal financial information about each of the Company&#146;s reportable segments is as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="9" align=center>
      <FONT size=2 face="serif">6/30/2006</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=6% align=center>
      <FONT size=2 face="serif">6/30/2005</FONT>
        </TD>
</TR>
<TR>
        <TD width="52%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="6%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1>
        </TD>
        <TD width="6%" align="center">
<HR noshade size=1>
        </TD>
        <TD width="2%" align="center">
        </TD>
        <TD width="6%" align="center"><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
      <FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width="6%" align=center>
      <FONT size=2 face="serif">Oxiteno  </FONT>
        </TD>
        <TD width="2%" align=center>&nbsp;</TD>
        <TD width="6%" align=center><font size=2 face="serif">Ultracargo</font></TD>
        <TD width="2%" align=center>&nbsp;</TD>
        <TD width="6%" align=center><font size=2 face="serif">Other</font></TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width="6%" align=center>
      <FONT size=2 face="serif">Consolidated </FONT>
        </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><font size=2 face="serif">Consolidated</font></TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Net sales, net of related-party</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">transactions</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,474,842</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">727,743</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">92,450</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">44</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,295,079</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,339,039</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width="52%" align=left>
<FONT size=2 face="serif">Income from operations before</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="6%" align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">financial income (expenses)</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width="52%" align=left>
 &nbsp;<FONT size=2 face="serif">and equity in subsidiaries and</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="6%" align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">affiliated companies</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">76,418</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">64,021</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">6,229</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,389</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">149,057</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">241,369</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">132,877</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">86,709</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">20,207</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,762</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">242,555</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">332,705</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
<FONT size=2 face="serif">Total assets, net of related</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp;<FONT size=2 face="serif">parties</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">867,113</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,149,638</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">283,217</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">417,534</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,717,502</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2,982,066</FONT>
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=2 face="serif">25</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P>
<FONT size=2 face="serif">18.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">FINANCIAL INCOME AND EXPENSES, NET (CONSOLIDATED)</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=center><FONT size=2 face="serif">6/30/2006</FONT>&nbsp; </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align=center><FONT size=2 face="serif">6/30/2005</FONT>&nbsp; </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=8% align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD width=8% align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Financial income:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center></TD>
        <TD width=1% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=8% align=center></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on temporary cash investments and</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;long-term cash investment</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">83,736</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52,501</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on trade accounts receivable</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,905</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,588</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Monetary and exchange variations income</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(13,782</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(16,354</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Other income</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">958</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,140</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">73,817</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">39,875</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Financial expenses:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on loans and financing</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(42,718</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(19,864</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on debentures</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(23,980</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12,926</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Bank charges</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(6,568</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(9,785</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Monetary and exchange variations expenses</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,058</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30,357</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Financial results from currency hedge transactions</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(11,681</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(37,917</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">CPMF/IOF/other financial expenses (*)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33,537</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(13,316</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;&nbsp;<FONT size=2 face="serif">Other expenses</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(2,569</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(1,897</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">38,921</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">65,348</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left><hr width="100%" size=1 color=GRAY noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Financial results</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">34,896</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">25,473</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr width="100%" size=2 color=GRAY noshade>
  </TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left><hr width="100%" size=2 color=GRAY noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
        <TD width="5%" nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95%>
<FONT size=2 face="serif">Including R&#36;17,217 referring to the reversal of the provision for PIS and COFINS contingencies and R&#36;26,225 related to the recovery of PIS and COFINS mentioned in Note 20 a).</FONT> </TD>
</TR></TABLE>
<P>
<FONT size=2 face="serif">In accordance with CVM resolution N&ordm;. 488/05 the information as of June 30, 2005 was reclassified for better comparison.</FONT></P>
<P>
<FONT size=2 face="serif">19.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">RISKS AND FINANCIAL INSTRUMENTS (CONSOLIDATED) </FONT></P>
<P><font size=2 face="serif">The main risk factors to which the Company and
    its subsidiaries are exposed reflect strategic/operating
    and economic/financial aspects. Strategic/operating risks (such as behavior
    of demand, competition, technological innovation, and significant structural changes
    in industry, among others) are addressed by the Company&#146;s management
    model. Economic/financial risks mainly
    reflect customer default, macroeconomic variables such as exchange
    and interest rates, as well as the characteristics of the financial instruments
    used by the Company. These risks are
    managed through control policies, specific strategies and the
determination of limits, as follows:</font></P>
<ul>
  <li> <FONT size=2 face="serif">Customer
      default - These risks are managed by specific policies for accepting customers and
      analyzing credit, and are mitigated by diversification of sales. As of June
      30, 2006, the subsidiaries of Oxiteno
      S.A. - Ind&uacute;stria e Com&eacute;rcio maintained R&#36;853 (R&#36;866
      as of March 31, 2006) and the subsidiaries
      of Ultragaz Participa&ccedil;&otilde;es Ltda. maintained R&#36;24,055
  (R&#36;24,828 as of March 31, 2006) as an allowance for doubtful accounts.</FONT></li>
</ul>
<BR>
<P align="right">
<FONT size=2 face="serif">26</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<UL>
<LI>
<FONT size=2 face="serif">Interest rates - The Company and its subsidiaries adopt conservative policies to obtain</FONT> <FONT size=2 face="serif">and invest funds and to minimize the cost of capital. Temporary cash investments of the</FONT> <FONT
size=2 face="serif">Company and its subsidiaries are comprised substantially of transactions linked to the</FONT> <FONT size=2 face="serif">interbank deposit rate (CDI), as described in Note 4. A portion of the financial assets is</FONT> <FONT
size=2 face="serif">intended for foreign currency hedges, as mentioned below. Borrowings are originate</FONT> <FONT size=2 face="serif">from the BNDES, and foreign currency financing, as mentioned in Note 13.<br>
<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Exchange rate - The Company&#146;s subsidiaries use hedge (mainly US&#36; to CDI) instruments</FONT> <FONT size=2 face="serif">available in the financial market to cover assets and liabilities in foreign currency, so
as</FONT> <FONT size=2 face="serif">to reduce the exchange variation effects on their results. Such hedges have amounts,</FONT> <FONT size=2 face="serif">periods and indexes equivalent to the assets and liabilities in foreign currency to
which</FONT> <FONT size=2 face="serif">they are linked. Shown below are the assets and liabilities in foreign currency, translated</FONT> <FONT size=2 face="serif">into Brazilian reais at June 30, 2006 and March 31, 2006:</FONT></LI>
</UL>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center><FONT size=2 face="serif">6/30/2006</FONT>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=center><FONT size=2 face="serif">3/31/2006</FONT>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left><font size=2 face="serif">Assets:</font>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investments abroad and hedges</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">79,606</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">94,617</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign cash and cash equivalents</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,552</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,380</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign temporary cash and long-term cash investments</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">787,734</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">674,836</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Receivables from foreign customers, net of advances on</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">exchange contracts</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">26,236</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">23,447</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">900,128</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">795,280</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
<FONT size=2 face="serif">Liabilities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign currency financing</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">885,948</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">773,318</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Import payables</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">17,691</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">24,479</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">903,639</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">797,797</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=1 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>
<FONT size=2 face="serif">Net (liability) asset position</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(3,511</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(2,517</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr width="100%" size=2 color=GRAY noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<UL>
  <p><FONT size=2 face="serif">The exchange rate variation related to cash and banks, investments, temporary cash</FONT> <FONT size=2 face="serif">investments, and long-term cash investments of foreign subsidiaries was recorded as</FONT> <FONT size=2
face="serif">financial expense in the consolidated statement of income for 2006, in the amount of</FONT> <FONT size=2 face="serif">R&#36;14,280 (financial expenses of R&#36;9,892
  as of June 30, 2006).<br>
  </FONT></p>
  <LI>
<FONT size=2 face="serif">Market value of financial instruments</FONT><br>
<BR>
<FONT size=2 face="serif">Market value of financial instruments as of June 30, 2006 and March 31, 2006 are as</FONT> <FONT size=2 face="serif">follows:</FONT></LI>
</UL>
<P align="right">
<FONT size=2 face="serif">27</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<p> <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries</FONT>&nbsp; </p>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">6/30/2006</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><FONT size=2 face="serif">3/31/2006</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Book<br>
value</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Market<br>
value</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Book<br>
  value</FONT></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Market<br>
  value</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

    </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left><HR noshade size=1>

    </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">Financial assets:</font></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=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Cash and banks</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">47,256</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">47,256</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">26,470</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">26,470</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Temporary cash investments</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,064,124</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,061,981</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,058,660</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,055,744</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Long-term cash investments</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">522,376</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">522,376</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">382,124</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">382,124</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,633,756</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,631,613</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,467,254</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,464,338</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=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=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">Financial liabilities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

    </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Current and long-term loans and</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

    </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;financing</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,156,322</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,139,673</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,035,572</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,029,726</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Current and long-term debentures</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">315,346</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">315,203</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">304,173</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">304,322</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,471,668</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,454,876</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,339,745</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">1,334,048</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=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=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
<FONT size=2 face="serif">Investment-</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>&nbsp;

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

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

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

    </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=55% align=left>
 &nbsp;<FONT size=2 face="serif">Investment in affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">18,694</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">20,919</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">18,694</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">23,518</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=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>
<p><BR>
<FONT size=2 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 June 30, 2006 and March 31, 2006. 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></p>
<p><FONT size=2 face="serif">20.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</FONT>
</p>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width=95%>
<FONT size=2 face="serif"> <FONT size=2 face="serif">a) </FONT>Labor,
civil and tax lawsuits</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The 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 June 30, 2006.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The 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</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=2 face="serif">28</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<p>
  <br>
    <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries</FONT></p>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><P><FONT size=2 face="serif">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></P>
      <P> <FONT size=2 face="serif">The subsidiary Companhia Ultragaz S.A. is
          a defendant in lawsuits relating to damages caused by an explosion
          in 1996 in a shopping mall in the city of Osasco, State of S&atilde;o
          Paulo. Such lawsuits involve: (i) individual suits filed by victims
          of the explosion claiming damages from Ultragaz for the loss of economic
          benefit and for pain and suffering; (ii) lawsuit for reimbursement
          of expenses by the administration company of the shopping mall and
          its insurance company; and (iii) class action suit seeking indemnification
          for 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 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> <FONT size=2 face="serif">The Company and its subsidiaries obtained
          injunctions to pay PIS and COFINS (taxes on revenues) without the changes
          introduced by Law No. 9718/98 in its original version. The 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;20,415 (R&#36;21,370
          as of March 31, 2006). 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
          and 6/14/2006 final and unappealable decisions were rendered on the
          lawsuits of the subsidiaries Companhia Ultragaz S.A. and Transultra
          - Armazenagem e Transporte Especializado Ltda., and the subsidiaries
          reversed the existing provisions in the amount of R&#36;15,886 and
          R&#36;1,331, net of attorney&#146;s fees, as financial income in the
          statement of income for the quarter. Likewise, on 04/11/2006, a final
          and unappealable decision was rendered on the lawsuit related to the
          subsidiary Oxiteno Nordeste S.A. Ind&uacute;stria e Com&eacute;rcio.
          As this subsidiary had not obtained an injunction, it paid undue PIS
          and COFINS in prior periods. The amount of R&#36;26,225, related to
          the favorable outcome in this lawsuit, net of attorney&#146;s fees,
          was recorded as financial income and will be used for future offset
          of PIS and COFINS. The Company has other subsidiaries whose lawsuits
          have not yet been judged. Thus, should there be final favorable outcomes
          for the subsidiaries in all lawsuits, the Company estimates that the
          total positive effect on income before income and social contribution
          taxes should reach R&#36;19,766, net of attorney&#146;s fees. </FONT></P>
      <P> <FONT size=2 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;15,098 (R&#36;14,824 as of March 31,
          2006) 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></td>
  </tr>
</table>
<P>&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">29</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<p><br>
  <br>
    <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries</FONT></p>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><P><FONT size=2 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 June 30, 2006 is R&#36;31,455 (R&#36;31,292
          as of March 31, 2006). </FONT></P>
      <P> <FONT size=2 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> <FONT size=2 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>
      <P> <FONT size=2 face="serif">Escrow deposits and provisions are summarized
    below: </FONT></P></td>
  </tr>
</table>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">Provisions</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">Balance on<br>
  </FONT><FONT size=2 face="serif">3/31/2006</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Additions</font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Reversal/<br>
  </font><font size=2 face="serif">utilization</font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Update</font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size=2 face="serif">Balance on<br>
  </font><font size=2 face="serif">6/30/2006</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">Income and social</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>
 &nbsp;<FONT size=2 face="serif">contribution taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,764</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,882</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">318</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16,964</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">PIS and COFINS on other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>
 &nbsp;<FONT size=2 face="serif">revenues</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,370</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,403</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">448</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">20,415</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">ICMS</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,824</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">274</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,098</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>
<FONT size=2 face="serif">(-) Escrow deposits</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(6,955</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">3,159</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(271</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">10,385</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=40% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">39,003</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">3,723</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">1,403</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">769</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">42,092</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="top">
        <TD width="5%" nowrap>&nbsp;</TD>
        <TD width=95%>
<FONT size=2 face="serif"> <FONT size=2 face="serif">b) </FONT>Contracts</FONT> </TD>
</TR>
<TR valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has contracts with CODEBA - Companhia Docas do Estado da Bahia and Complexo Industrial Portu&aacute;rio Governador Eraldo Gueiros in connection with their port
facilities in Aratu and Suape, respectively. Such contracts establish minimum cargo movement of 1,000,000 tons per year for Aratu, effective through 2022, and 250,000 tons per year for Suape, effective through 2027. If annual movement is less than
the minimum required, the subsidiary is required to pay the difference between the actual movement and the minimum contractual movement, using the port rates in effect at the date established for payment.</FONT>     </TD>
</TR>
<TR valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">As of June 30, 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 colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=2 face="serif">30</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<br>
<br>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="95%"><font size=2 face="serif">The subsidiary Oxiteno Nordeste
        S.A. - Ind&uacute;stria e Com&eacute;rcio has a supply contract with
        Braskem S.A., effective through 2012, which establishes a minimum consumption
        level of ethylene per year. The minimum purchase commitment and the actual
        demand for the period ended June 30, 2006 and March 31, 2006, 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>
</table>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=64%>&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=2 face="serif">Minimum purchase</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Actual demand</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=64%>&nbsp;
        </TD>
        <TD width=15% align=center>
<FONT size=2 face="serif">commitment</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">(real)2</FONT><SUP><FONT size=2 face="serif">nd </FONT></SUP><FONT size=2 face="serif">quarter</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;

        </TD>
        <TD width=64%>&nbsp;
        </TD>
        <TD width=15% align=center>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2006</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=64%><font size=2 face="serif">In tons</font>
        </TD>
        <TD width=15% align=center>

<FONT size=2 face="serif">137,900</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">90,968</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=center>
<FONT size=2 face="serif">98,774</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR align="center" width="30%" size=2 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width=95%>
<FONT size=2 face="serif"> <FONT size=2 face="serif">c) </FONT>Insurance
coverage for subsidiaries</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR valign="top">
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 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;244 million.</FONT>     </TD>
</TR>
<TR valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 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 valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 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 valign="top"><TD colspan=2>&nbsp;</TD>
</TR><TR valign="top">
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">Group life insurance, personal accident insurance, health insurance, and domestic and international transportation insurance are also contracted.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
<FONT size=2 face="serif">21.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">STOCK COMPENSATION PLAN (CONSOLIDATED) </FONT></P>
<P>
<FONT size=2 face="serif">The Extraordinary Stockholders&#146; Meeting held on November 26, 2003 approved a compensation plan for 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 June 30, 2006, including taxes, was R&#36;8,940 (R&#36;8,940 as of March 31, 2006). This amount is being amortized over a
period of ten years and the amortization related to the first semester ended June 30, 2006, in the amount of R&#36;446 (R&#36;383 in the first semester ended June 30, 2005), was recorded as an operating expense. </FONT></P>
<P align="right">
<FONT size=2 face="serif">31</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<p><br>
  <br>
    <FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A.
and Subsidiaries</FONT></p>
<p><BR>
  <FONT size=2 face="serif"> <FONT size=2 face="serif"> <FONT size=2 face="serif">22.</FONT>&nbsp; EMPLOYEE
BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</FONT> </FONT></p>
<p><FONT size=2 face="serif">The Company and its subsidiaries offer benefits to
    their employees, such as life insurance, health care and pension plan. In addition,
    loans for the acquisition of vehicles and personal computers are available
    to employees of certain subsidiaries. These benefits are recorded on the accrual
  basis and terminate at the end of the employment relationship.</FONT></p>
<p> <FONT size=2 face="serif">In August 2001, the Company and its subsidiaries
    began to provide a defined contribution pension plan to their employees.
    This plan is managed by Ultraprev - Associa&ccedil;&atilde;o de Previd&ecirc;ncia
    Complementar. Under the terms of the plan, the basic contribution of each
    participating employee is defined annually by the participant between 0%
    and 11% of his/her salary. The sponsoring companies provide a matching contribution
    in an identical amount as the basic contribution. As participants retire,
    they may opt to receive monthly: (i) a percentage varying between 0.5% and
    1.0% of the fund accumulated in their name 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;1,713 (R&#36;2,388 in 2005) to Ultraprev, which was charged
    to income for the period. The total number of participating employees as
    of June 30, 2006 was 5,861, 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> </p>
<P align="right">
<FONT size=2 face="serif">32</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<P>
<FONT size=2 face="serif">23.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">SUPPLEMENTARY INFORMATION OF THE STATEMENTS OF CASH FLOWS -INDIRECT METHOD (CONSOLIDATED) </FONT></P>
<P>
<FONT size=2 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 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">6/30/2006</FONT></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><FONT size=2 face="serif">6/30/2005</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash flows from operating activities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Net income</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">144,893</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">190,282</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Adjustments to reconcile net income to cash provide by</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">operating activities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity in subsidiaries and affiliated companies</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(647</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,374</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation and amortization</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">93,498</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">PIS and COFINS credits on depreciation</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,096</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">561</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest, foreign exchange and indexation</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(13,745</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(9,275</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(11,248</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(6,156</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,288</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,413</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Proceeds from disposals of permanent assets</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,175</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,781</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allowance for probable losses on permanent assets</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,406</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">481</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Reversal of allowance for factory shutdown, net of taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,309</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">509</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(594</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">(Increase) decrease in current assets:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Trade accounts receivable</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12,316</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,960</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Inventories</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(5,501</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12,079</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Recoverable taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(27,560</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(22,723</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(60</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(17,152</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Prepaid expenses</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">253</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Increase (decrease) in current liabilities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Trade accounts payable</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(902</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(39,519</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Payroll and related charges</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">835</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(29,349</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Taxes payable</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,697</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,784</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Income and social contribution taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,793</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">70</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(9,993</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,146</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">(Increase) decrease in long-term assets:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Recoverable taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,364</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,472</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Escrow deposits</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">331</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(1,399</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Trade accounts receivable</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,034</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(3,408</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">332</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Prepaid expenses</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(646</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(2,876</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Increase (decrease) in long-term liabilities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Other taxes</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(12,530</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,817</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(633</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Net cash provided by operating activities</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">177,964</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">180,331</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">33</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">6/30/2006</FONT></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">6/30/2005</FONT></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><HR noshade size=1></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash flows from investing activities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Cash investments in long-term, net of redemption</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(300,775</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Additions to property, plant and equipment</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(101,577</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(85,755</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Additions to deferred charges</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(37,326</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(23,613</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Proceeds from sales of permanent assets</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,651</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,166</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Acquisition of minority interest</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Net cash provided by (used in) investing activities</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">135,261</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">407,977</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash flows from financing activities:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Loans, financing and debentures:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif"></FONT>&nbsp;&nbsp;Issuances</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">189,473</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">707,548</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Amortization</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(282,673</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(411,828</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Dividends paid</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(87,491</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(72,362</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Related companies</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(1,556</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">(1,114</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Capital increase due to secondary public offering</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47,218</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Net cash provided by (used in) financing activities</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">182,247</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">269,462</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Decrease (increase) in cash and banks and temporary cash</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">investments</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">139,544</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
      <FONT size=2 face="serif">41,816</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash and banks and temporary cash investments at the beginning</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">of the period</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,250,924</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">558,379</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Cash and banks and temporary cash investments at the end of the</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">period</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,111,380</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">600,195</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
<FONT size=2 face="serif">Supplemental disclosure of cash flow information:</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Interest paid on loans and financing</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">43,667</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,093</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=78% align=left>
 &nbsp;<FONT size=2 face="serif">Income and social contribution taxes paid in the period</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,562</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,662</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">34</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<P>
<FONT size=2 face="serif">OTHER INFORMATION CONSIDERED MATERIAL BY THE COMPANY </FONT></P>
<P>
<FONT size=2 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 June 30, 2006 </FONT></P>
<div align="center">
  <TABLE border=0 width=80% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=64% align=left><font size="2">&nbsp;</font>

      </TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=center>
        <font size="2"><B><FONT face="sans-serif">Common</FONT></B>&nbsp;
        </font></TD>
      <TD width=2% align="center"><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=center>
        <font size="2"><B><FONT face="sans-serif">Preferred</FONT></B>&nbsp;
        </font></TD>
      <TD width=2% align="center"><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=center>
        <font size="2"><B><FONT face="sans-serif">Total</FONT></B>&nbsp;
        </font></TD>
    </TR>
    <TR>
    </TR>
  </TABLE>

  <TABLE border=0 width=80% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan="7" align=left><HR noshade size=2></TD>
    </TR>
    <TR valign="bottom">
      <TD width=64% align=left>
      <FONT size=2 face="sans-serif">Controlling Shareholders</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">33,748,059</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">885,979</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">34,634,038</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=64% align=left>
      <FONT size=2 face="sans-serif">Board of Directors&sup1;</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">46</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">6</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">52</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=64% align=left>
      <FONT size=2 face="sans-serif">Officers&sup2;</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right><font size=2 face="sans-serif">-</font></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif"> 139,950</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">139,950</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=64% align=left>
      <FONT size=2 face="sans-serif">Fiscal Council</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right><font size=2 face="sans-serif">-</font></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif"> 1,071</FONT></TD>
      <TD width=2%><font size="2">&nbsp;</font>
      </TD>
      <TD width=10% align=right>
      <FONT size=2 face="sans-serif">1,071</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="7" align=left><HR noshade size=2></TD>
    </TR>
  </TABLE>
  <BR>
  <table width="80%"  border="0" cellspacing="0" cellpadding="2">
    <tr valign="top">
      <td width="5%"><font size=1 face="sans-serif">Note: </font></td>
      <td width="95%"><font size=1 face="sans-serif"><sup>1</sup>Shares owned by members
          of the Board of Directors which were not included in Controlling Shareholders'
          position. Should the member not be part of the controlling group, only
      its direct ownership is included.</font></td>
    </tr>
    <tr valign="top">
      <td width="5%">&nbsp;</td>
      <td width="95%"><font size=1 face="sans-serif"><sup>2</sup>Shares owned by Officers
          which were not included in Controlling Shareholders' and Board of Directors'
      positions</font></td>
    </tr>
  </table>
</div>
<P><FONT size=2 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 - Last 12 Months</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><font size="2"><B><FONT face="sans-serif">Jun-30-06</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><font size="2"><B><FONT face="sans-serif">Jun-30-05&sup3;</FONT></B>&nbsp; </font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Common</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Preferred</FONT></B></font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Total</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Common</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Preferred</FONT></B></font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Total</FONT></B>&nbsp; </font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Controlling Shareholders</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">33,748,059</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">885,979</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">34,634,038</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">33,748,075</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">885,970</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">34,634,045</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Board of Directors&sup1;</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">46</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">52</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">45</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">52</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Officers&sup2;</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">139,950</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">139,950</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">129,950</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">129,950</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left>
<FONT size=2 face="sans-serif">Fiscal Council</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,071</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,071</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,071</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,071</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=100% align=left>
<FONT size=1 face="sans-serif">Note: 1Shares which were not included in Controlling Shareholders' position</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">&sup2;Shares which were not included in Controlling Shareholders' and Board of Directors' positions</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=100% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">&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></TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">Total free float and its percentage of total shares as of June 30, 2006 </FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Common</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Preferred</FONT></B></font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Total</FONT></B>&nbsp; </font></TD>
</TR>
<TR>
  <TD colspan="7"><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Total Shares</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">49,429,897</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">31,895,512</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">81,325,409</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
      <font size="2">&nbsp;<FONT face="sans-serif">( - ) Shares held in treasury</FONT></font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,617</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">182,697</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">189,314</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=70% align=left>
      <font size="2">&nbsp;<FONT face="sans-serif">( - ) Shares owned by Controlling Shareholders</FONT></font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">33,748,059</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">885,979</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">34,634,038</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=70% align=left>
      <font size="2">&nbsp;<FONT face="sans-serif">( - ) Shares owned by Management</FONT></font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">46</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">139,956</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">140,002</FONT>
        </TD>
  </TR>
<TR>
  <TD colspan="7">&nbsp;</TD>
</TR>
<TR>
        <TD colspan="7">
<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>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
<FONT size=2 face="sans-serif">Free-float</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">15,675,175</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">30,686,880</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">46,362,055</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=70% align=left>
      <font size="2"><B><FONT face="sans-serif">% Free-float / Total Shares</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">31.71</FONT><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">96.21</FONT><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">57.01</FONT><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></B>
        </TD>
  </TR>
<TR>
  <TD colspan="7"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<BR>
<P align="right">
<FONT size=2 face="serif">35</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<P>
<FONT size=2 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 June 30, 2006</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="16"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2"><B><FONT face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
    S.A</FONT></B>&nbsp; </font></TD>
  <TD>&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Common</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Preferred</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">Total</FONT></B>&nbsp; </font></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="16"><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Ultra S.A. Participa&ccedil;&otilde;es</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">32,646,696</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">66.04</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.00</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">32,646,708</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">40.14</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Parth Investments Company&sup1;</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">9,311,730</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">18.84</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,396,759</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4.38</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">10,708,489</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">13.17</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Monteiro Aranha S.A.&sup2;</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,212,637</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">10.55</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">816,088</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2.56</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,028,725</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7.41</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Shares held in treasury</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,617</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.01</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">182,697</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.57</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">189,314</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.23</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Dodge &amp; Cox, Inc.&sup3;</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,819,785</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">21.38</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,819,785</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8.39</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Others</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">2,252,217</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4.56</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">22,680,171</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">71.11</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">24,932,388</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">30.66</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR>
  <TD colspan="16"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2"><B><FONT face="sans-serif">TOTAL</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">49,429,897</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">31,895,512</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">81,325,409</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
</TR>
<TR>
  <TD colspan="16"><HR noshade size=2></TD>
</TR>
</TABLE>

<FONT size=1 face="sans-serif">1Company headquartered outside of Brazil<br>
&sup2;Public listed company<br>
</FONT><FONT size=1 face="sans-serif">Company headquartered outside of Brazil, position according to last available data as at January 2006</FONT>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="16">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="16"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><B><FONT size=2 face="sans-serif">ULTRA S.A. PARTICIPA&Ccedil;&Otilde;ES</FONT></B><font size="2">&nbsp; </font></TD>
    <TD>&nbsp;</TD>
    <TD align=center><font size="2"><B><FONT face="sans-serif">Common</FONT></B>&nbsp; </font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size="2"><B><FONT face="sans-serif">Preferred</FONT></B>&nbsp; </font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size="2"><B><FONT face="sans-serif">Total</FONT></B>&nbsp; </font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><font size="2"><B><FONT face="sans-serif">%</FONT></B></font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="16"><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Paulo Guilherme Aguiar Cunha</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,974,109</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">18.95</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">0.00</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,974,109</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">13.52</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Ana Maria Villela Igel</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,663,669</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5.80</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,186,410</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12.57</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,850,079</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7.74</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Christy Participa&ccedil;&otilde;es Ltda.</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6,425,199</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">10.17</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,990,444</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">19.69</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,415,643</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12.89</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Rog&eacute;rio Igel</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7,953,538</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12.58</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,917,200</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">15.46</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,870,738</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">13.41</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Joyce Igel de Castro Andrade</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8,401,501</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">13.29</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,365,161</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">17.22</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12,766,662</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">14.42</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">M&aacute;rcia Igel Joppert</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8,401,501</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">13.29</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,365,161</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">17.22</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">12,766,662</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">14.42</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">F&aacute;bio Igel</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">7,437,724</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11.77</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4,070,447</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">16.06</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">11,508,171</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">13.00</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Lucio de Castro Andrade Filho</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,775,470</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5.97</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">-</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center>
<FONT size=2 face="sans-serif">-</FONT>
        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,775,470</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">4.26</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Others</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,169,337</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">8.18</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">448,063</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1.78</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">5,617,400</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">6.34</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
</TR>
<TR>
  <TD colspan="16"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2"><B><FONT face="sans-serif">TOTAL</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">63,202,048</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">25,342,886</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">88,544,934</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
</TR>
<TR>
  <TD colspan="16"><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2"><B><FONT face="sans-serif">CHRISTY PARTICIPA&Ccedil;&Otilde;ES
      LTDA.</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center nowrap>
      <font size="2"><B><FONT face="sans-serif">Capital Stock</FONT></B>&nbsp;
          </font></TD>
        <TD width=2% align="center"><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=center>
      <font size="2">&nbsp;<B><FONT face="sans-serif">%</FONT></B>
          </font></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Maria da Concei&ccedil;&atilde;o Coutinho Beltr&atilde;o</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">3,066</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">34.90</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">H&eacute;lio Marcos Coutinho Beltr&atilde;o</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,906</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">21.70</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Cristiana Coutinho Beltr&atilde;o</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,906</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">21.70</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<FONT size=2 face="sans-serif">Maria Coutinho Beltr&atilde;o</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">1,906</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="sans-serif">21.70</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="sans-serif">%</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2"><B><FONT face="sans-serif">TOTAL</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
      <font size="2"><B><FONT face="sans-serif">8,784</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="sans-serif">100.00</FONT></B>
        </TD>
        <TD width=1% align=left>
      <font size="2"><B><FONT face="sans-serif">%</FONT></B>&nbsp;
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

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

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

        </TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">36</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<P>
  <u><FONT size=2 face="serif">ULTRAPAR</FONT> <FONT size=2 face="serif">PARTICIPA&Ccedil;&Otilde;ES S.A.
AND SUBSIDIARIES</FONT></u><BR>
</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR align="left" valign="bottom">
  <TD colspan="17"><FONT size=2 face="serif">INVESTMENTS</FONT><FONT size=2 face="serif"> IN </FONT><FONT size=2 face="serif">SUBSIDIARIES</FONT><FONT size=2 face="serif">&nbsp; </FONT><FONT size=2 face="serif">AND/OR</FONT><FONT size=2 face="serif">&nbsp; </FONT><FONT size=2
face="serif">AFFILIATES</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="17" align=center><HR noshade size=1></TD>
  </TR>
<TR align="center" valign="bottom">
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
</TR>
<TR align="center" valign="bottom">
  <TD nowrap><FONT size=1 face="serif">1 - Item</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size=1 face="serif">2 - Company name</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size=1 face="serif">3 - Corporate<br>
taxpayer number<br>
(CNPJ)</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size=1 face="serif">4 - Classification</FONT></TD>
  <TD>&nbsp;</TD>
  <TD nowrap><FONT size=1 face="serif">5 - % of<br>
ownership<br>
interest in<br>
investee</FONT></TD>
  <TD>&nbsp;</TD>
  <TD nowrap><FONT size=1 face="serif">6 - % of<br>
investor&#146;s<br>
stockholders<br>
equity</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="serif">7 - Type of company</font></TD>
  <TD>&nbsp;</TD>
  <TD nowrap><FONT size=1 face="serif">8 - Number of<br>
shares held in<br>
the current quarter<br>
(in thousands)</FONT></TD>
  <TD>&nbsp;</TD>
  <TD nowrap><FONT size=1 face="serif">9 - Number of<br>
shares held in<br>
the prior quarter<br>
(in thousands)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=center><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=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <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=5% align=center>
<FONT size=1 face="serif">01</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">34.266.973/0001-99</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">30.76</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,461</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,461</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
 &nbsp;<FONT size=1 face="serif">Participa&ccedil;&otilde;es Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">02</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">57.651.960/0001-39</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">16.07</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,336</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">4,336</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">03</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">61.604.112/0001-46</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">2.49</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">27,734</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">27,734</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">04</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Oxiteno S.A. - Ind&uacute;stria e Com&eacute;rcio</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">62.545.686/0001-53</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Closely-held subsidiary</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">68.48</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">35,102</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">35,102</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">05</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Oxiteno Nordeste S.A. - Ind&uacute;stria e</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">14.109.664/0001-06</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">99.36</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">54.35</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">6,232</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">5,242</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
 &nbsp;<FONT size=1 face="serif">Com&eacute;rcio</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">06</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">14.688.220/0001-64</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">99.43</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">6.09</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">12,539</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">12,539</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
 &nbsp;<FONT size=1 face="serif">Tequimar</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">07</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left nowrap>
<FONT size=1 face="serif">Transultra - Armazenamento e Transporte</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">60.959.889/0001-60</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">3.61</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">34,999</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">34,999</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
 &nbsp;<FONT size=1 face="serif">Especializado Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">08</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Companhia Ultragaz S.A.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">61.602.199/0001-12</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">98.54</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">21.76</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">799,784</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">799,775</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">09</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">65.828.550/0001-49</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">4.41</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1,314</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">1,314</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">10</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">46.395.687/0001-02</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">6.04</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">24</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">24</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">11</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Uting&aacute;s Armazenadora S.A.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=1 face="serif">61.916.920/0001-49</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">55.99</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1.41</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,751</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">2,751</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=center>
<FONT size=1 face="serif">12</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=14% align=left>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">100.00</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=1 face="serif">1.39</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=1 face="serif">Commercial, industrial and other</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">122,048</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=1 face="serif">122,048</FONT></TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">Note: This </FONT><FONT size=2 face="serif">information</FONT><FONT size=2 face="serif"> is an </FONT><FONT size=2 face="serif">integral</FONT><FONT size=2 face="serif"> part of the interim </FONT><FONT size=2
face="serif">financial</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">statements</FONT><FONT size=2 face="serif"> as </FONT><FONT size=2 face="serif">required</FONT><FONT size=2 face="serif"> by the CVM.</FONT></P>
<P align="right">
<FONT size=2 face="serif">37</FONT></P>

<br>
<br>
<hr width="100%" 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=3 align=left>
      <u><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.
    AND SUBSIDIARIES</FONT></u></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<FONT size=2 face="serif">CHARACTERISTICS OF DEBENTURES</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">1</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ITEM</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">01</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">2</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ORDER NUMBER</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">SINGLE</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">3</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- REGISTRATION NUMBER IN THE CVM</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">CVM/SRE/DEB/2005/015</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">4</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- REGISTRATION DATE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">4/06/2005</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">5</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">SERIES ISSUED</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">UN</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">6</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ISSUE TYPE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">SINGLE</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">7</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ISSUE NATURE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">PUBLIC</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">8</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ISSUE DATE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">3/01/2005</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">9</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- MATURITY DATE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">3/01/2008</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">10</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- DEBENTURE TYPE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">NO PREFERENCE</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">11</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">YIELD</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">102.5% of the CDI</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">12</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">PREMIUM/DISCOUNT</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">0</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">13</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- PAR VALUE (REAIS)</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">10,000.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">14</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ISSUED AMOUNT (IN THOUSANDS OF REAIS)</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">315,346</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">15</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- ISSUED SECURITIES
<font size=2 face="serif">(UNIT)</font></FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">30,000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">16</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- OUTSTANDING SECURITIES
<font size=2 face="serif">(UNIT)</font></FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">30,000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">17</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">SECURITIES HELD IN TREASURY
<font size=2 face="serif">(UNIT)</font></FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">0</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">18</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">REDEEMED SECURITIES
<font size=2 face="serif">(UNIT)</font></FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">0</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">19</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- CONVERTED SECURITIES
<font size=2 face="serif">(UNIT)</font></FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">0</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">20</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- UNPLACED SECURITIES
<font size=2 face="serif">(UNIT)</font></FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">0</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">21</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- LAST RESET DATE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=right>
<FONT size=2 face="serif">22</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=65% align=left>
<FONT size=2 face="serif">- NEXT EVENT DATE</FONT></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=20% align=right>
<FONT size=2 face="serif">9/01/2006</FONT></TD>
</TR>
<TR>
  <TD colspan=5><HR noshade size=1>
  </TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">38</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<P align="center">&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%" rowspan="5" align="center" valign="middle"><img src="logo.jpg"></td>
    <td width="80%" align="center"><b><i><font size=5 face="sans-serif">ULTRAPAR
    PARTICIPA&Ccedil;&Otilde;ES S.A. </font></i></b></td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="80%" align="center">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="80%" align="center"><b><font size=2 face="serif">MD&amp;A - ANALYSIS
    OF CONSOLIDATED EARNINGS </font></b></td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="80%" align="center">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="80%" align="center"><b><font size=2 face="serif">Second Quarter
    2006 </font></b></td>
    <td width="10%">&nbsp;</td>
  </tr>
</table>
<P>
<B><I><FONT size=2 face="serif">(1) Key Indicators - Consolidated:</FONT></I></B></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD bgcolor="#000000">&nbsp;</TD>
  <TD colspan=23><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=29% align=left><FONT size=1 face="serif">(R&#36; million)</FONT></TD>
  <TD width=1% bgcolor="#000000">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">2Q06</font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">2Q05</font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">1Q06</font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">Change<br>
      <font size=1 face="serif">2Q06 vs<br>
2Q05</font></font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">Change<br>
      <font size=1 face="serif">2Q06 vs<br>
1Q06</font></font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">1H 06</font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">1H05</font></TD>
  <TD width=1% align=center>&nbsp;</TD>
  <TD width=2% align="center">&nbsp;</TD>
  <TD width=6% align=center><font size=1 face="serif">Change<br>
      <font size=1 face="serif">1H06 vs.<br>
      <font size=1 face="serif">1H05</font></font></font></TD>
  <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD><HR noshade size=1>
  </TD>
  <TD bgcolor="#000000">&nbsp;</TD>
  <TD colspan=23><HR noshade size=1></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Net sales and services</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,197.4</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,202.0</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,097.7</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(0</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">9</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">2,295.1</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">2,339.0</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(2</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Cost of sales and services</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(960.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(951.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(898.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,859.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1,829.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Gross Profit</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">236.7</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">251.0</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">199.0</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(6</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">19</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">435.7</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">509.8</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(15</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Selling, general and</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(147.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(131.6</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(140.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(287.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(268.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">administrative expenses</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Other operating income</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">171</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>

<FONT size=2 face="serif">(17</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.1</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">120</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">(expense), net</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Income from operations before</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">89.9</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">118.7</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">59.2</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(24</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">52</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">149.1</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">241.4</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(38</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">financial items</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        <TD width=6% align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Financial (expense) income, net</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">22.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(16.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">234</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">81</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34.8</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(25.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">236</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Equity in subsidiaries and</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(60</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(57</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">affiliated companies</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Nonoperating income (expense),</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left><font size=2 face="serif">net</font>

        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(11.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right><font size=2 face="serif">1,486</font>

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

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">429</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(13.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">428</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Income before taxes and social</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">101.8</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">102.8</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">69.5</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(1</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">46</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">171.3</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">214.8</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(20</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">contribution</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Income and social contribution</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(31.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(23.0</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">39</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(54.9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(62.5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(12</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">taxes</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=left>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Benefit of tax holidays</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">19.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">18.5</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">70</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">30.8</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">39.4</FONT>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(22</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=29% align=left>
<FONT size=2 face="serif">Minority interest</FONT></TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1.2</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1.1</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">71</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(2.3</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">(1.4</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">)</FONT></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">64</FONT>
        </TD>
        <TD width=1% align=left>
<FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Net income</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">88.1</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">89.5</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">56.8</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(2</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">55</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">144.9</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">190.3</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(24</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD bgcolor="#000000">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">136.0</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">164.5</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">106.6</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(17</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">27</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">242.6</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">332.7</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(27</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD bgcolor="#000000">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Volume - LPG sales</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">393</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">388</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">355</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">11</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">748</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">744</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=29% align=left>
<B><FONT size=2 face="serif">Volume - Chemicals sales</FONT></B>&nbsp;
        </TD>
        <TD width=1% bgcolor="#000000">&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">134</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">136</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">129</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(1</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%)</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">4</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">263</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">256</FONT></B>
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">3</FONT></B>
        </TD>
        <TD width=1% align=left>
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=2 face="serif">39</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P>
<B><I><FONT size=2 face="serif"><br>
(2) Performance Analysis: </FONT></I></B></P>
<P>
<FONT size=2 face="serif"><u>Net Sales and Services</u></FONT><FONT size=2 face="serif"> - Ultrapar's net consolidated sales and services in 2Q06 amounted to R&#36; 1,197.4 million, almost unchanged in relation to the same quarter in 2005, and 9% up
on 1Q06. In 1H06, Ultrapar's net sales and services amounted to R&#36; 2,295.1 million, down 2% on 1H05.</FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: The Brazilian LPG market expanded by 1.7% in 2Q06, when compared to 2Q05, benefited by the improvements seen in disposable income of the Brazilian population and the revision of the use of LPG vis-&agrave;-vis
natural gas, driven by the uncertainties regarding natural gas supply from Bolivia. Ultragaz&#146;s sales volume in the bottled segment increased by 2.7% (7,100 tons) compared to 2Q05, basically due to certain commercial initiatives taken by the
company. In the same period, Ultragaz&#146;s sales volume in the bulk segment dropped by 1.9%, (2,400 tons) -despite the revision of the use of natural gas by the customers, which in many cases returned to LPG as energy source, in 2Q06 the company
lost one large industrial client, this loss been already expected, which consumed approximately 3,000 tons per quarter. Ultragaz's sales volume totaled 393,000 tons in 2Q06, up 1.2% on the sales volume in 2Q05, but below the performance of the rest
of the market due to the loss of the industrial client above mentioned. Compared to 1Q06, Ultragaz&#146;s sales volume was up 10.7%, basically reflecting the seasonal variation between the two periods. For the 1H06, Ultragaz&#146;s sales volume
totaled 748,000 - up 0.6% on 1H05. Net sales and services at Ultragaz amounted to R&#36; 781.1 million in 2Q06, up 6% on 2Q05, as a result of the repositioning brought about its distribution structure review and the increase in volume sold. Compared
to 1Q06, net sales and services were up 13%, basically due to the seasonal increase in sales volume and the company's distribution structure review. In 1H06, Ultragaz&#146;s net revenues totaled R&#36; 1,475.3 million, up 5% on 1H05. </FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Total sales volume in 2Q06 amounted to 134,000 tons, practically the same figure as in 2Q05, but with an improved geographical sales mix - with a higher participation of domestic sales in detriment to exports, and
a better product mix, with 74% of sales volume represented by specialty chemicals. In the domestic market, sales volume amounted to 94,000 tons, up 10% on 2Q05, the growth spread among the market segments, reflecting several specific commercial
initiatives on the part of Oxiteno, resulting in market share gains with certain clients. The volume sold outside Brazil amounted to 40,000 tons, down 20% in relation to 2Q05, driven by the increased sales in the domestic market. Compared to 1Q06,
Oxiteno&#146;s sales volume was up 4%, the result of the 9% increase in sales to the domestic market, and a 14% increase in sales at Canamex. Accumulated sales volume in 2006 amounted to 263,000 tons, up 3% on 1H05, basically due to the sales growth
in the domestic market. Oxiteno reported net sales and services of R&#36; 370.4 million in 2Q06, down 13% on 2Q05, basically due to the 12% appreciation in the Brazilian Real and the drop in international glycol prices in 2005, partially offset by
the improvement in sales mix. Compared to 1Q06, there was an increase of 4%, in line with the increase in sales volume, given that the average price and exchange rate remained practically unchanged. Accumulated net sales and services at Oxiteno in
1H06 amounted to R&#36; 727.8 million, 14% lower than in 1H05. </FONT></P>
<P align="right">
<FONT size=2 face="serif">40</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<P>
<FONT size=2 face="serif"><br>
Ultracargo: Average storage volumes at Ultracargo in 2Q06, measured in cubic meters, were 11% higher than in 2Q05, basically due to the start-up of operations at the Santos Terminal, in the third quarter of 2005. In
comparison to 1Q06, average storage volumes measured in cubic meters were up by 4%, also due to the increased capacity utilization of the Santos Terminal. In the transport segment, total kilometrage traveled was down 15% and 10% compared to 2Q05 at
1Q06, respectively, as a result of the decision to cease certain operations with lower aggregate value. For the year-to-date, Ultracargo's average storage volumes were up 11%, as measured in cubic meters, while kilometrage traveled was down 9%.
Ultracargo reported net services of R&#36; 58.7 million in 2Q06, practically unchanged in relation to 2Q05 and 1Q06. The increase in revenues as a result of the rise in average storage levels was offset by the reduction in transport revenues. In
1H06, Ultracargo's revenues totaled R&#36; 116.8 million, up 4% on the net revenues reported in 1H05. </FONT></P>
<P>
<FONT size=2 face="serif"><u>Cost of Sales: </u></FONT><FONT size=2 face="serif">Ultrapar's cost of sales and services amounted to R&#36; 960.7 million in 2Q06, up 1% and 7% compared to 2Q05 and 1Q06, respectively. In 1H06, Ultrapar's cost of sales
and services amounted to R&#36; 1,859.4 million, up 2% on 1H05. </FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: Ultragaz reported an increase of 3% in its cost of sales and services in 2Q06, compared to 2Q05, basically due to (i) the increase in volume sold, (ii) the increase in the cost of freight and fuel and (iii) the
increase in personnel expenses, due to annual collective wage increase agreement in 2005. Compared to 1Q06, the cost of sales and services was up 10% as a result of the seasonal variation of 11% in sales volume, partially offset by initiatives of
the company's distribution structure review. In the first half of the year, Ultragaz's cost of sales and services amounted to R&#36; 1,245.9 million, a 3% increase on that reported in 1H05. </FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: The cost of sales and services at Oxiteno amounted to R&#36; 284.8 million in 2Q06, down 4% on 2Q05, due basically to (i) the appreciation of the Brazilian Real, which partially compensated for the rise in the
dollar cost of ethylene and (ii) the lower fixed costs, related to the reduction in the finished products inventory in 2Q05. Compared to 1Q06, costs increased by 2%, less than the 4% increase in sales volume, also due to lower fixed costs. The
company's cost of sales and services in 1H06 amounted to R&#36; 564.0 million, down 1% in relation to 1H05. </FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: The cost of services provided by Ultracargo in 2Q06 amounted to R&#36; 36.5 million, down 1% compared to the same quarter in 2Q05, and 4% lower than in 1Q06, basically due to the reduction in the cost of third
parties transport service, in line with the reduction in the volume of services provided. In the first half, the company's total cost of services was 1% higher than in 1H05. </FONT></P>
<P>
<FONT size=2 face="serif"><u>Gross Profit: </u></FONT><FONT size=2 face="serif">In 2Q06 Ultrapar reported a gross profit of R&#36;236.7 million, a decrease of 6% in relation to 2Q05. Compared to 1Q06, the gross profit increased by 19%. The
year-to-date gross profit was R&#36; 435.7 million, a decrease of 15% compared to 1H05.</FONT></P>
<P>
<FONT size=2 face="serif"><u>Selling, General and Administrative Expenses:</u></FONT><FONT size=2 face="serif"> Ultrapar's sales, general and administrative expenses amounted to R&#36; 147.3 million, up 12% and 5%, compared to 2Q05 and 1Q06,
respectively. In 1H06, sales, general and administrative expenses amounted to R&#36; 287.7 million, up 7% in relation to 1H05. </FONT></P>
<P align="right">
<FONT size=2 face="serif">41</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<P>
<FONT size=2 face="serif"><br>
Ultragaz: Sales, general and administrative expenses at Ultragaz amounted to R&#36; 79.5 million in 2Q06, up 14% compared to 2Q05, principally as a result of (i) annual salary increases as a result of collective wage
agreements, (ii) higher variable remuneration, in line with the expansion in results and (iii) non-recurring claims indemnity expenses of approximately R&#36; 1.5 million. Compared to 1Q06, sales, general and administrative expenses increased by 7%,
as a result of higher sales expenses, due to the higher sales volume. In 1H06, sales, general and administrative expenses were 8% higher than in 1H05.</FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: Sales, general and administrative expenses at Oxiteno totaled R&#36; 51.3 million in 2Q06, up 4% on 2Q05 and 1Q06, as a result of higher administrative expenses, due to (i) higher personnel expenses, mostly related
to salary increases arising from the annual collective wage agreements and increase in workforce, and (ii) IT expenses, mainly related to operational excellence projects. Sales expenses were 15% and 3% lower, compared to 2Q05 and 1Q06 respectively,
basically due to the reduction in international freight expenses, as a result of the lower volume sold outside Brazil, particularly the Far East. In 1H06, sales, general and administrative expenses were 1% lower than in 1H05. </FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo: Ultracargo's sales, general and administrative expenses totaled R&#36; 17.7 million in 2Q06, up 29% on 2Q05, basically due to the increase in operational workforce (including the Santos Terminal structure,
maintenance workforce and internal logistics service staff), due to new operations, as well as salary increases due to the annual collective wage agreements. Compared to 1Q06, Ultracargo saw a drop of R&#36; 0.7 million in the SG&amp;A. In the first
half of the year, sales, general and administrative expenses were up 33% compared to 1H05. </FONT></P>
<P>
<FONT size=2 face="serif"><u>Income from Operations before Financial Items:</u></FONT><FONT size=2 face="serif"> Ultrapar reported an income from operations before financial items of R&#36; 89.9 million in 2Q06, 24% lower than the operating income
reported in 2Q05. Compared to 1Q06, Ultrapar&#146;s income from operations before financial items increased by 52%. Income from operations before financial items totaled R&#36; 149.1 million in 1H06, 38% down 1H05.</FONT></P>
<P>
<FONT size=2 face="serif"><u>Financial Income (Expenses), Net:</u></FONT><FONT size=2 face="serif"> Ultrapar's financial result was positive in 2Q06, with a financial income of R&#36; 22.4 million, compared to financial expenses of R&#36; 16.7
million in 2Q05, as a result of (i) the non-recurring positive effect of R&#36; 27 million due to the winning of a lawsuit related to the payment of PIS and COFINS by the company's subsidiaries Oxiteno Nordeste and Transultra, explained in further
detail below, and (ii) the increase in the company's net cash position, which amounted to R&#36; 162.1 million at the end of 2Q06, compared to net cash of R&#36; 105.0 million at the end of 2Q05, which offset the drop in interest rates. Through its
subsidiaries, Ultrapar had filed lawsuits questioning the levy of PIS and COFINS taxes on sources of income other than revenues. As occurred in 1Q06, in April 2006 the Federal Supreme Court ruled in favor of Ultrapar, resulting in the addition of
R&#36; 27 million to the company's earnings in 2Q06. Ultrapar has yet other subsidiaries that are also appealing the levying of these taxes, which has yet to be ruled on. Should the court rule in favor of these subsidiaries, Ultrapar estimates that
the total effect on the Company's financial result will be an additional R&#36; 20 million, net of legal fees. </FONT></P>
<P>
<FONT size=2 face="serif"><u>Nonoperating Income (Expenses), Net:</u> In 2Q06 Ultrapar reported nonoperating expenses, net, of R&#36; 11.1 million. The year-to-date nonoperating expenses, net, totaled R&#36; 13.2
million, basically composed by R&#36; 7.6 million (R&#36; 2.9 million in 1H05) from the sale of permanent assets, especially cylinders and provision for losses on sale of real state property, and R&#36; 6.7 million of project analyses. </FONT></P>
<P align="right">
<FONT size=2 face="serif">42</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT><BR>
<P>
<FONT size=2 face="serif"><br>
<u>Income and Social Contribution:</u></FONT><FONT size=2 face="serif"> Ultrapar&#146;s 2Q06 income and social contribution taxes expenses amounted to R&#36; 31.9 million, stable compared to 2Q05, when Ultrapar&#146;s
income and social contribution taxes expenses were R&#36; 31.1 million, as a result of the stability in pre-tax income. Compared to 1Q06, Ultrapar&#146;s income and social contribution taxes expenses were 39% higher, due to the increase of 46% in
pre-tax income. The income and social contribution taxes expenses in 1H06 were 12% lower than the figure in 1H05. </FONT></P>
<P>
<FONT size=2 face="serif"><u>Benefit of Tax Holidays:</u> 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; 19.4 million in benefits of tax holidays in 2Q06, 5% higher than the figure in 2Q05. The benefits of
tax holidays totaled to R&#36; 30.8 milh&otilde;es in 1H06, 22% lower than the
amount in 1H05.</FONT></P>
<P>
<FONT size=2 face="serif"><u>Net Income:</u> Ultrapar's consolidated net income
in 2Q06 amounted to R&#36; 88.1 million, down 2% compared to 2Q05, but up 55% compared to 1Q06. The net income in 1H06 amounted to
R&#36; 144.9 million, a 24% decrease compared to 1H05. </FONT></P>
<P>
<FONT size=2 face="serif"><u>EBITDA:</u></FONT><FONT size=2 face="serif"> Ultrapar reported consolidated Earnings Before Interest, Depreciation and Amortization (EBITDA) of R&#36; 136.0 million in 2Q06, a 17% decrease on 2Q05, but an increase of 27%
on 1Q06. This is the second quarter running that Ultrapar has reported an increase in EBITDA, confirming the positive trend in the company&#146;s results. EBITDA accumulated in 1H06 amounted to R&#36; 242.6 million, down 27% on 1H05.</FONT></P>
<P>
<FONT size=2 face="serif">Ultragaz: Ultragaz reported EBITDA of R&#36; 77.6 million in 2Q06, up 25% and 40% compared to the EBITDA reported in 2Q05 and 1Q06, respectively. For the first half, Ultragaz's EBITDA amounted to R&#36; 132.9 million, up
23% on 1H05. The significant improvement in EBITDA is the result of benefits arising from the review to the company's distribution structure, as well as the increase in sales volume.</FONT></P>
<P>
<FONT size=2 face="serif">Oxiteno: EBITDA at Oxiteno in 2Q06 amounted to R&#36; 46.2 million, a 47% decrease on 2Q05, due to the adverse operating scenario faced since the middle of 2005, caused by the higher oil price level, pressure on
petrochemical commodity prices and the appreciation in the Brazilian Real. Compared to 1Q06, EBITDA increased 14% - through increasing volume and improving its sales mix, the company has managed to minimize the negative effects of the increase in
oil prices and the appreciation in the Brazilian Real on its earnings. In 1H06, EBITDA at Oxiteno totaled R&#36; 86.7 million, down 56% compared to 1H05. </FONT></P>
<P>
<FONT size=2 face="serif">Ultracargo - Ultracargo ended the quarter with EBITDA of R&#36; 10.9 million, an increase of 17% in relation to 1Q06, due to the expansion in operations. However, compared to 2Q05, EBITDA was down 21%, principally due to
additional costs and expenses from new operations in the ramp up phase. EBITDA for the first half of 2006 amounted to R&#36; 20.2 million, down 15% on 1H05. </FONT></P>
<P align="right">
<FONT size=2 face="serif">43</FONT></P>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<Page>
<br>
<br>
<P>
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="center">
  <u><FONT size=2 face="serif">EBITDA</FONT></u></P>
<TABLE border=1 width=95% cellspacing=0 cellpadding=2>
<TR valign="bottom">
        <TD width=19% align=left>
 &nbsp;<I><FONT size=2 face="serif">R&#36; million</FONT></I>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">2Q06</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">2Q05</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">1Q06</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">Change<br>
2Q06 X<br>
</FONT><FONT size=2 face="serif">2<FONT size=2 face="serif">Q05</FONT></FONT></TD>
        <TD width=11% align=center><FONT size=2 face="serif">Change<br>
2Q06 X<br>
 1    <FONT size=2 face="serif">Q06</FONT></FONT></TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">1H06</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">1H05</FONT>
        </TD>
        <TD width=11% align=center>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Change<br>
 <FONT size=2 face="serif">1H06 X 1H05</FONT> </FONT></TD>
  </TR>
<TR valign="bottom">
        <TD width=19% align=left>
<FONT size=2 face="serif">Ultrapar</FONT></TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">136.0</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">164.5</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">106.6</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">(17%)</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">27%</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">242.6</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">332.7</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">(27%)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=19% align=left>
<FONT size=2 face="serif">Ultragaz</FONT></TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">77.6</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">62.2</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">55.3</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">25%</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">40%</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">132.9</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">107.6</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">23%</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=19% align=left>
<FONT size=2 face="serif">Oxiteno</FONT></TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">46.2</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">87.0</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">40.5</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">(47%)</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">14%</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">86.7</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">198.4</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">(56%)</FONT>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=19% align=left>
<FONT size=2 face="serif">Ultracargo</FONT></TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">10.9</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">13.8</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">9.3</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">(21%)</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">17%</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">20.2</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">23.8</FONT>
        </TD>
        <TD width=11% align=center>
<FONT size=2 face="serif">(15%)</FONT>
        </TD>
  </TR>
</TABLE>
<BR>
<P>
<I><FONT size=2 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 six 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> </P>
<P align="right">
<FONT size=2 face="serif">44</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<P align="right">
  <FONT size=2 face="sans-serif"><strong>Item 2 </strong></font></P>
<P align="center">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
S.A.<br>
Publicly-Traded 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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(06/2006) </FONT></B></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Date, Time and Place : <br>
</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">August
2, 2006, 2.30 p.m., at Company Headquarters, located at Av. Brigadeiro Luiz Ant&ocirc;nio, N&ordm; 1343 - 9&ordm; 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">Present: <br>
</FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Members
of the Board of Directors, duly signed below, and  one member of the Fiscal
Council, M&aacute;rio Probst. </FONT></P>
<P align="left">
<B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Deliberations: </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>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">After having examined and discussed the Company's performance in the second quarter of the current year, the members of the Board approved the respective financial
statements.</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>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">&#147;Ad referendum&#148; of the Annual Shareholders&#146; Meeting that examines the balance sheet and financial statements referring to the current year, approve the dividends
distribution, to be debited to the net income account for the current year, in the total amount of R&#36; 72,000,008.43 (seventy two million, eight reais and forty three centavos), with ordinary and preferred shareholders to receive the amount of
R&#36; 0.887398 per share, excluding the shares held in treasury at the present date.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

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

<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">3.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">To establish August 17, 2006 as the date for the payment of the dividends declared above, without
interest or indexation.</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">4.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=90%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Considering that
this is an opportune moment to acquire preferred shares
issued by the Company itself, to be canceled or held in treasury, without any
reduction  in capital stock, and subsequent sale, and fulfilling the requirements
and conditions established by CVM Instruction N&ordm; 10, of February 14, 1980,
with alterations introduced by CVM Instructions CVM N&ordm;268 of November 13,
1997 and N&ordm; 390
of July 8, 2003, and the CVM
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Explanatory Note
N&ordm; 16/80, the Board of Directors, in accordance with the terms of Article
7<sup>th</sup> of the Company&#146;s Bylaws, approved the procedure, believing that the purchase
of the Company's preferred shares, to be held in treasury, represents an attractive
option for investing its available financial resources. The share repurchase
hereby authorized will be carried out according to the following terms and conditions:</FONT> </FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="8%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=87%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase limit: up to 2,723,106 (two million, seven hundred and twenty three thousand, one hundred and six) preferred shares, wich corresponds to 10% of this class of share in
circulation, already excluded the preferred shares currently held by the controlling shareholders and 377,847
(three hundred and seventy seven thousand eight hundred and forty seven) preferred shares currently held as treasury stock;</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="8%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.2.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=87%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Repurchase time period: 365 (three hundred and sixty five) days, counting from August 3, 2006;</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="8%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=87%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Purchase price: market price;</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="8%" valign=top nowrap>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">4.4.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=87%>
<FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Institutions authorized to act as intermediaries:</FONT>        </TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD colspan="2" valign=top nowrap><P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">a)
        ITA&Uacute; CORRETORA DE VALORES S.A <br>
    </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Av.
    Engenheiro Armando de Arruda Pereira, 707<br>
  Torre Eudoro Villela - 15&ordm; andar - S&atilde;o Paulo/SP </FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">b)
        MAGLIANO S.A CCVM <br>
      </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Rua
      Bela Cintra, 986 - 2&ordm; andar - S&atilde;o Paulo/SP </FONT></P>
    <P align="left"> <FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">c)
        UBS WARBURG CCVM S.A. <br>
      </FONT><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Praia
    de Botafogo, 228 - 16&ordm; andar, ala B - Rio de Janeiro/RJ. </FONT></P></TD>
</TR></TABLE>
<P align="left"><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">5. Approval that the Company&#146;s Executive Officers
execute all acts required and sign all documents necessary to effect the resolutions set forth in item &#147;4&#148; of these
minutes.</FONT></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"> With nothing further to discuss, the meeting was closed and the
minutes of this meeting were prepared, read and approved by all the undersigned Board Members
present.</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%"><B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Paulo
          Guilherme Aguiar Cunha<br>
    </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Chairman </FONT></td>
    <td width="50%"> <B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Lucio
          de Castro Andrade Filho<br>
    </FONT></B><FONT BASESIZE=2 size=2 BASEFACE="sans-serif" face="sans-serif">Vice
    Chairman </FONT></td>
  </tr>
</table>
<P align="left">  <br>
</P>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P 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></P>
<P align="left">&nbsp;</P>
<P 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></P>
<P align="left">&nbsp;</P>
<P 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></P>
<P align="left">&nbsp;</P>
<P 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></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%"><font size=2 face="Times New Roman, Times, serif">Date:</font></td>
      <td width="45%"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">August
      8, 2006 </FONT></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>&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">&nbsp;/s/ F&aacute;bio
      Schvartsman</FONT></td>
    </tr>
    <tr>
      <td width="5%">&nbsp;</td>
      <td width="45%">&nbsp;</td>
      <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2"><hr align="left" width=65% size=1 noshade color="#000000"></td>
    </tr>
    <tr>
      <td width="5%">&nbsp;</td>
      <td width="45%">&nbsp;</td>
      <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
      <td width="40%"><FONT 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 width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="6%"><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td width="40%"><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">Chief
      Financial and Investor Relations Officer </FONT></td>
    </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p> <I><FONT BASESIZE=2 size=2 BASEFACE="serif" face="serif">(Interim Financial
      Statements for 2Q06 / Minutes of Board of Directors Meeting, August 2,
2006) </FONT></I></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
